The value of time, i.e., time preference or the higher valuation of want-satisfaction in nearer periods of the future as against that in remoter periods, is an essential element in human action. It determines every choice and every action. There is no man for whom the difference between sooner and later does not count. The time element is instrumental in the formation of all prices of all commodities and services.
—Ludwig von Mises, Human Action
Taxes Have Consequences: An Income Tax History of the United States
By Arthur B. Laffer, Brian Domitrovic, and Jeanne Cairns Sinquefield
Post Hill Press, 2022, xxv + 413 pp.
Does cheap money and credit make us richer? Does more money and credit create more stuff, or better stuff? Do they make us happier and more productive? Or do these twin forces actually distort the economy, misallocate resources, and degrade us as people?
Bernie Sanders and other politicians have made socialism attractive to voters, especially young ones, because it promises to eliminate the injustices of capitalism. As to what socialism and capitalism mean, no one seems to care much, other than that by socialism, they mean a kinder, caring society without income extremes, whereas capitalism is the preferred system of ruthless exploiters who amass obscene fortunes while real workers struggle to survive.
Friends and family are talking, on Facebook, about the rapid rise in the price of eggs. Their posts also report that there are plenty of eggs in the dairy sections of local grocery stores. A few people, along with some reporters, blame this rapid increase in the price of eggs on price-gouging corporations.
With January’s world elite submit in Davos wrapping up earlier this month, members of the World Economic Forum (WEF), who publicly celebrate their infiltration of governments across the globe, continue to do what they do best, i.e. intervene in the market for the purpose of destabilizing the world with ominous projects like the Great Reset.
Their predictions begin with a recession in 2023:
