A generation ago, it was Barack Obama saying, “You didn’t build that.” Now we have Alexandria Ocasio-Cortez saying, “You can’t earn a billion dollars.” According to AOC, people who purportedly earn a billion dollars do so only by exploiting others (e.g., by underpaying workers).

BOJ says it may “tighten further as it focuses on taming price pressures from the Iran-war-induced energy shock”.

When the South African government first proposed to enact a law permitting them to expropriate any property without compensation, the then conservative UK Prime Minister Teresa May said this would be fine as long as the government does it legally. She missed the point. The whole purpose of the law was to ensure that it is legal for the government to do exactly that.

Politicians of both parties constantly say and do things that make no sense in terms of the goals they publicly claim to be pursuing.

According to minutes from the US Federal Reserve’s April meeting, a majority of officials thought that higher interest rates may become necessary to combat a resurgent inflation. According to the minutes, a majority of the participants highlighted that “some policy firming” would likely become appropriate if inflation were to continue to run persistently above the Fed’s 2 percent target.

But would a higher interest rate stance counter inflation? The key here is the definition of inflation.