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After the Lehman collapse, Wall Street learned nothing. In fact, Wall Street instead embraced Too Big to Fail which means the financial sector is more dependent on government than ever before.
Money and Banks
In an age of growing productivity and technological advancement, goods would be getting cheaper every year. This is a reason why price inflation rises more slowly than money supply inflation.
There's nothing wrong with firms focusing on wealth maximization. In fact, this process allows for workers and investors to gain more wealth—and to put that wealth to use helping everyone in society.
War and Foreign Policy
Left-leaning economists and journalists apparently still harbor nostalgia for the central planning and protectionism of the "good ol' days" of the Second World War.
Bureaucracy and RegulationTaxes and Spending
China's industrial policy has been marked by many failures and few successes. Rather, China's real growth has been fueled by the regime's limited turn to markets.
Bureaucracy and Regulation
Economics is not simply a series of transactions with hidden implications. Rather sound economics understands that long-term effects outlive the short-term effects of every economic principle or policy.
In a normal universe, we have a name for this sort of monetary policy: it’s called “extreme dovishness” or “extremely accommodative.” In the bizarro world of 2021, it is anti-inflationary.
Taxes and Spending
The new proposal is framed as a tax on the ultrarich. The same was true of the new income tax in 1913. If given the power to tax unrealized gains, expect the feds to expand the tax to ordinary people.