There is nothing new in a fiat-money central bank imposing an effective tax on the public’s holdings of government debt by manipulating interest rates. But few thought it could go on this long.
The deficit for the year is pushing $2 trillion. And we still have five months to go until the end of the fiscal year. Only during World War II were the deficits so huge in relation to GDP. Meanwhile, the Fed continues to print money to buy more Federal debt.
Perhaps reporter Michelle Kosinski is unaware that the Trump-era secrecy she denounced flourished mightily thanks to the beloved Obama administration. Kosinski’s mindset also helps explain why Americans' trust in the media has collapsed.
Seemingly endless amounts of fiscal and monetary stimulus will keep prices rising in the near term. But if the banking sector and other bubble industries weaken, we will eventually see deflation as new loan activity lessens.
One of the most in-demand aspects of physical cash is that it is totally fungible. Every dollar is the same as every dollar. But cryptocurrencies can leave a digital trail which may lead to later problems in fungibility.
When it comes to the oligarchs' new semiconductor subsidy scheme, the real cost in terms of economic distortions, lost welfare, and harm to competitors, is quite real and beyond the dollar amounts we see in the subsidy itself.
By mid March—when barely 12 percent of the population had been vaccinated—total excess mortality was back within 1 percent of 2019 levels. In other words, the number of deaths in the US is collapsing back to where it was before the official start of the pandemic.
American journalists and academics have invented a fairy tale in which "free market orthodoxy" has dominated political thinking in America for the past forty years. This is not even slightly true, but pundits repeat the lie again and again.
Only a bureaucrat would assume that putting a small child in public school is just as effective as keeping the child at home with a parent. Unfortunately for Biden, the research isn’t on his side.
The people selling us democracy believe in it the same way George F. Babbitt believes in a new listing from the Babbitt-Thompson Realty Company.
