Modern economic life no longer unfolds within reality as it emerges from human action. It operates within a constructed order that substitutes itself for real processes. Governments do not engage with the economy as it is lived and experienced. They act upon abstractions that stand in for it. What is presented as analysis is in fact a replacement.

As Kevin Warsh takes over as chair of the Federal Reserve, investors and financial media outlets are looking closely for any hints at how his appointment will impact monetary policy.

The socialists who have been taking over the Democratic Party lately have a problem—the state and local jurisdictions where they are able to seize power still have to compete with rival jurisdictions that are still relatively friendly to private property and capitalist businesses. The principal targets of egalitarian fury, namely possessors of great wealth, are strongly incentivized to escape from dystopian hell-holes created by socialists to saner locales.

For years now, Silicon Valley defense firms like Palantir Technologies and Anduril Industries have marketed themselves as insurgents poised to disrupt the bloated military-industrial order dominated by legacy contractors like Lockheed Martin, Northrop Grumman, and RTX Corporation. Unlike the traditional defense giants, “primes,” we are told, are the new firms—agile, software-driven, innovative, and unburdened by the bureaucratic sclerosis that has come to define the modern Pentagon procurement system.