[The following is excerpted from remarks made at the Arizona Biltmore hotel this past weekend during the 2022 Mises Institute Supporters Summit]

Mainstream analysts seem convinced that global central banks are moving aggressively to tackle inflation, maybe even going too far. After having believed until recently that the spike in prices was only transitionary, central banks insist now that they will restore price stability at almost any cost. In September, the Fed raised its main interest rate to a range between 3 and 3.25 percent from close to zero at the beginning of the year.

Classified: The Untold Story of Racial Classification in America
by David E. Bernstein
186 pp.

Bombardier Books

Since I am an economist and my school year is not too far along, my classroom discussion of how all of economics traces back to the fact of scarcity (the combination of limited resources, which implies a limited ability to produce, along with wants that always exceed the amount that can be produced) facing everyone was quite recent.

Along with Douglas Diamond and Philip Dybvig, Ben Bernanke was awarded the Nobel Prize in Economics today. The three have written extensively on the need to bail out the banks in times when the economy is in corrective mode, generally after a long period of monetary injections. Bernanke was Chairman of the Federal Reserve when he pushed for the latest round of bank bailouts in 2007-2009.