Writing about the cultural background of Ludwig von Mises, an eminent former compatriot of mine, poses some difficulties: how to present you with a world radically different from yours, a world far away, which in many ways no longer exists.
The United States is not a nation. From the very beginning it was more of a collection of various nations united by ideas of political unity and by fairly high levels of tolerance for other groups within that union. The US certainly contains nations, but it was never a single nation.
The Fed Chairman’s suggestion that the inverse correlation between inflation and unemployment has disappeared reveals that US central bank policymakers were previously employing a bankrupt theoretical framework to navigate the economy.
At this point mal-investments and false market signals have been accumulating for many years. The effects can be seen not necessarily in a future "crash" but also in our current weak and declining levels of economic growth.
It is highly unlikely that Woke Big Business on its own can turn the US into a totalitarian society. Historically speaking, business policies have followed the lead of governments, not the other way around. The state remains the real threat.