In a display of unconvincing enthusiasm, NBC reported today that payroll employment “surged” in February. Specifically, total nonfarm payrolls (seasonally adjusted) grew 379,000 month over month, which was above the expected increase of 210,000.

I was sitting in my office at Washington and Jefferson College chatting with my department chairman, Felix Livingston. It was late spring of 1988. When the phone rang, Felix motioned for me to take the call. “Hello, this is Jeff Herbener.” “Jeffrey this is Murray, Murray Rothbard.” “Dr. Rothbard…” As soon as the words left my mouth, Felix stood up, nodded his head approvingly and left me to my conversation. Murray asked me about my background, what I had been reading, and projects I was working on.

This month marks the anniversary of the pandemic induced stock market crash, inducing government launched emergency credit facilities, aided by the Fed who announced it would purchase:

Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy...

The money supply is a vital part of the economy, yet seldom understood. Still both nebulous and contentious, the “M2 Money Stock” remains the most popular and broadest measure of money, now standing at $19.3 trillion. It’s understandable for the average person to not know much regarding its importance, but what excuse does the Chair of the Federal Reserve, Jerome Powell, have?

Benedict XVI: A Life
By Peter Seewald
Volume 1: Youth in Nazi Germany to the Second Vatican Council 1927–19651
Published in English by Bloomsbury Continuum, London, 2020
Translated by Dinah Livingstone