Elizabeth Warren has pronounced her verdict on higher food and gasoline prices: they are nothing less than the result of corporate greed. In fact, there is no inflation, only corporations arbitrarily raising prices.
Economics is not simply a series of transactions with hidden implications. Rather sound economics understands that long-term effects outlive the short-term effects of every economic principle or policy.
The problem with China is that the entire economy is a huge indebted model that needs almost ten units of debt to generate one unit of GDP, three times more than a decade ago.
Most Egyptians have lived their whole lives in a country where the government heavily subsidizes bread prices. But now the deeply indebted Egyptian state faces some tough choices, and Egypt's poor may suffer the most.
If every new virus or variation warrants shutdowns or new vaccines, we will face an unending dystopian hellscape of state intervention in our medical decisions.
