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“The policy response to the Covid pandemic has been a master class in government failure: governments around the world have messed up their responses time and time again. It isn’t because they are bad people, necessarily, nor is it because they are incompetent. It is because ‘The Problem’ is a set of innumerable smaller problems for which, as Friedrich Hayek pointed out, the relevant knowledge of ‘the particular circumstances of time and place’ cannot confront political decision-makers as data. It emerges from action, exchange, and the prices they produce.” ~ Art Carden
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“Bond markets are currently pricing in a little more than two percent inflation on average over the next ten years, which suggests inflation will pick up. So far, Fed officials seem willing to permit inflation to run a bit high over the next decade. Whether they will remain so permissive when the inflation numbers start rolling in––or, ratchet up IOR to bring inflation down to two percent––remains to be seen.” ~ Nicolás Cachanosky
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“If we widen our scope, large companies have long donated funds to support causes they think are important or channel the values they wish to portray, often entirely detached from their business. A twenty-first century age of patronage is here. Perhaps it will support the foundation for a twenty-first century Enlightenment too.” ~ Joakim Book
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“Nowadays, the federal government is controlling almost everything except itself. Instead of economic salvation, Biden offers standard D.C. issue ‘no-fault pseudo-benevolence.’ How many more trillion dollars will America waste for another Beltway ‘triumph of hope over experience?'” ~ James Bovard
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“Just because a reckless central bank foists tons of fake money on banks, businesses, and households does not mean any of them must spend it. Fiscal-monetary recklessness itself can signal private-sector actors not to part with safe, liquid assets. Eventually, of course, they may choose to flee the money and the debt, bringing higher inflation rates and higher interest rates. Meantime, the prudent observer must never neglect to consult the demand side of money.” ~ Richard M. Salsman
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“Even if the economy is reopened, will small business be able to compete with enhanced unemployment benefits? And, what about their stack of IOUs from renters who are protected from eviction for the duration, and the decriminalization of shoplifting and the right kind of rioting? And, so, our outlook may be for an O-shaped economy; that is, an economy with an empty middle.” ~ Clifford F. Thies
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“Hopefully readers will also keep in mind how quickly politicians can wreck things, and how quickly their destruction robs people and businesses of dignity. Right now, the formerly soaring cruise industry is once again ‘waiting anxiously for Washington’s go-ahead to sail again.’ Please think about that. And how wrong it is.” ~ John Tamny
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“There’s a reason vasectomies spike during March Madness: David going toe-to-toe with Goliath makes for great TV, and improbable runs like George Mason’s Final Four appearance in 2006, Loyola Chicago’s Final Four run in 2018, and Villanova’s ascent from #8 seed to tournament champions in 1985 are called ‘Cinderella stories’ for a reason. People love compelling stories. March Madness offers them in spades.” ~ Art Carden
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“The increases in money held by the public are a new experiment to test a widely verified proposition: substantial increases in the quantity of money held by the public are associated with substantial inflation. Inflation is quite likely to be higher in coming years than it has been in the recent past. Whether the increase is muted – an increase of one percentage point per year or so – or noticeably larger remains to be seen.” ~ Gerald P. Dwyer
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“It is entrepreneurs who form the foundation and operational unit of Austrian economics but sadly, their importance is slowly fading from mainstream economic analysis. Such a view of economics not only fails to acknowledge a basic tenet of the economy, but opens the door to a perception of society that merely views individuals as numbers and equations to be manipulated at will.” ~ Ethan Yang
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“Maybe this time is different, and perhaps this is the turning point – for MMT or for inflation. More likely, the fears and the ebullient promises will converge in a middle-of-the-way third option similar to what we saw after 2008: Politicians, pundits, economists, and central bankers talk, yet nothing much happens.” ~ Joakim Book
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“If you take a hard glance at instances of big firms being accused of acting like monopolies, you will often find something similar to the Canadian telecoms case. This has an important implication for those who propose remedies to deal with ‘big firms’ (which they take to mean monopoly). Indeed, rather than placing the onus on governments to intervene to regulate these big firms, one is forced to assign blame to governments for protecting some big firms from the threat of competition.” ~ Vincent Geloso
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