This article is adapted from a lecture at the 2025 Revisionist History of War Confernece at the Mises Institite.
When America’s regime historians reflect on history’s tragedies and travesties, they always praise Pax Americana. That is the idea that American hegemony brought peace to the world.
Conveniently, they leave out the horrors of it.
War finance is in the Federal Reserve’s DNA. As Ron Paul astutely noted, “It is no coincidence that the century of total war coincided with the century of central banking.” The Fed itself acknowledges that its primary objective during WWI and WWII was to finance the massive spending during these wars.
Consider this FOMC memo from 2016:
Markets are figuring out that Trump’s tariff “negotiations” are just political theater, with no real end game or plan.
U.S. Federal Reserve officials at their last meeting acknowledged they could face “difficult tradeoffs.”
Japan is becoming a case study in what happens when investors lose patience with massive deficits.
Pope Leo Wednesday: “In Gaza, cries rise to the heavens from parents holding the lifeless bodies of children.”
One of the hot topics in US monetary policy is whether Washington should follow a “super-loose” approach endorsed by Jay Powell or an “ultra-loose” approach demanded by President Trump.
Under the guise of Fed independence—an obvious fallacy—the two politicians have orchestrated a media charade that fits precisely between the boundaries of the Keynesian establishment’s Overton window.
As President Trump wrestles to deliver on his campaign promise to end the war on Ukraine by helping to bring about a negotiated peace deal, the effort has, in part, been undermined by an escalating exchange of kamikaze drones by both sides.
