We often hear that various government policies are justified because "the people want" this or "we want" that. This belief assumes that dissenting minorities don't matter at all. "We want" is usually nothing more than rank majoritarianism.
Richard Vague's new book on financial crises repeats many old myths about economic booms, while failing to understand the role of malinvestment and central banks.
The depreciation of the yuan since 2014 is more of a response to market movements than a planned devaluation to gain competitiveness illegitimately.
Central banks pretend all these benefits come at no cost to anyone. Unfortunately, we all ultimately pay the price.
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Today's tariff policy relies on the fanciful idea that politicians can pull the right levers to make the economy more efficient or more just. As always, the idea is based on fantasy.
Governments love to use war analogies, framing themselves as the heroes fighting the bad guys. But when it comes to trade wars, governments are the bad guys, and individuals are the victims.
“It’s been evident for a while that conventional conservatism no longer holds much purchase with large swaths of the under 40, and especially under 30, crowd. Tax cuts, deregulation, trade giveaways, Russophobia, democracy wars, and open borders are not getting the kids riled up.”
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In a true market — i.e., without a central bank — banks are intermediaries of real savings in their lending activities, thus promoting genuine and real economic growth.
