Popular economic wisdom says central banks can counter harmful effects of inflation by raising interest rates. Unfortunately, such moves carry their own forms of misallocation of resources and capital.
Sanctions are promoted as a response to international aggression. Yet, sanctions themselves are a form of aggression that, like war, usually have unhappy endings.
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?
Will Japan ever change course on its negative interest rates? Only if voters begin to realize that the lack of inflation to date in Japan is simply good luck.
With members of Congress claiming that the Russian invasion of Ukraine somehow threatens the US homeland, it is time to tell the truth about the military threats to this nation.
