Economic sanctions, as a general principle, have a history of failure in the 20th and 21st centuries, which penalize everyday citizens in the sanctioned country.
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There has been much talk of disinflation, but all the evidence points toward the conclusion that the Federal Reserve continues to administer injections of monetary inflation.
Lenin and Trotsky have long been dead, but their efforts to erase history through revolutions live on. Today, the erasure is happening in Western Europe and the United States, as progressives carry on that the Bolsheviks started.
Mainstream economics is deterministic, holding that economic actors continue to move in one directions, not responding to changes in economic circumstances or incentives. The Austrians understand economics is about people engaged in purposeful action.
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Unfortunately, the only real long-term solution to this is genuine fiscal austerity and debt repudiation.
Unfortunately, the only real long-term solution to this is genuine fiscal austerity and debt repudiation.
As US debt soars and foreign central banks stockpile gold, members of Congress introduce a bill to require a comprehensive audit of America’s gold reserves.
It is one thing to understand economics and quite another to be able to explain how economics works. Those who favor free markets also need to be able to explain and defend them.
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