(This past Saturday, February 12, marked the 171th anniversary of the birth of Eugen von Böhm-Bawerk [1851-1914].)

According to the popular way of thinking, our knowledge of the economy is elusive. Consequently, the best that we can do is to attempt to ascertain some facts of economic reality by applying various statistical methods to the so-called macro data.

For instance, an economist is of the view (i.e., he has a theory) that consumers’ outlays on goods and services are determined by personal disposable income and the interest rate. The personal disposable income and the interest rate, according to the economist’s view, are the driving variables of consumer outlays.

Will inflation turn into stagflation? With inflation hitting 40-year highs, it’s the question of the hour.

Currently, Wall Street and the Fed are saying no, forecasting a respectable 3.7% real for 2022, 2.7% for 2023, and 2.3% for 2024. These aren’t epic prints, but they’re also nowhere near recession.

February 15 marks the 1887 birth of Frank Chodorov, who Aaron Steelman described as offering an “unwavering defense of individualism” in the “intellectual war against the omnipotent state.”

In perhaps the most predictable column of the year, the Wall Street Journal this week featured a column by Walter Russell Mead declaring it’s “Time to Increase Defense Spending.”

The government and its supporting lackeys would like us to believe they are our knights in shining armor protecting us against the unexpected evils of the world. We supposedly can trust that they’ll show up and keep us safe.

According to the Bureau of Labor Statistics (BLS), Consumer Price Index (CPI) inflation rose 7.5 percent in January, year over year. This was, the BLS notes, the ”largest 12-month increase since the period ending February 1982.” Moreover, 

The all items less food and energy index rose 6.0 percent, the largest 12-month change since the period ending August 1982. The energy index rose 27.0 percent over the last year, and the food index increased 7.0 percent.

Despite all that can be said about the Consumer Price Inflation (CPI) calculation, a reading of 7.5% is relatively high compared to the last 40 years. On Monday the Federal Reserve will have a closed door meeting “held under expedited procedures” for:

Today would have been the ninety-third birthday of Burt Blumert, one of the greatest personalities of the modern libertarian movement. Burt was the indispensable man behind the scenes and was a key figure in the Mises Institute, the Center for Libertarian Studies, the Rothbard Rockwell Report, and LewRockwell.com. He was one of Murray Rothbard’s closest friends; and when you met him, it was easy to see why Murray liked him. He was a genial and kind person and a source of wise counsel to all those fortunate to know him.