Inflation is created by governments, so the solution to inflation is political. Governments and cronies falsely claim that inflation is good or even necessary, when it’s neither. It’s just best for elites. Deflation, on the other hand, comes naturally when customers are in control, and this customer-driven deflation brings sustainable investment and increased productivity. This is best for everyone.
On the morning of Wednesday, May 4, I woke up feeling the onset of illness. My eyes burned and my muscles ached. As someone who had not been ill for more than a decade, I knew there was a problem, and I wondered if I had caught covid-19 after avoiding it ever since its outbreak in the United States more than two years ago.
It is with a sad heart that we note the passing of Axel Leijonhufvud on May 2. He wasn’t an Austrian (but rather, as a good Swede, a Wicksellian), nor did he like pigeonholes, but he leaves a large legacy that is relevant to the Austrian school. He, much like Roger Garrison, knew more about what Keynes said than most any other scholar, past or present.
Tough talk and strong predictions were made by Federal Reserve Chair Jerome Powell this week. CNBC reports that the Fed will continue raising rates until inflation returns to a “healthy level.” In his own words:
We will go until we feel we’re at a place where we can say financial conditions are in an appropriate place, we see inflation coming down. We’ll go to that point. There won’t be any hesitation about that.
The following policies would result is a more peaceful and equitable society:
-- Federal legislators are limited to one term each, with much reduced pay. Senatorial terms are cut from 6 years to 4. These changes would make Congress less responsive to constituent demands, inducing people to meet more of their needs in the private sector. After the government incurs a deficit, the remuneration of legislators and administrators is reduced during the year that follows. Judges are limited to ten-year terms.
The use of symbols and language to spread ideologies have been practiced for thousands of years. The first symbols to represent ideas were religious ones and were used to spread the teachings of deities. During the 19th century political symbols started to emerge and today almost every political party and ideology has its own. Symbols share the same advantage as pictures - namely, they are worth a thousand words. It is through repeated viewing that symbols serve their purpose.
In this video panel on central bank digital currencies (CBDCs), Mises Institute Senior Fellow Alex Pollock moderates a discussion on what CBDCs could mean for the banking sector and the monetary system overall. Panelists include:
