Covid triggered a massive upswing in government prohibitions in America. Many were prohibited from keeping their firms open. Many were forced to stop working. Many of our normal freedoms of association and travel were eliminated. Many rights—such as access to due process or to contract enforcement—were effectively prohibited. And almost everyone can add to the list from their experiences.
The following is the first part from an interview between William Yarwood (WY), digital media officer for The Mallard, and Tho Bishop (TB), assistant editor at the Mises Institute. The article has been edited for clarity, originally published at MallardUK.com.
If there is one thing that the never-ending lockdowns have taught us, it’s that Canadians LOVE to drink. This has become especially clear during the pandemic. Unfortunately, Ontario residents are hampered in our beveraging hobby by the Liquor Control Board of Ontario (LCBO). The LCBO is a relic of a bygone age of prohibition.
Monetary inflation is just a type of embezzlement. Historically, inflation originated when a country’s ruler such as king would force his citizens to give him all their gold coins under the pretext that a new gold coin was going to replace the old one. In the process of minting new coins, the king would lower the amount of gold contained in each coin and return lighter gold coins to citizens.
It is widely held that the central bank is a key factor in the determination of interest rates. By popular thinking, the Fed influences the short-term interest rates by influencing monetary liquidity in the markets. Through the injection of liquidity, the Fed pushes short-term interest rates lower. Conversely, by withdrawing liquidity, the Fed exerts an upward pressure on the short-term interest rates.
