A recent CNN broadcast claimed that deflation was bad for the economy and that we need to adjust to higher prices. As usual, the journalistic “experts” got it backward.

“The public be damned” is a statement by railroad magnate William Henry Vanderbilt that has been twisted out of context. While the American ruling classes insist that private enterprise is the enemy of the people, it really is our government that bears that distinction.

When the government wants to make something more affordable, that usually means new subsidies, laws, and regulations that drive up the real price. Higher medical prices will mean more medical bankruptcies.

Carl Menger is best known for his vital role in creating the marginal revolution of 1871. However, Menger’s insights ranged well beyond value theory, as he wrote excellent commentary on money and sociology.

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Contrary to popular opinion, bank capital is not a reserve to cover potential losses. In fact, even the ill-fated Silicon Valley Bank had adequate bank capital before it collapsed.