Governments are managed by elites who are beholden to somewhat larger elites for support. Members of the former usually spring from the latter. Whether the nature of rule dictates this sort of cozy arrangement, as pronounced by the Iron Law of Oligarchy, or not, we see this type of tight, inbred elite rule in virtually...
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We are now hearing ominous warnings about imminent deflation. Checking the welcome page at AOL this morning, I see that the lead item in the financial news section heralds “The Looming Threat of Deflation.” This headline encapsulates two highly problematic ideas. The first is that deflation would necessarily be a bad thing. The second is that deflation is likely to occur in...
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