There was a time, some 50—60 years ago, that many people thought smoking was good for you. Today we know that this was just an excuse we liked because it provided cover for what we wanted to do: smoke. Today, people smoke anyway even though we know for sure that it is not good for us. At least the illusions are gone. Keynesianism is both similar and different. Sixty years ago, governments attempted macroeconomic stimulation through spending, debt accumulation, and eventual inflation and taxation. They thought it was good for us. It turns out that it wasn’t good. Nothing has … Continue reading The Power Elite Is All Wet