The current banking crises have deep roots in US financial history. Monetary authorities have engaged in inflationary behavior for more than a hundred years.
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.
We are hearing calls both from right and left for an amicable national divorce. In truth, the states were never "hitched" in the first place, at least not by any plausible definition of marriage.
Perhaps the most pernicious Keynesian myth is that a market economy needs wars in order to keep full employment. Wars don't stimulate the economy; they depress it.
The only thing that saves citizens from much higher prices is the fact that the transmission mechanism of monetary policy is independent and diversified. Imagine if that transmission was direct and had only one channel, the central bank itself.
San Francisco, as well as the government of California, is calling for millions in "reparations" for black people in that state. Reparations, unfortunately, are fast becoming another anti-property-owner racket.
The great economist Armen Alchian once observed, “Fortunately, societies have progressed despite almost universal ignorance of economic principles.” True.
