The Fundamental Economic Problem with Biden’s Rescue Plan

Do huge wealth redistribution schemes like Biden’s new plan actually make people better off? Some people will get a net benefit. How how numerous are they? How many millions will take a net loss? The government has no idea. Original Article: “The Fundamental Economic Problem with Biden’s Rescue Plan” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.   Source link

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The Dark Side of Yield Curve Control Policy

The Bank of Japan has been pursuing a monetary policy of “yield curve control” (YCC) since 2016, with which it keeps short and long-term interest rates for Japanese debt securities at around 0 percent. To do this, it buys massive amounts of government bonds. The Central Bank of Australia has been proceeding in a very similar way since March 2020. It keeps the three-year interest rate at 0.1 percentage points through bond purchases. The European Central Bank (ECB) seems to be increasingly warming up to the idea of not only…

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The United States Has Declared Defeat in Two More Wars

Now that the average American voter is barely paying attention—and that the US is facing an economic crisis and weak recovery—it has become politically expedient to move further toward wrapping up a couple more lost wars.  Original Article: “The United States Has Declared Defeat in Two More Wars​​” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.   Source link

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Keynes Thought Scarcity Would Disappear in the Near Future. Boy, Was He Wrong.

The Price of Peace: Money, Democracy, and the Life of John Maynard Keynesby Zachary D. CarterRandom House, 2021 [2020]xxii + 628 pages For many people, though not, to be sure, readers of The Austrian, John Maynard Keynes ranks as the greatest economist of the twentieth century; but for Zachary D. Carter, this is a restrained understatement. Carter, a writer on economics at the HuffPost, says this about Keynes: No European mind since Newton had impressed himself so profoundly on both the political and intellectual development of the world. When the [London]…

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Washington’s Bipartisan Fiscal Folly | Mises Wire

For years, I have been sounding the alarm about chronic federal deficit spending—practiced by both Republicans and Democrats—steering our country into a fiscal abyss. I feel like a broken record as I periodically chronicle the folly of it all. The process has taken on a sense of inevitability as we watch what feels to me like a slow-motion train wreck. I have remarked on various milestones along this dangerous course: Americans as a people and a polity are astoundingly indifferent to debt and have embraced it as the (temporarily) normal way to live. One…

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