Those who demand government-enforced lockdowns and mask mandates still can't seem to explain why we still can't find a correlation between lockdowns and covid infections or between mask wearing and mask mandates.
In a market economy, it is not the warlord or strongman who seizes control and lords it over his subjects. Rather, it is the common man as consumer who sets the terms for victory in the marketplace.
With a new round of panic-induced lockdowns, the situation in Europe is one closely resembling a state of national emergency. Yet the official narrative tells us the European economy is robust and flourishing. Time for a reality check.
The interest control policy is ultimately an admission of “fiscal dominance.” That is, it is increasingly difficult to deny that the state's budget situation is what dictates monetary policy. Now, monetary policy must first serve the interests of the regime itself.
The US has millions of idle workers. In a normal economy this would put a damper on demand. But in our money-printing economy, consumer demand is surging even as production falls behind. An employment bubble is the result.
In the long run, economic stimulus creates no shortage of losers. The state’s objective is always to extract as many eggs from the golden goose as possible, only now it's not important to keep the goose alive.
Instead of trying to spin conservative justifications for disastrous monetary policy, conservatives should join libertarians and classical liberals in working to limit government power while restoring sound money and greater market freedom.
When some years ago I first read Murray Rothbard's description of Lord Acton as "the great Catholic libertarian historian," I suspected overstatement. The more I learned from and about Acton, however, the more Rothbard's words rang true.
Do huge wealth redistribution schemes like Biden's new plan actually make people better off? Some people will get a net benefit. How how numerous are they? How many millions will take a net loss? The government has no idea.
Key methodological differences between Austrians were highlighted in Milton Friedman's "The Methodology of Positive Economics." A key piece of conflict: Friedman's focus on prediction rather than explanation.
