There’s a saying on Wall Street referring to the stock market that “all correlations go to one in a crisis.” Perhaps more accurately, all correlations go to one when a single governing body determines interest rates for the entire economy.
Interest rates are the price of money. Virtually all public companies utilize debt to some degree. When the cost of this debt increases, the stock price of each company must decrease.
Despite the blooming of literature on preindustrial African technology, the centrality of invention in precolonial Africa remains an obscure topic. Updated research has shown that precolonial Africa was a wellspring of creativity rather than a den of stagnation. Africans employed unique methods in response to environmental changes and were also experts in iron production.
Proto-Progressives didn’t stand back and let a porous border emancipate slaves into rising prosperity. Instead, proto-Progressives used the new industrialization, railroads, and telegraphs to power industrial-scale conscription, killing, maiming, and destruction.
With the Federal Reserve bound for a fairly large rate increase this Wednesday, plus talk by the White House on whether the definition of a recession should be changed (likely, for no other reason than to avoid a recession) it’s easy to forget about the money supply. Conversations about the root cause of price increases hardly makes headlines. Even before the Austrian school, many expressed concerns with increasing the money supply. Dr.
It is common for commentator to point to corruption, incompetence, malicious Western meddling, and other factors as the source of Africa’s continued economic woes. One seldom hears so-called experts point to taxes as a major impediment to economic development. Even “development economists” do not repudiate Africa’s paradoxically onerous tax regimes.
Thomas Piketty
A Brief History of Equality
Harvard University Press, 2022
