Once the Southern states accepted the Thirteenth Amendment, Lincoln was entirely content for the old Southern elites to resume their positions of power and for many blacks to continue in a condition little better than bondage.
The disease has always been the easy-money fueled boom. Price inflation is just a symptom.
Austrian economics is defined by its adherence to the a priori methodology, not empiricism. That places it at odds with mainstream economics, which stresses the methodology of positivism.
The current banking crises have deep roots in US financial history. Monetary authorities have engaged in inflationary behavior for more than a hundred years.
Were states with legal cannabis to combine to form their own country, it would be—in terms of population—the ninth-largest country in the world, and larger than Russia.
Both artists and athletes perform for others. When governments get involved it either is for subsidies or censorship. Neither is satisfactory.
After years of inflationary intervention, the Federal Reserve has no more rabbits to pull out of the hat.
Today is the 30th anniversary of the Waco Massacre in which the media and the government self-congratulated each other in absolving the FBI of any crimes. Nothing has changed since then.
Walter Bagehot, as Jim Grant writes, believed that bankers and central bankers should exhibit financial discipline. He would not recognize today's banking world.
Washington elites and especially their media have denounced what they once praised: leaking of official documents that show the government has been lying.
