Keynesian economists have no good explanation for stagflation, rising rates of both inflation and unemployment. However, the Austrian School has long pointed out that sustained inflation has a predictable pattern that leads ultimately to stagflation.

Contra Keynesians, who believe that government spending and bureaucracy are the keys to economic growth, it is the bureaucratic state that swallows resources and stifles entrepreneurs. The more powerful the bureaucracy, the lower the standard of living.

Socialism does not infect our body politic just through economic measures. The current obessession with implementing DEI policies has all of the hallmarks of how socialist measures undermine a private property order.

State-sponsored fiat money has been the norm for more than ninety years, but its very instability makes it vulnerable to a regime of sound money.

Oil prices have weakened in recent weeks despite the war in Gaza and rising geopolitical risk. This points to overall economic contraction.