With its latest rate cut, the Fed is either caving to pressure from the Trump administration, or the Fed is admitting the economy is weaker than stated. Or the Fed simply doesn't know what's going on.
The United States is not a nation. From the very beginning it was more of a collection of various nations united by ideas of political unity and by fairly high levels of tolerance for other groups within that union. The US certainly contains nations, but it was never a single nation.
Donald Trump thinks the Fed raised rates "too fast." In truth, rates have been at remarkably low rates for the past decade. And how would Trump know how fast is "too fast" anyway?
Writing about the cultural background of Ludwig von Mises, an eminent former compatriot of mine, poses some difficulties: how to present you with a world radically different from yours, a world far away, which in many ways no longer exists.
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