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The government’s excessive spending and debt is leading to what some economists call “fiscal dominance.” Fiscal dominance occurs when a central bank must prioritize monetizing ever higher levels of government debt.

Michael F. Cannon Rena Conti, Richard Frank, and David Cutler recently published a very useful piece in the New England Journal of Medicine under the title, “The Myth of the Free Market for Pharmaceuticals.” Conti, Frank, and Cutler shatter the common myths that the United States has “largely