Forcing the minimum wage above the real market wage causes more unemployment. Small businesses suffer from these mandates as do the least productive workers.
The recent declaration of the G7 sounds more like "we want to rule the world" than "we want peace." Other nations are tired of the West's phony Rules Based Order.
One of the standard doctrines of mainstream economics is that the assumptions of a model do not have to reflect reality. Austrian economics vociferously disagrees.
Einstein might have been one of history's most brilliant men, but even his great mind could not have made socialism work. Unfortunately, he wasn't smart enough to see that.
The world is changing, and in the coming five years we'll see how accelerating debt, declining demand for dollars, and rising price inflation will show how deficits do matter, after all.
A century ago, Argentina was one of the world's wealthiest nations and the Argentine peso rivaled the dollar. Today, Argentina is famous for periodic hyperinflation.
The combination of higher rates and declining optimism about the economy, plus slumps in equity, private investments, and bond valuations, is going to inevitably lead to a massive crunch in access to credit and financing.
