While supporters of the Biden administration fault Putin for shortages, Austrian economists know the answer lies in Washington's monetary and economic mismanagement.
The combination of covid lockdowns, money pumping, and attempts to force a new green economy are taking their toll. This is not going away any time soon.
While the standard secular narrative is that Christianity held back science and human development, history tells a different story, one of literacy and the development of human capital.
Persistently loose monetary policies always have negative growth and distributional effects that impair political stability. In extreme cases, there are civil wars and armed conflicts between countries.
Everything from huge Keynesian "stimulus" policies to the war in Ukraine is dovetailing in a bout of stagflation: the simultaneous growth of inflation and unemployment.
