Cutting Interest Rates Isn’t a Cure‑All for the Economy
The Fed is cutting its discount rate again, but Americans will be disappointed with the results, as the Fed’s latest action only contributes to the boom-and-bust cycle.
Booms and Busts
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Kalshi Culture: How Gambling, Speculation, and Degeneracy Went Mainstream
As government continues to engage in reckless actions from inflation to starting wars, people develop shorter time horizons, creating social vacuums. Increased gambling and other irresponsible behaviors then fill the void.
Kalshi Culture: How Gambling, Speculation, and Degeneracy Went Mainstream
As government continues to engage in reckless actions from inflation to starting wars, people develop shorter time horizons, creating social vacuums. Increased gambling and other irresponsible behaviors then fill the void.
An Economic Contagion
When there is a cascade of failing businesses at one time, it is easy to think of it as an economic contagion that is a by-product of capitalism. Yet, a cluster of business errors can be laid firmly at the feet of government.
Most Economists Still Don’t Understand How Inflation Is Destroying our Economy
Mainstream economists are at a loss to explain why the current regime of inflation and central bank interventions have been so economically devastating. Understanding Cantillon effects is vital to making sense of the current madness.
A Juggernaut of Destruction
As the US economy slowly implodes, the government causing the implosion is not done with its economic destruction. The Federal Reserve remains the engine of inflation, while tariffs and other interventions help to finish the job.
Does a Decline in “Aggregate Demand” Cause a Recession?
Keynesian orthodoxy claims that the cause of recessions is a decline in so-called aggregate demand. Besides confusing cause-and-effect, Keynesians don't understand that downturns are the result of malinvestments made during the boom because of central bank interference in the economy.
Money Supply Fluctuations and Business Cycles
Milton Friedman and the Monetarists believed that fluctuations in the money supply caused the boom-and-bust business cycles. Their solution—keeping money growth slow and steady—would still lead to business cycles.
Black Swans, Sequestered Capital, and the Next Bust
Black swans don’t cause crashes: they reveal them. Mark Thornton shows how easy money breeds “sequestered capital” in opaque assets, priming the next bust.
The State’s Confession of Its Inability to Regulate the Economy
Why do independent central banks exist in the modern economy? It was originally thought independent central banks would prevent government extravagance from creating inflation.
