Sanctions are promoted as a response to international aggression. Yet, sanctions themselves are a form of aggression that, like war, usually have unhappy endings.
For the past six months, the regime has repeatedly used whatever bogeyman could be blamed for inflation—so long as the central bank remains blameless. First it was "greed," then it was covid, and now it is "Mr. Putin."
By what yardstick would we threaten war for the independence of Taiwan but continue to tolerate 60 years of totalitarian repression in Cuba, 90 miles away?
In a recent speech, President Joe Biden blamed inflation on businesses raising prices and told them that they needed to lower their business costs -- but boost wages. You do the math.
Most people—and especially most economists—not only are ignorant of what money actually is, but how and why it became part of our economy in the first place.
