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Japanization: 30 Years of Failed Economic “Stimulus”
In Europe, the danger of “Japanization”—a long-lasting economic stagnation accompanied by expansionary monetary and fiscal policies (Schnabl 2015)—is now discussed more intensively, as the stagnation in southern Europe continues and the ultraloose monetary policy...
Financialization: Why the Financial Sector Now Rules the Global Economy
To read or watch the news in today's world is to be confronted with a wide array of stories about financial organization and financial institutions. News about central banks, interest rates, and debt appear...
The Costs Are Mounting in this Government-Imposed Economic Collapse
Many of us have experienced the empty grocery shelves, the mad run on toilet paper (Calling Mr. Bidet?), and the ubiquitous face of Anthony Fauci of the National Institutes for Health on television broadcasts....
The State Has Seized Many New Powers. It Won’t Let Go of Them Easily.
“Restaurants sit empty in Chinatowns. Parents keep children home from school in Toronto. Asian hotels and airlines reel at dramatic drops in bookings. Just as the media recently gave us a new and particularly...
Fear Makes It Easy for Governments to Expand Power
The coronavirus epidemic has for the past couple of weeks compelled panicked households to flood grocery stores in search of basic goods. Until this past weekend, however, US governments had refrained from using special powers to...
This Is Not a Recession—This Is a Government-Imposed Shutdown of the Private Sector
Economists and Wall Street analysts are using the word recession to describe the looming plunge in output in the US economy. We’ll just make the point early that economists, exhibiting the typical emptiness of...
Why the World Has a Dollar Shortage, Despite Massive Fed Action
How can the Fed launch an “unlimited” monetary stimulus with congress approving a $2 trillion package and the dollar index remain strong? The answer lies in the rising global dollar shortage, and should be...
What “Lender of Last Resort” Is Supposed to Mean
Modern central banks have already moved far beyond what was once considered the proper role for a central bank as a "lender of last resort." Now Keynesians and MMTers (modern monetary theorists) want to...
Égalité, Fraternité, Captivité
“Nothing is so permanent as a temporary government program.”
So goes the well-traveled quote by economist Milton Friedman. This could be applied to certain laws enacted by governments over the years under the guise of...
The COVID-19 “Lockdowns” Are What Twenty-First-Century Mob Rule Looks Like
As of April 6, forty-one states have statewide "stay-at-home" decrees in place. These orders vary widely from place to place. In some states, there are long lists of exempted industries including marijuana dispensaries, liquor stores, hardware...