26 years ago, the debate was over whether or not the target inflation rate should be raised from zero to 2%. Now we're being told it should be 4% or 6%.
John Maynard Keynes derided gold-based money as a "barbarous relic," yet it was gold that enabled a long regime of honest money—and the advance of civilization.
Beijing must be very happy. Thanks to the "price cap," the Asian giant will secure a long-term supply at an attractive price from Russia and sell refined products globally at higher margins.
