Suppose someone wanted to misrepresent a public policy to you. How could they do so most effectively? And who can help you resist?

Sub-zero interest rate policy as Europe and Japan have practiced for many years menaces global economic prosperity. Yet Congress and the White House are strangely silent on the issue; even a prophetic messenger would not arouse them.

Two monetary episodes – one historical and counterfactual, the other contemporary and real – highlight the nature of the danger.

During the period 1920 to 1960, we can observe that the annual growth rate of production was more volatile than between the period 1961 to February 2019. During the first period the maximum growth rate stood at 62% and the minimum growth rate at minus 33.7%. Between 1961 to present, the maximum growth rate stood at 13.4% and the minimum growth rate at minus 15.3%, (see chart). One is tempted to conclude from this that this raises the likelihood that fiscal and monetary policies are currently more successful than in the past in stabilizing the economy.

Gross Domestic Product-B attempts to capture the added value of things we don’t pay for, such as Facebook, WhatsApp, Google and other digital services free to the user. B stands for benefits; the benefits consumers receive from free and subsidized services.

Owners of Bitcoin have endured a wild ride in recent years. While the coin could fetch $900 when 2017 began, one year later its value briefly moved above $20,000. At present, one Bitcoin exchanges for roughly $5,000.

The coin’s substantial volatility ably explains why, at least for now, it’s not seen as a worthy substitute for the dollar. It more realistically exhibits the floating dollar’s worst qualities, many times over.