Over dinner the other night a business man mentioned that he had large amounts on deposit in the nation’s banks and said words to the effect that there is no way the government will let those deposits which are various company operating accounts go “pfft.”
While Americans were enjoying hot dogs and fireworks this Fourth of July, federal Judge Terry A. Doughty commemorated Independence Day by striking a blow for the separation of big tech and state. Specifically, he issued a preliminary injunction prohibiting a number of government officials and agencies from communicating with social media companies to request they censor certain posts.
The latest meeting minutes of the Federal Open Market Committee (FOMC) offers valuable insights into the make-believe nature of monetary policy. While the true motives of the Fed’s inner circle may forever remain a mystery, it is evident their narrative revolves around the quest for an ideal economic state or finding a “Goldilocks Zone” of economic data. Only when the data aligns perfectly will the Fed’s mission be complete and the battle against inflation be won.
There are few individuals as reviled and vilified in our modern age as speculators. Economic turmoil of all shapes and sizes are placed squarely on their shoulders. Why do we have recessions from time to time? Because of the irrational speculators, of course. Why do economic bubbles exist? Because of wild overspeculation, undoubtably. Why are prices rising so quickly? The ceaseless activity of the speculators, no doubt. Yet it is seldom—if ever—asked in the public consciousness whether the speculator serves any valuable purpose.
Remember that credit is money.
—Benjamin Franklin
The June 2023 Supreme Court decision to reject the Biden administration’s plan that pandered to those claiming impoverishment by the costs of higher education is a second-act curtain on the student debt drama. A third act in the drama was outlined by President Biden on June 30 using piecemeal administrative decisions.
Status inequality is inevitable due to the uneven distribution of talent. Even in poor societies, talented people eclipse their peers by joining the ranks of the elite. Inequality is an indication that ability is recognized by society. The absence of inequality suggests that talent is uncultivated.
As Ukrainian forces continue their much-hyped counteroffensive to take back contested territories in the country’s eastern and southern regions, we’re faced with conflicting coverage of the campaign. Many reports say Ukraine’s forces are struggling to break through the minefields fortifying Russia’s lines.
F.A. Hayek is one of the most influential figures in the field of social science. His works ranged from philosophy to economics to jurisprudence to psychology. He won the Nobel Prize in economics in 1974 and was probably the last major Austrian economist from Austria. He was not only important in Austrian economics but also in mainstream economics. One of his most popular works was the book The Road to Serfdom. Even though it was written in 1944, it is still read by many and was a bestseller in 2010 on Amazon.
