The Fed presumably has an “implied guaranty” from the Treasury, but it seems certain that Congress never dreamed that the Fed could experience the losses and the negative capital that are now reality.

Progressives claim that profits are an unjust transfer of wealth from the poor to the rich. In reality, entrepreneurs earn profits by directing resources from less valued to more valued uses to satisfy consumer needs.

In our current age of rampant monetary inflation and price inflation, good economics has become more relevant for ordinary people. Inflation is not some arcane matter of consumer price indices and statistics on the monetary base. Inflation, is simply ruinous on the personal level.

Argentina's economy has been plagued by increasing inflation since 2007, reaching a world record of 210 percent in 2023. Additionally, the economy has been stagnant since 2011. Milei was elected to turn this around. Can he?

After the Indochina War, Vietnam was one of the poorest countries in the world, but dramatic free-market reforms have made this formerly socialist country prosperous.

The concrete effects of the destruction of money and property on human personality are demonstrated most vividly in the historical episode of the German hyperinflation of 1923.

In ending the gold standard, Nixon was guided by Milton Friedman, who wrongly believed that the Fed could end recessions and cope with inflation by controlling the quantity of money.