Reconstruction: Destroying the Republic and Creating an Empire
James Ronald Kennedy
Shotwell Publishers, 2024; 573 pp.

Frequently an accepted version of the past turns out to be based on mythology, created to advance special interests. Even when we become aware of these interests, it is difficult to break loose from the common opinion. In few areas of history has the conventional wisdom assumed such dominance as in the Reconstruction era (1865–77) that followed the War between the States.

The presidency must be destroyed. It is the primary evil we face, and the cause of nearly all our woes. It squanders the national wealth and starts unjust wars against foreign peoples that have never done us any harm. It wrecks our families, tramples on our rights, invades our communities, and spies on our bank accounts. It skews the culture toward decadence and trash. It tells lie after lie. Teachers used to tell school kids that anyone can be president. This is like saying anyone can go to hell. It’s not an inspiration; it’s a threat.

Economist Brendan Brown answered our questions about interest rates, the carry trade, and why the Federal Reserve won’t fix our inflationary malaise.

The Misesian (TM): Much of your work at mises.org has examined the many ways that monetary inflation creates various types of bubbles fueled by speculative narratives. They’re different with each business cycle, though. What do you see as some of the biggest bubbles out there right now?

Why are individuals willing to pay higher prices for some goods relative to other goods? The common reply to this appeals to the laws of supply and demand. But what is behind these laws? To provide a further answer to this question economists refer to the law of diminishing marginal utility. 

The Kamala Harris–Tim Walz presidential campaign declares: “We Won’t Go Back.” They believe that progressivism’s advance should not be reversed, something they claim Donald Trump would do.

Here’s my prediction for 2025: prices will rise and purchasing power will fall. The national debt will continue to skyrocket. The central bank will then force down interest rates—by printing money—to facilitate trillions more in borrowing for the federal government. There will be no cut to federal spending. Taxes will go up, either through tariffs or some other tax. Meanwhile, the “inflation tax” will impose a growing burden on ordinary people. The United States will be funding and supporting militarism and war across the globe.

But how do we know when irrational exuberance has unduly escalated asset values . . .? — Fed Chairman Alan Greenspan, “The Challenge of Central Banking in a Democratic Society,” December 5, 1996