As flaws in the system of fractional-reserve free banking began to appear, private central bank-like institutions known as clearinghouses sprang up, and they helped pave the way for the Fed.
Governments take on a variety of responsibilities as a justification for greatly expanding powers — claiming these powers are necessary to fulfill these new responsibilities.
Like taxation, government spending diverts resources from real wealth-generating ventures. Borrowed funds for continued spending must also be repaid, so current spending translates to future taxation.
Wishing people had higher wages doesn't change the fact that it's impossible to make people richer by merely passing a law. Workers can only sustainably be paid more if they produce more. Fortunately, markets offer an answer to this problem.
UK politicians are now at war as some push to make Brexit a catalyst for pro-market reforms such as slashing taxes. Others, however, want to double down on the worst the EU bureaucracy has to offer.
Social media giants enjoy a cocktail of government contracts, government favoritism, and government-granted monopoly power. As a result, it will be difficult for new startups to offer much competition.
