Intermediate

The current banking crises have deep roots in US financial history. Monetary authorities have engaged in inflationary behavior for more than a hundred years.

Austrian economics is defined by its adherence to the a priori methodology, not empiricism. That places it at odds with mainstream economics, which stresses the methodology of positivism.

Today is the 30th anniversary of the Waco Massacre in which the media and the government self-congratulated each other in absolving the FBI of any crimes. Nothing has changed since then.

After years of inflationary intervention, the Federal Reserve has no more rabbits to pull out of the hat.

Both artists and athletes perform for others. When governments get involved it either is for subsidies or censorship. Neither is satisfactory.

Washington elites and especially their media have denounced what they once praised: leaking of official documents that show the government has been lying.

Walter Bagehot, as Jim Grant writes, believed that bankers and central bankers should exhibit financial discipline. He would not recognize today's banking world.

Official Washington and its Court Media are up in arms that someone has told the truth via leaking government documents. They won't rest until he is punished severely.

American politicians are beating war drums. They forget that bad relations are costly in many ways.

As markets settle down after the last set of bank failures, political elites claim the crisis is behind us. But it is not over, not by a long shot.