It’s a scandal that few Westerners are even aware, or, if they are aware, they are not conscious, of the bloody reality that prevailed in China between the years 1949 and 1976, the years of communist rule by Mao Zedong.

Since his election in 2013, Pope Francis has repeatedly attacked what he now calls the “liberal-individualist” or “neoliberal” vision of the world. With last week’s statement to the Pontifical Academy of Social Sciences, Francis has renewed the attack, but in the process has exhibited a number of political biases and demonstrably false assumptions. 

In dealing with the preponderance of the liberal social philosophy there is a disposition to overlook the power of an important factor that worked in favor of the idea of liberty, viz., the eminent role assigned to the literature of ancient Greece in the education of the elite.

For most economists the key factor that sets the foundation for healthy economic fundamentals is a stable price level as depicted by the consumer price index.

According to this way of thinking, a stable price level doesn’t obscure the visibility of the relative changes in the prices of goods and services, and enables businesses to see clearly market signals that are conveyed by the relative changes in the prices of goods and services. Consequently, it is held, this leads to the efficient use of the economy’s scarce resources and hence results in better economic fundamentals.

The Austrian business cycle theory tells us that the injection of new money created through bank lending out of thin air causes an artificial boom; and that the slowdown of credit and money creation, let alone a decline in available loanable funds, turns the boom into bust. Recent bank lending data in the US show a noticeable slowdown in bank lending rates, setting in around autumn 2016. Does it signal trouble down the road?

Last weekend the left took to the streets to March for Science. Unfortunately, as Jonathan Newman noted this week, it was really a march for scientism by those who want to see bigger government. This is hardly a surprise, socialism has long relied upon propagandists seeking to disguise their desire for power under the false banner of intellectualism.

Of course the aim for public intellectuals like Bill Nye and Neil DeGrasse Tyson is the same aim of Antifa protesters in Berkley, shutting down debate with those they disagree with. 

The BEA’s “advance estimate” release of Q1 GDP came in today at a very low 0.7%, indicating severe slowdown of growth. The growth rate was attributed to slowed consumer spending, downturn in inventory investment, and a slowdown among state and local spending.

The Colorado House of Representatives voted 56-7 on Wednesday to pass legislation mandating that “the state, a state agency, or an agency of a political subdivision of the state shall not knowingly assist or aid a federal agency or agency of another state in arresting a Colorado citizen for committing an act that is a Colorado constitutional right.” 

[From the Austrian Economics Newsletter, Fall 1987.]

In the article “Rapid money supply growth does not cause inflation” written by Richard Vague at the Institute for New Economic Thinking, December 2, 2016, the author argues that empirical evidence shows that increases in money supply has nothing to do with inflation. According to Vague,