One of the most striking facts of world history: since about 1800, there has been an enormous increase in the average standard of living throughout the world. Before that date, almost everyone was poor, but then things changed.
During February 2021, year-over-year growth in the money supply was 39.1 percent. That makes February the eleventh month of remarkably high growth in the wake of unprecedented quantitative easing and "stimulus."
Shays' Rebellion was used by counterrevolutionaries like Alexander Hamilton to push the new centralist constitution of 1787. But Jefferson, on the contrary, concluded such uprisings were "medicine necessary for the sound health of government.”
Trouble emerges once banks start to engage in lending unbacked by real savings, this gives rise to the expansion of credit out of “thin air.” This in turn sets in motion the menace of the boom-bust cycle.
In Las Vegas, airline passengers plummeted 64 percent during 2020, and the convention business has collapsed. For Vegas, there are troubling signs that the world is not in a hurry to spend freely on extravagant face-to-face meetings.