Are Recessions Inevitable?

Some economic commentators reacted to the inverted yield curve by parroting the Keynesian propaganda that recessions are an inevitable feature of a free-market economy, whose negative effects can only be mitigated by the Federal Reserve. Like much of the conventional economic wisdom, the idea that recessions are caused by the free market and cured by the Federal Reserve is the exact opposite of the truth.

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Endgame for the Fed?

The Federal Reserve, responding to concerns about the economy and the stock market, and perhaps to criticisms by President Trump, recently changed course on interest rates by cutting its “benchmark” rate from 2.25 percent to two percent. The Fed’s action is an example of a popular definition of insanity: doing the same action over and over again and expecting different results.

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Conservatives Against Liberty

Recently several prominent social and populist conservatives have attacked libertarianism. These conservatives, some of whom are allies in the fight against our hyper-interventionist foreign policy, blame libertarianism for a variety of social and economic ills. The conservative attack on libertarianism — like the attack on the freedom philosophy launched by leftists — is rooted in factual, economic, and philosophical errors.

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