It is a common belief that sound economics must be based on facts and not on theoretical reasoning as such. Some commentators are dismissive of economic analysis that is not derived from the true data, since it is not describing the facts of reality as depicted by historical data. The use of the free market economy framework, without the central bank and government intervention and with businesses as a foundation to derive valid conclusions, is dismissed as nonsensical. After all, we don’t have a free market economy without a central bank and without government intervention.

I don’t know which acts of police abuse and brutality are motivated by racism and which are not. But let’s say, for the sake of argument, that we could end all racial bias immediately through some magic spell or button we could press. Would this end police abuse, or even most of it?

Experience tells us no. The data is clear that police abuse is not limited to any particular group. Indeed, a majority of those shot by police are white.

The Fed cites section 13(3) of the Federal Reserve Act in order to engage emergency lending programs whenever “unusual and exigent circumstances” occur. Read the legislation below and decide for yourself if the forgivable loans under the Paycheck Protection Program Lending Facility (PPP/PPPLF) are in defiance of the law.