While many people have declared the US Constitution to be “crystal clear” on issues of governance, the truth is that much of what the Constitution says is disputed. The first step toward more consensus is understanding that the Constitution is interpreted by fallible people.
Politics
What happens to businesses when liabilities exceed assets? They go bankrupt, with the spectacular failure of FTX being front-and-center. However, the Federal Reserve is in the same position but unlike FTX, the Fed can create fictitious assets and pretend that nothing is happening.
The Trump administration continues its assault on the First Amendment and the rights of dissenters. The latest casualty is a Turkish graduate student at Tufts University who was arrested by US authorities because she wrote an op-ed in the student newspaper critical of Israel.
Economists like to claim that expectations of more inflation lead to, well, more inflation. Such beliefs ignore the fact that inflation is an increase in the money supply and that general price increases result from fractional reserve-created monetary expansion.