Despite assurances from politicians and the media, the Federal Reserve System is not a collection of geniuses who stand guard against inflation and recession. Instead, think of the Fed policy makers as the Keystone Cops of central banking.
Russian oligarchs, American pols, and state-connected billionaires are all cut from the same cloth: they didn't earn, or fully earn, their wealth and position in society. We must withdraw our sanction of these people.
From globalization to sanctions, to international institutions like the UN, the US is leading a small global fragment that's little more than NATO and a handful of friends. Meanwhile, two-thirds of the global economy isn't signing on.
In contrast to the Keynesians and Friedmanites, Rothbard showed how Austrian economists can understand the stagflation phenomenon through price theory and capital theory. Interest rates must be raised in order to flush out malinvestments.
The literary accounts and studies of the Soviet Union, the Eastern Bloc, and Nazi Germany necessarily failed to grasp the root of the problem—namely, the psychopathological dimension of the inception and development of pathocracy.