Thinking that billionaires are a policy failure has become pervasive in the United States. Politicians like Alexandria Ocasio-Cortez and Elizabeth Warren are leading the charge in the demonization of billionaires.
As long as states are around, money will never be sound. But first, some clarity.
Sound money, per Ludwig von Mises, has two aspects: It serves as a commonly accepted medium of exchange, while also making it difficult for governments to meddle with it. We can see immediately that sound money is nowhere to be found in today’s world. All the current rhetoric about banks and their systemic risks are about money that’s subject to political expediency, the kind that brings civilization to its knees.
The Federal Reserve’s Federal Open Market Committee (FOMC) on Wednesday raised the target policy interest rate (the federal funds rate) to 5.00 percent, an increase of 25 basis points. With this latest increase, the target has increased 4.75 percent since February 2022.
The New Abnormal: The Rise of the Biomedical Security State
by Aaron Kheriaty
Regnery Publishing, 2022; xxv + 278 pp.
