Fiscal Responsibility, Formalization, and the Modern Fiscal State

In contemporary political discourse, fiscal adjustment is often celebrated as a moral achievement rather than recognized as what it fundamentally is: an institutional obligation. In economies marked by chronic deficits, inflationary pressures, and bureaucratic expansion, the mere restoration of budgetary discipline frequently appears heroic. From an Austrian perspective, however, fiscal responsibility is not an extraordinary accomplishment, it is the minimal condition for preserving economic calculation and social coordination.

Will the Dollar be a Casualty of the Iran War?

President Trump’s unconstitutional and unjust war against Iran is setting back his “affordability” agenda. The war has caused a big rise in gasoline prices. Among the related concerns is the hindering of the movement of oil through the Strait of Hormuz, the only available passage for ships to transport oil from the Persian Gulf.

The increased costs will do more than raise prices at the pump. An increase in gas prices brings increased transportation costs that will be passed along to consumers. Prices of a variety of goods, including food, will increase.