Power & Market

With President Trump’s deployment of US troops to Los Angeles, this is a good time to review the deep antipathy that America’s Founding Fathers and our American ancestors had toward “standing armies.”

Mr. Milei fancies himself to be a great monetary theorist in the Austrian tradition. To illustrate his unrivalled brilliance here are two revealing exhibits.

The language of “de-dollarization” conceals an authoritarian ambition: to replace one fiat empire with another.

Thanks to the sort of inflationary policy Trump prefers, it will take years to rebuild the economy on a stable foundation of saving and investment, rather than on mountains of easy-money-fueled bubbles.

Year-over-year drops in passenger traffic is well correlated with changes in the employment level, and passenger traffic fell for two months in a row.

If wealth could be created out of scraps of paper or their digital equivalent, world poverty would be a thing of the past. Remember, the commodity money takes care of itself—and us too, if we let it.

The abandonment of liberty because fear drives people to trust government promises of safety is a phenomenon we have witnessed several times this century.

Arbitrary and undefined terms like “fair wage” and “living wage” fundamentally misunderstand the nature of work how wages are determined.

Bitcoin and gold are now playing the essential role that central banks should be enforcing.

The negotiations weren’t going anywhere thanks to Trump’s maximalism, but Netanyahu didn’t want to take the chance that there might be a diplomatic breakthrough.