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Princeton “historian” Allen C. Guelzo’s newest hagiography of Abraham Lincoln focuses on Lincoln’s supposed love affair with commerce, albeit “commerce” based upon protectionism and government tariffs. As David Gordon notes, Guelzo has a problem getting his economic history correct.

Central banks have had the chutzpah to claim credit for slowing down the rise of consumer prices. The truth is they have taken advantage of the supply boost from fading pandemic dislocations to pursue continued monetary inflation.