Financial Markets
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The Working Class Built Football. Fiat Money Priced Them Out
The sport built by the working class has become a luxury product through the slow, compounding arithmetic of central bank inflation.
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Can Stock Indexes Afford to Ignore SpaceX?
Firms that grow large before going public raise questions about whether index membership rules shape market reality rather than merely reflect it.
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The Myth of a Permanently Poor Underclass
The bottom income quintile is not a static social class but a temporary snapshot of lives in motion. Most Americans do not remain poor for life, and removing policy barriers can help more people move up.
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Excess Spending Keeps Inflation Above Target in April
Supply shocks alone cannot explain higher prices. Excessive spending is to blame — and policymakers have failed to connect the dots.
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Business Conditions Monthly March 2026
The US economy appears on stable footing for now, but inflation, borrowing costs, and other warning signs are accumulating beneath the surface.
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Warsh Inherits a Fed Caught Between Inflation and Trump
Kevin Warsh enters the Fed chairmanship facing sticky inflation, rising energy costs, and strong consumer demand. Prompt action may help avoid politically explosive rate hikes.
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Energy Price Hikes Only Exacerbate Persistent Inflation Problem
Oil price spikes matter, but the evidence points to excess nominal spending as the primary source of sustained inflation.
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Business Conditions Monthly February 2026
Forward-looking indicators are weakening, coincident data are softening, and only lagging measures still reflect past strength. February’s BCM suggests the economy is losing momentum.
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Why Market Success Breeds Market Skepticism
The very prosperity created by capitalism can obscure its benefits, fueling discontent even when we’re much better off.
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April Fools for America First? Higher Prices and New War
The President returned to office on promises to lower costs at home and restore our reputation abroad. Americans got the opposite.
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•
The Working Class Built Football. Fiat Money Priced Them Out
The sport built by the working class has become a luxury product through the slow, compounding arithmetic of central bank inflation.
-
•
Can Stock Indexes Afford to Ignore SpaceX?
Firms that grow large before going public raise questions about whether index membership rules shape market reality rather than merely reflect it.
-
•
The Myth of a Permanently Poor Underclass
The bottom income quintile is not a static social class but a temporary snapshot of lives in motion. Most Americans do not remain poor for life, and removing policy barriers can help more people move up.
-
•
Excess Spending Keeps Inflation Above Target in April
Supply shocks alone cannot explain higher prices. Excessive spending is to blame — and policymakers have failed to connect the dots.
-
•
Business Conditions Monthly March 2026
The US economy appears on stable footing for now, but inflation, borrowing costs, and other warning signs are accumulating beneath the surface.
-
•
Warsh Inherits a Fed Caught Between Inflation and Trump
Kevin Warsh enters the Fed chairmanship facing sticky inflation, rising energy costs, and strong consumer demand. Prompt action may help avoid politically explosive rate hikes.
-
•
Energy Price Hikes Only Exacerbate Persistent Inflation Problem
Oil price spikes matter, but the evidence points to excess nominal spending as the primary source of sustained inflation.
-
•
Business Conditions Monthly February 2026
Forward-looking indicators are weakening, coincident data are softening, and only lagging measures still reflect past strength. February’s BCM suggests the economy is losing momentum.
-
•
Why Market Success Breeds Market Skepticism
The very prosperity created by capitalism can obscure its benefits, fueling discontent even when we’re much better off.
-
•
April Fools for America First? Higher Prices and New War
The President returned to office on promises to lower costs at home and restore our reputation abroad. Americans got the opposite.