Washington Post columnist Megan McArdle recently wrote that the best argument made in favor of limiting the size of the stimulus during the Great Recession — part of a larger conversation about austerity — was one of ethos. “We weren’t…
Repeat after me, class: Growth does NOT cause inflation. Write it on the blackboard 100 times. For decades, the economics profession has been trying to tell us all just the opposite. They keep shoveling out the dumbest economic concept of…
With the close of the U.S. Treasury’s fiscal year on September 30, 2023, there came an important update (provided by the Heritage Foundation) on the U.S. Treasury budget for the prior fiscal year. A brief summary of the update is…
Countless financial soothsayers and Wall Street wizards were once members of a curious cult. Their doctrine? The unshakable belief that interest rates had managed to find something resembling the fabled Fountain of Youth, leaving their numbers eternally low and never…
Last week, Donald Trump volunteered that he would not reappoint Jerome Powell as chairman of the Federal Reserve. This seems a defensible point. His reasons, at least from a conservative perspective, find no defense. “I felt that he was not…
The following article is excerpted from a speech delivered by the author in Pittsburgh, Pennsylvania, for Grove City College’s Institute for Faith & Freedom on June 6, 2023. The video is available here. Of the nearly 80 people since Alexander…
President Biden has of late attempted to convince Americans to ignore the financial realities of their day-to-day lives by insisting that his stewardship of the economy has been a success. Inevitably, the corporate media have been all too willing to…
Central planning, never out of fashion on the left, is now more popular than ever on the right thanks to the GOP’s populist takeover. This is why a recurring effort to intervene in the credit-card processing market is finding more…
On April 28, both the Federal Reserve and the Federal Deposit Insurance Corporation issued self-assessments of their regulatory oversight leading up to the closings of Silicon Valley Bank and Signature Bank. At the time of their failures, Silicon Valley Bank…
We Need to Talk About Inflation: 14 Urgent Lessons from the Last 2,000 Years By Stephen D. King (Yale University Press, 230 pages, $28) The current inflation rate in the USA is 5 percent, significantly down from its June 2022…