Whatever happened to the mother of all crashes that was supposed to arrive when the Federal Reserve began tightening its balance sheet back in 2022? For several years, I’ve been scratching my head, convinced that draining the balance sheet by trillions of dollars should have triggered a systemic banking failure or some other Black Swan event. In the past, crises like Lehman/AIG or the 2020 lockdowns took the blame, when in reality, the root cause was always monetary.
On April 15, Americans face the deadline for sending to the federal Internal Revenue Service a report on all their income. Most Americans do this because failure to do so is likely to result in fines and possibly imprisonment. If one obstinately resists this, of course, one will find himself subject to deadly force from state agents.
“As much as Senate Republicans seek an off-ramp that would smooth the path for Kevin Warsh’s confirmation as Fed chair, the legal stalemate holding things up has escalated.”
A new golden age would begin with the elimination of the worst tax, writes Murray Sabrin.
The Supreme Court’s 6–3 decision invalidating Donald Trump’s emergency tariffs, followed almost immediately by the President’s response reinstating and increasing them, reminds us once again how rapidly American politics evolves. Yet, in some cases, it pays to recognize that certain underlying threads in government policy remain constant, regardless of the period or the leaders in charge.
Energy economist Lynne Kiesling tells a nice story in her recent article exploring the use of AI agents to work through the challenges of Hayek’s knowledge problem in the electricity market.
On Friday, the Bureau of Labor Statistics released its consumer price index (CPI) report for March, and price growth surged to highest levels reported in nearly two years. Measured year over year, the CPI was up in March by 3.3 percent, the highest since May of 2025. Measured month to month, the CPI rose by 0.85 percent from February to March, the highest growth rate since June of 2022, 53 months ago.
