Many economic commentators are in favor of phasing out cash. They are of the view that cash provides support to the shadow economy and permits tax evasion. It is also held that in times of economic shocks that push the economy into a recession the rising demand for cash exacerbates the downturn—it becomes a factor of instability. Rather than spend money and boost aggregate demand, the increased demand for cash works against this.

The labor theory of value has long undermined people’s understanding of the miracles created by markets and rationalized various incarnations of socialism which mangle those miracles. Leonard Read understood why undoing that misunderstanding by all who hold to it, as well as those who just use it as an excuse for what they want government to impose on unwilling citizens, is of immense value to each of us. And in his December 1956 Freeman article, “Unearned Riches,” he offered a very insightful look at the issues. That look is worth taking again.

Who could have predicted this? As CNBC reports:

The consumer price index rose 6.2% year over year and on a monthly basis, CPI increased 0.9%, both significantly above estimates.

Stunning. The goal of overshooting the arbitrary 2% inflation target has finally been met in a major way. Let’s see what two economic experts have to say.

The article “Marxism versus Libertarianism: Two Types of Internationalism”

In the wake of the American Civil War, one’s status as a veteran could bring significant social and economic benefits. Indeed, the Grand Army of the Republic would become an extremely influential interest group and helped fuel the early creation of an American welfare state for veterans. “Do it for the veterans” became a common plea delivered to politicians of the time.

There is never good reason to give up hope, and I’m convinced that the forces of freedom will prevail. Yet these are dark times for liberty. The rise of socialism is bad enough, but there are other dangers as well.