[Individualism and Economic Order by F.A. Hayek (Ludwig von Mises Institute 2009 [1948]; vii + 272 pp.)

In my last article, I discussed a beloved historical claim that MMT finds significant for their theory—that governments sometimes burned paper money they received back from the people in settlement of taxes. Historically, it is true that governments did sometimes burn paper money received back in taxes, but these examples are misread as confirming MMT.

Earlier this month, we looked at June’s CPI numbers and found that, yet again, the government’s own price-inflation data shows prices continue to grow above the central bank’s two-percent inflation target. As I reported on July 15, June’s CPI growth rate was the largest year-over-year increase in four months, and the largest month-to-month increase since January 2025.

According to the latest Case-Shiller home price report, released on Wednesday, home prices fell for the third month in a row during May 2025, the most recent month, for which data is available.