Critics of markets often argue that capitalism systematically fails consumers. Firms collude, corporations exploit their power, and powerful companies crush competitors. But there is a curious pattern in these critiques: regardless of what actually happens in the marketplace, the outcome is treated as proof that markets are broken.

To many liberals, the notion of individualism stands in opposition to nationalism, and in favor of globalism. As the New York Times expresses it, individualism “promotes a more universalist outlook. In focusing on individual rights and welfare, it reduces the emphasis on groups – and the differences between ‘us’ and ‘them’ that notoriously erode generosity toward those outside one’s own circle.”

Today, the mortgage interest rate on a 30-year fixed mortgage is 6.47%, remaining near a 3-month high as Iran-war uncertainty weighs on bonds. 

Fuelling at individual service stations has been restricted to 50 litres per day for private vehicles and 200 litres for companies and other priority users such as farmers.

“The U.S. government is insolvent. That’s not hyperbole — it’s the conclusion drawn directly from the Treasury Department’s own consolidated financial statements.”

A recent Facebook memory notice reminded me of when I was young and naïve and full of political hope. Okay, maybe I wasn’t full of political hope but at least I wasn’t as old at the end of the last century.

Two monetary and currency paradoxes emerge as the war rages.

First, there is likely an immediate episode of some monetary disinflation, never mind the widespread concern about a looming jump in consumer prices. 

According to much popular economics, the current monetary system amplifies the initial monetary injections of money. Thus, if the central bank injects $1 billion into the economy, and banks hold 10 percent in reserves against deposits, this will allow the first bank to lend 90 percent of the $1 billion. The $900 million, in turn, will end up with the second bank, which will lend 90 percent of the $900 million. The $810 million will end up with a third bank, which, in turn, will lend out 90 percent of $810 million, and so on.