From the moment it became obvious Tuesday’s Republican wave would make shore, media mouths began talking up the problems its leaders would face in converting a widespread rejection of Obama’s policies into a positive agenda. Given that the abusive centralization of power was the core of what the electorate was saying no to, leaders would do well to focus on restoring Constitutional federalism.

Jeff Peshut of RealForecasts.com  gives an insightful analysis of the likely effect of the termination of the Fed’s QE programs on TMS, the money supply aggregate formulated by Murray Rothbard and myself and regularly calculated by Michael Pollaro.

This article is adapted from a speech delivered at the 2014 Costa Mesa Mises Circle, “Society Without the State,” held November 8, 2014.

New Individualist Review 1, no. 4 (Winter 1962)