The increase in the growth rate of the Consumer Price Index (CPI) has fueled concerns that if the rising trend were to continue the Fed is likely to tighten its interest rate stance. Observe that the yearly growth rate in the CPI climbed to 4.2 percent in April from 2.6 percent in March and 0.3 percent in April 2020.

We hold that because of massive increases in the money supply, it is likely that the growth momentum of prices is going to follow a rising trend.

A good definition of the tragedy of the commons is that “resources that are unowned and/or unownable will be plundered to extinction.” Consider the fish in the seas, especially those that migrate, such as whales, or may be found beyond any nation’s territorial waters. No one owns them and it may be impossible to own them. Therefore, fishermen are incentivized to take them before other fishermen take them. Overfishing results. Catches shrink. The size of the fish shrinks.

According to modern portfolio theory (MPT), financial asset prices fully reflect all available and relevant information, and any adjustment to new information is virtually instantaneous.

For instance, if the central bank raises interest rates by 0.5 percent, and if market participants anticipated this action, asset prices will reflect this expected increase prior to the central bank raising interest rates. Note that once the central bank lifts the interest rate by 0.5 percent, this increase will have no effect on asset prices, since it is already embedded in asset prices.

In November 1837, rebellion stirred in the British colonies of Upper and Lower Canada (modern-day Ontario and Quebec). In Lower Canada, the rebel group the Patriotes had just won the Battle of Saint-Denis against British forces and, with the news of rebel success, William Lyon Mackenzie called on rural Upper Canadians to follow suit. He distributed a handbill with the title Independence!, which began with the following passage:

President Joe Biden has ordered the Financial Stability Oversight Council to prepare a report on how the financial system can mitigate the risks related to climate change. The Financial Stability Oversight Council was created through the Dodd-Frank financial regulatory reform act and is supposed to identify and monitor excessive risk to the financial system. The council is composed of the heads of the major federal financial regulatory agencies, including the Federal Reserve.

ABSTRACT: This article wrestles with the issue of when is it justified to accept money from government. The case is made that it is indeed almost always justified to do so. But not for everyone.

Keywords: libertarianism,  ethics,  theft,  taxation

ABSTRACT: This retrospective, covering half a century, is a personal history of modern libertarianism. It provides some historical perspective on the growth of libertarianism and its impact on society, especially for those who were born into an existing libertarian movement, including political and academic paths. As outsiders, Austrians and libertarians can expect more than their share of difficult times and roadblocks, although that situation has improved over time.