The price or the rate of exchange of one good in terms of another is the amount of the other good divided by the amount of the first good. In the money economy, price will be the amount of money divided by the amount of the first good.
Last month, former president Donald Trump succeeded in indefinitely delaying his trial on federal charges related to the January 6 riot at the US Capitol building. It is now unclear if or when he will stand trial for the federal crimes with which he was charged in August of last year.
If you asked him, Edward Chancellor wouldn’t say he’s particularly Austrian. Yet The Price of Time: The Real Story of Interest, the dense book he most timely published during the height of the inflation summer of 2022, is as obsessed with centrally planned interest rates as your average Misesian.
Between the ongoing war in Gaza and Houthi attacks on Western shipping in the Red Sea, the media has had plenty of gruesome foreign policy fodder for the content mill. However, this coverage has come at the expense of the ongoing grinding conflict in Ukraine, which has quickly gone from a euphoric cause célèbre to a now embarrassing catastrophe that is best shoved in the closet and forgotten like all the rest of America’s decades of costly foreign policy disasters.
California raised its minimum wage rate for the fast food industry to 20$ today. US Politicians haven’t targeted specific industries with minimum wage increases since the Great Depression. There are already signs that some fast food places in California are cutting back on employment. The specific effects of this fast food minimum wage will become clear during the rest of this year. For the time being, we should recall the general effects of minimum wages.
In a few short weeks since SEC approval Inflows into Bitcoin ETF funds had reached just over $59 billion on Good Friday, according to btcetffundflow.com. Meanwhile the unloved and disrespected GLD [gold] ETF holds $54 billion, despite its thousand year pedigree.
