Austrian economics properly understands the ability of commercial banks to create money by mismatching their depositor liabilities with their issuing of money substitutes (i.e., the creation of credit). One possible place for further exploration is the role that nonbank or foreign financial institutions play in the creation of credit and the broader implications on business-cycle creation.

The US Justice Department on Monday sued the State of Texas over floating barriers installed by the state government in the Rio Grande river. The state government had installed the barrier to block migrants crossing from Mexico. The measure also accompanies other efforts by the state to control border access, such as laying razor wire along many areas of the border.