Most of the world's regimes enthusiastically destroyed their economies and consigned millions to destitution (and a rising tide of resulting health problems) in pursuit of a trendy and unproven theory. There's still not evidence that the lockdowns worked.
With such chaos, confusion, and incompetence playing out, it is little wonder that more and more Pennsylvanians are refusing to obey lockdown decrees.
Decades of Keynesian policy have crippled the Japanese economy. Only a turn toward free markets offer a real way out.
The difference between modern economics and proper economic thinking lies in taking the step that comes after arriving at the "unseen," to the "unrealized."
Hacking off soldiers' limbs was a favorite technique of Civil War surgeons, largely because doctors wanted to avoid blame for later cases of gangrene. So doctors erred on the "safe" side. Many patients may have disagreed.
Paul Krugman is now claiming that reopening the economy and allowing people to go to work almost surely will cause a depression.
Fueled by unprecedented quantitative easing, central bank asset purchases, and various stimulus packages, the money supply growth rate ballooned in April to an all-time high.
Panic over the COVID-19 virus has led to the closure of many schools and new forays into education outside the government school system. Many will find that they don't need the state's schools at all.
We live in an age when politicians decide what is "essential" and what isn't. It's a grave abuse of power and common sense.
The ECB can disguise the risk for a while, but the reality of the mounting debt and tax burden ahead is probably going to end in a debt crisis.
