In The Constitution of Liberty, Friedrich Hayek argued that “mere legality in all government action” does not suffice as a basis for upholding the rule of law. Under a standard of mere legality, as long as a law is on the statute books, anything done in accordance with that law is legal.
Inventory has been rising steadily over the past year, up 29% in June compared with the same month last year. Prices are still seeing big gains in the Northeast and Midwest.
“the 30-year yield neared the record high seen in May and the 20-year yield touched the highest since 2000.” The rout in Japan’s debt market also followed a tumble in US Treasuries on Friday as worries about inflation re-emerged.
It is 1789. The Bastille has fallen, and Paris breathes the dense air of a promise. In the salon of a countess, a young poet—inspired by the ideals of liberty, equality, and fraternity—recites his verses among nobles who still smile.
