One of the most in-demand aspects of physical cash is that it is totally fungible. Every dollar is the same as every dollar. But cryptocurrencies can leave a digital trail which may lead to later problems in fungibility.
When it comes to the oligarchs' new semiconductor subsidy scheme, the real cost in terms of economic distortions, lost welfare, and harm to competitors, is quite real and beyond the dollar amounts we see in the subsidy itself.
Seemingly endless amounts of fiscal and monetary stimulus will keep prices rising in the near term. But if the banking sector and other bubble industries weaken, we will eventually see deflation as new loan activity lessens.
American journalists and academics have invented a fairy tale in which "free market orthodoxy" has dominated political thinking in America for the past forty years. This is not even slightly true, but pundits repeat the lie again and again.
Slavery was driven into the heart of the new constitution: in the three-fifths clause, in the protection of slave importation for twenty years, in the fugitive slave clause, and even in the congressional power to suppress insurrections within the states.