Classical liberalism was, at its core, a transitional philosophy: a necessary step in the historical evolution away from the absolutism of monarchy and toward the only consistent vision of liberty— anarchy.

Early liberals—still entangled in monarchy’s remnants—advocated a minimal state, believing it necessary to secure an order more consistent with human nature. But they failed to grasp the inherent contradiction: even the most minimal state runs contrary to human nature, and every state, by its nature, carries the seed of its own expansion.

One of the most basic threats to liberty, which is often overlooked, is that the defense of individual liberty as an ideal is seldom heard in political debate. The ideal of liberty is often overshadowed by quotidian political concerns that follow the latest outrage. In public debates on policies designed to advance social justice goals, the disputants generally argue about the effectiveness of the policies without questioning the underlying ideological premise or its implications for liberty.

The seven deadly sins of Christianity are serious “capital” sins because they spawn sinful behavior in general. The seven economic sins of economic policy destroy capital, undermine wage rates, and lower the standard of living. They actually kill people via poverty, malnutrition, suicide, and the like.

According to much mainstream economic thinking, the definition of money is of a flexible nature. Sometimes it could be M1 and, at other times, it could be M2 or some other M. M1 includes currency and demand deposits. M2 includes all of M1, plus savings deposits, time deposits, and money market funds. According to such thinking, what determines the money supply definition is whether M1, M2, or some other M has a high correlation with key economic data, such as the gross domestic product (GDP).

In the midst of significant weakness in the job market, liquidity issues in money markets, and increased scrutiny of certain capital market bubbles, it has become apparent to all that an affordability crisis exists.