Social media giants enjoy a cocktail of government contracts, government favoritism, and government-granted monopoly power. As a result, it will be difficult for new startups to offer much competition.
While Elizabeth Warren may be correct that the system is broken, she is quite wrong in how and why it is broken — and how to fix it.
Money and BanksMoney and Banking
Regardless of expectations, tampering with the economy by means of monetary policies will always undermine the foundations of the real economy.
While many people talk about money and liquidity interchangeably, the reality is these are both very different concepts
Taxes and SpendingU.S. History
The Hamiltonians foisted a central bank on the people of the United States at the first opportunity. But Thomas Paine wasn't fooled.
Cronyism and CorporatismFinancial MarketsMoney and Banks
Not surprisingly, policies adopted by central bankers often serve the interests of the central banks themselves.
Contrary to popular thinking, the velocity of money is not a key factor in understanding price inflation.
Even if the Fed were to know the level of the neutral rate it could not achieve economic stability.