The Democratic Party's version of democracy is causing chaos in America.
President Biden delivered a televised address from Washington's Union Station on the eve of one of the most consequential midterm elections in memory.
He did not speak about the economy, crime, or the war in Ukraine. He ignored the Fed's continued action earlier in the day to raise interest rates by 75 basis points yet another time, signaling that the Fed thinks the inflation problem is real and present.
This isn’t a story about weakness. It’s a story about what happens when every institution that once made hardship survivable is now removed at the same time, and the market for chemical sedation expands to fill the void.
Ludwig von Mises recognized the full significance of this distinction and built it into the architecture of praxeology, permanently separating the Austrian School from its neoclassical rivals and from the illusion that human behavior can be captured in a mathematical model.
The review first appeared in National Review and is reprinted in Kendall’s book The Conservative Affirmation (1963) from which I quote.
To the Mogambo Guru, the Federal Reserve were a gang of drunken arsonists locked inside the nation’s monetary basement, ecstatically spraying gasoline on the future while court economists in bespoke suits assured the public there was nothing to worry about.
This isn’t a story about weakness. It’s a story about what happens when every institution that once made hardship survivable is now removed at the same time, and the market for chemical sedation expands to fill the void.
