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Money and Banking
The Fed is losing a lot of money. The Fed's stated plan is to monetize these losses and still report a positive capital and surplus position through the use of “creative accounting.”
Unlike a private-sector service, police do not operate under any contractual obligations to provide services in any particular way. They can choose to do nothing at all, and face no real consequences.
The specter of stagflation is with us again despite Keynesians' claims that a new bout of inflation will lower unemployment. What causes it?
AntipoliticsBureaucracy and RegulationEconomic Policy
Inflation is at a forty-year high, fuel prices are wreaking havoc, and there's no end in sight. Time for Biden to tell us how good we have it.
AntipoliticsDemocracyLegal SystemThe Police State
Vladimir Putin (not unlike President George W. Bush) has led his country into a destructive war, yet the Russian political leadership enjoys wide public support.
Protectionism and Free TradeOther Schools of Thought
Krugman’s recent NYT column on Russia features commentary on trade surpluses that is at best very misleading.
Central BanksThe FedInflationMonetary TheoryPraxeology
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.
War and Foreign Policy
Sanctions are promoted as a response to international aggression. Yet, sanctions themselves are a form of aggression that, like war, usually have unhappy endings.