Many of us seek products and services from sellers with goods of the best quality and relatively lower prices. Sellers seek the highest prices for selling the least amount of goods. Sellers compete for customers but would much rather be the only seller in the marketplace or market space. Furthermore, consumers want more for themselves and less for other consumers.

Starting in July, the Federal Reserve will be rolling out a new payment service dubbed “FedNow.” Among many on the dissident side of politics, there is a growing worry that this new service may be a trojan horse for a central bank digital currency (CBDC).

The concern is a valid one. A CBDC, depending on how it is implemented, could eliminate the privacy allowed by a cash system, allow the freezing of accounts with greater ease, and open the door to social credit scores for individuals. One asks, is the fear of FedNow truly justified? Or is it a risk for another reason?

As modern monetary theory (MMT) gains prominence in the political sphere, it has revitalized interest in some older theories about the origin of money—namely, the state and credit theories of money.

Last year, Paypal corporation announced that it was going to “fine” users (i.e., steal their money) to the tune of $2,500 for “the sending, posting, or publication of any messages, content, or materials” which “promote misinformation.” Well, Paypal didn’t “announce” the policy so much as try to sneak it into the fine print.

Moral Progress in Dark Times: Universal Values for the 21st Century by Markus Gabriel, translated by Wieland Hoban Polity Press, 2022; xii + 281 pp.

Not surprisingly, right-wingers are celebrating the Supreme Court’s decision to declare affirmative-action policies at American universities to be unconstitutional. In the process, conservatives fail to recognize that they are, at the same time, celebrating the further destruction of American liberty and private-property rights.

Many others have explained why inflation is part-and-parcel of the status quo. 

In the simplest terms, where’s why inflation is essential:

1. Our economy and financial system are totally dependent on the expansion of credit/debt: Banks make money by issuing new loans, and financiers make money by buying and selling debt and instruments that leverage debt. Consumers can only buy big-ticket items with credit.