Keynesian economists claim that cost cutting by companies in order to protect profits can lead to an economic slump. They believe that if everyone tries to cut costs, demand from retrenched workers for goods and services weakens, and as a result corporate revenues and profits come under pressure. This necessitates new layoffs, and the downward spiral accelerates.

With the apparent failure of Silicon Valley Bank (SVB) potentially causing a crisis in the American and even the global financial system, we will be treated to all manner of explanations, very few of which will accurately state the cause of these troubles: fractional reserve banking.

This time is different. Crises aren’t just typical cycles. In Great Inflation II, savers can at least preserve savings and likely earn substantial returns by owning gold.

Government spending as a percentage of GDP has risen to a new minimum level—34 percent.

The provision of private healthcare in Canada is contingent on the ability of private actors to satisfy all of the conditions embedded within government legislation. However, the severity of these conditions means that most aspects of private healthcare are essentially outlawed, as they have been for many decades.

Modern secular society embraces a new religion complete with prophets, crusaders, commandments, contrition, and even a holy land: East Anglia, United Kingdom. These congregants will behave idiosyncratically in the economy. The activist green movement increasingly parallels Western religious structure, even generating a modern version of the medieval Children’s Crusade.

The Bureau of Labor Statistic (BLS) released new jobs data on Friday. According to the report, seasonally adjusted total nonfarm jobs rose 311,000 jobs (seasonally adjusted) in February, which was nearly 100,000 jobs above expectations. The unemployment rate rose slightly from 3.4 percent to 3.6 percent (month over month) but this partly reflected a rising labor participation rate which rose to 62.5 percent, the highest estimate since March 2020. 

Despite the massive intellectual feat that Marx’s Capital represents, the Marxian contribution to economics can be readily summarized as virtually zero. Professional economics as it exists today reflects no indication that Karl Marx ever existed.

—Thomas Sowell

If socialists understood economics they wouldn’t be socialists.

—F.A. Hayek

If you watched the Fed Chair Jerome Powell testify before the senate and the House, you heard over and over that banks are well capitalized.