Since retiring from Frostburg State University in Maryland, I have reflected not only on my more than three decades of teaching college economics in numerous places, but also on how to best teach economics. This is important, as millions of students in college and high school take economics yet all too often are presented a false or misleading picture of what economics really is.

Nearly a year ago, former New York Times Journalist Alex Berenson was permanently banned from Twitter for writing the following lines about the Covid shot: “It doesn’t stop infection. Or transmission. Don’t think of it as a vaccine. Think of it—at best—as a therapeutic with a limited window of efficacy and terrible side effect profile that must be dosed IN ADVANCE OF ILLNESS. And we want to mandate it? Insanity.”

With Thursday’s release of the Federal Reserve’s balance sheet data, we finally see how much they were able to reduce assets in the month of June. The current plan is to reduce US Treasuries (UST) holdings by up to $30 billion a month and Mortgage-Backed Securities (MBS) by $17.5 billion a month, for June, July and August.

Who hasn’t heard of the Industrial Revolution, the historical turning point that created modern society, for better or worse? Economist Donald Boudreaux has described this as the “hockey stick of human prosperity,” which launched the average person from subsistence to relative prosperity. Boudreaux credits the specialization and trade that characterized the eighteenth century. Likewise, he credits Adam Smith for describing the causes of modern prosperity, calling him the father of modern economics. This is a frequently told story, but is it true?

The Federal Reserve has declared its program of monetary expansion (formerly referred to as inflation) over in an effort to fight rising prices (currently referred to as inflation). As Murray Rothbard explained, “Government intervention brings about bank expansion and inflation, and, when the inflation comes to an end, the subsequent depression adjustment comes into play.”

The Federal Reserve has sabotaged the economy since 1913 with its socialistic interventions. Every single boom created via its artificial credit expansion has resulted in disaster, which includes the Great Depression, which was caused by nearly a decade of inflation that begun as an effort to help finance the government’s involvement in World War I.