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.
Ever since the Luddites rampaged through British textile factories in the early 1800s, people have feared that technology will result in mass unemployment. They were wrong then and are wrong now.
Mises saw essentialist values as fallacies because they were unverifiable and saw metaphysical ideas as a key component of authoritarianism. His solution was utilitarianism.
The story of the failure of Silicon Valley Bank is the story of nearly every bank failure. Fractional reserve banking invites the risky behavior that brings down the banking system.
Even if Powell is sincere in this stated desire to slay inflation with more rate hikes, recent bank failures will put the Fed under enormous pressure to end its rate hikes and to once again embrace easy money to save the banks and Wall Street.
“America’s Great Depression” serves as a reminder that a brighter future where these missteps are recognized and no longer pursued, is in fact possible.
The only way the current bust and any future ones can possibly be mitigated is by following Rothbard’s explanation of the Great Depression and taking those lessons to heart, else we will be doomed to repeat the mistakes of the past.
