“Economic power,” then, is simply the right under freedom to refuse to make an exchange. Every man has this power. Political power, on the other hand, is something very different.
The FOMC has slowed down in its monetary tightening over the past two months, and at Wednesday's press conference, Fed chairman Jerome Powell continued his shift to dovish territory.
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.
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.
