Federal authorities want us to believe that by bailing out Silicon Valley Bank, they have prevented a financial crisis. Instead, we will have a crisis with bailouts.
The only thing that saves citizens from much higher prices is the fact that the transmission mechanism of monetary policy is independent and diversified. Imagine if that transmission was direct and had only one channel, the central bank itself.
How do people in a pluralistic society live peacefully with each other? In his review of Kenneth McIntyre's book, David Gordon points to negative liberty as the best way to preserve values.
