While unemployment currently is low and the rate of inflation has fallen somewhat, Bidenomics is setting off a boom that is unsustainable. We know what happens next.
After governments create crises, they use those crises to seize new powers. After the crisis subsides, governments give up some, but not all, of their new authority, which we call the ratchet effect.
The open protocols on the internet would seem to create chaos, but it turns out that they produce the opposite results, encouraging a digital spontaneous order.
President Biden announced recently to much fanfare that his administration will transform the US economy through central planning. This does not end well.
How can a bank “create money out of thin air”? We must enter the magical kingdom of “fractional-reserve banking,” where deposits are turned into loans, loans are turned into money, and so on, to find out.
