John Maynard Keynes derided gold-based money as a "barbarous relic," yet it was gold that enabled a long regime of honest money -- and the advance of civilization.
For nearly two decades, business, academic, and political elites have spread the fiction that central banks can engineer prosperity by printing more money. Markets now are discrediting that fairy tale.
Beijing must be very happy. Thanks to the "price cap," the Asian giant will secure a long-term supply at al attractive price from Russia and sell refined products globally at higher margins.
There appears to be a six-million-man gap between the number of men in the prime age group—age 25–54—and the number of those men actually in the workforce.
Like the police in similar communities, the Moscow, Idaho Police have long focused on petty drug offenses while more serious violent crime and property crime receives far less attention.
