Following Jerome Powell’s latest signal on rate cuts, economist Steve Hanke explains why markets and policymakers keep fixating on the wrong variable. Interest rates don’t drive the cycle, he argues—changes in the money supply do, with long and variable lags.
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World News
President Trump’s recent efforts to end the Ukraine War have been made more difficult because the EU, NATO, and the US government encouraged Ukraine to fight no matter what. The result has been a bloody disaster.
Who says Republicans and Democrats can’t agree on anything. They have both agreed to continue foolish and counterproductive subsidies for buses and other forms of inter-city public transportation.
Last week President Trump took steps to re-name the Department of Defense the “Department of War”—arguably, a more appropriate name.
Can a majority vote to end democracy? If it can, democracy would no longer exist. But if it can’t, then not all political issues are decided by majority vote.
The Federal Deposit Insurance Corporation (FDIC) is widely seen as a pillar of financial stability, but it is actually it is a warning label that confirms systemic fragility.
While people might speak of the “business of government,” there really is no way to compare the two. Business is voluntary; government is coercive.
Discussions about black suffrage following the Civil War usually are focused upon black voting rights in the South. However, during that same time, northern states passed laws limiting black suffrage, something that often escapes the history books.
In an attempt to explain business cycles, Milton Friedman came up with a plucked-string analogy. Like all Monetarist theories, however, this also had fatal flaws.
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