On Wednesday, Federal Reserve Governor Philip N. Jefferson offered insights on the economy and the role of the Fed. The irony is evident as we find that those entrusted with overseeing the economy appear to be continuously involved in a journey of self-discovery, yet their understanding often lacks any connection to the real-world economy.
He begins with an overview of the Federal Reserve’s approach to financial stability:
[This article is adapted from a lecture delivered at the Reno Mises Circle in Reno, Nevada. on May 20, 2023.]
It is not an exaggeration to say that property rights are a prerequisite for civilization. As Ludwig von Mises wrote in The Free and Prosperous Commonwealth:
[This article is adapted from a lecture delivered at the Reno Mises Circle in Reno, Nevada. on May 20, 2023.]
[In this 1836 editorial, William Leggett laments how Wall Street and the “privileged” orders of the American upper class employ the power of the state to protect their own financial interests at the expense of ordinary taxpayers. In the nineteenth century, Leggett was an important spokesman for the laissez-faire, populist wing of the Democratic Party which supported hard money.]
Since 2007, South Africa has been experiencing an electricity crisis. Eskom (a South African state-owned company) cannot produce enough electricity to meet increasing demand, so Eskom has implemented rolling blackouts, which is also called “load shedding” by the South African government. Rolling blackouts involve Eskom periodically and intentionally stopping the delivery of electricity to certain parts of South Africa to avoid a total blackout.
