Frankfurt School Marxism is unfortunately still alive and well. Indeed, Jürgen Habermas—the leading philosopher of the School, who is now in his nineties—has published an enormous three-volume history of philosophy. This book has now appeared in English translation under the title Also: A History of Philosophy.

I recently visited Japan for the first time. I am not familiar with its politics, institutional systems, or ideological debates. Therefore, I don’t write this as an expert on Japanese culture or its social dynamics, but simply as a curious observer—a typical tourist—who, from a libertarian perspective shaped by the Austrian School of Economics, couldn’t help but be positively surprised by certain everyday behaviors that quietly embody principles deeply aligned with a philosophy of liberty. Specifically, three ideas stood out.

In a previous article, I detailed how war—even during the American Revolution—contributed to centralization of power and statism, including higher taxes, price controls, and inflation. Doubtless it will be argued that these were necessary sacrifices to achieve independence from the British and that at least some degree of monetary inflation was necessary for American victory. In fact, this article will argue the opposite—monetary inflation threatened the cause of independence.

The job market is freezing up. While we’re not yet seeing a trend toward widespread layoffs, it is increasingly difficult to get hired. As we saw last week here in Power&Market, hires are becoming increasingly rare. And, while new layoffs may be moving sideways—and not swiftly rising—the number of people who remain unemployed for a significant period after a layoff is rising. 

For example, according to new unemployment numbers released today, “continuing claims” for unemployment insurance hit another new cycle high during the week of June 21. 

“Attacks by Jewish settlers have been on the rise, and an unspoken policy of impunity for settler violence, arson and acts of intimidation appears to have taken hold.“

Responding to the question, “Should the EU Bite the 10 Percent Tariff Bullet With the United States?” Steve Hanke writes:

Longtime followers of infeneo (and its associated InFi podcast) know that I am no friend of Modern Monetary Theory (MMT).