Source: Foundation for Economic Education
by Mani Basharzad
“If someone asked me what the most dangerous economic ideology is, many would expect an Austrian to give a typical answer: Marxism, socialism, or Modern Monetary Theory. Yet I believe there is another way of thinking that is even more pervasive. It is not a coherent body of ideas like those ideologies. Rather, it is a sentiment so widespread and socially accepted that it threatens not merely economic freedom, but our very understanding of progress itself. I call it ‘nostalgia economics.'” (06/11/26)
“Sudanese paramilitary forces carried out drone strikes overnight in central Sudan, killing at least 15 people and wounding dozens, health officials said Thursday, as the use of unmanned aircraft becomes increasingly common in the more than three-year war in the African country. The attacks, which started late Wednesday, targeted various areas of the city of el-Obeid, including near an army position, according to two health officials at el-Obed Hospital, which received the victims. More than 10 people were also wounded, some critically, the officials said, speaking on condition of anonymity because they were not authorized to speak to the media. The war in Sudan erupted in April 2023, after long-simmering tensions between the army and paramilitary Rapid Support Forces, or RSF. The conflict has killed at least 59,000 people, displaced some 13 million, and pushed many parts of the country into famine.” (06/11/26)
“Core inflation remained relatively subdued, but headline shocks, strong demand, and a tight labor market complicate the outlook for monetary policy.” (06/11/26)
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How I Learned to Stop Worrying and Love the New Normal Reich
So the German Supreme Court has ruled on my case. Their ruling is that they will not rule on my case. They sent my attorney a letter to that effect. It literally says: ‘The constitutional complaint will not be accepted for a ruling. No explanation is provided. This ruling is incontestable.’ So I am now officially a ‘hate criminal’ in Germany. I was already pretty much a “hate criminal” in Germany, but now it’s official. This is Germany’s supreme court. There is no higher court to appeal to. OK, sure, there’s the European Court of Human Rights, the international court of the Council of Europe in Strasbourg, but it doesn’t have the power to enforce its rulings, and the German authorities and courts have made it clear that they couldn’t care less about anyone’s opinion of their paranoid and authoritarian behavior.” (06/11/26)
“A term in pop culture analysis, now a bit passé, is worth reviving: ‘jump the shark.’ … A spectacle so goofy that it can serve as a marker for any great moment when something really goes into steep decline. The second Trump Administration has had many such moments, but are any as odd and stupid as the president’s recent remark about the Consumer Price Index?” (06/11/26)
“U.S. applications for jobless aid rose modestly last week, but remain at a historically low level despite economic headwinds brought on by the war in Iran. The number of Americans filing for unemployment aid for the week ending June 6 rose by 4,000 to 229,000, the Labor Department reported Thursday. That’s the most since early February, before the U.S. and Israel launched attacks on Iran, but still considered a healthy level. It’s also more than the 216,000 new applications forecast by analysts surveyed by the data firm FactSet. Weekly filings for unemployment benefits are considered a proxy for U.S. layoffs and are close to a real-time indicator of the health of the job market.” (06/11/26)
“On Tuesday the Social Security Trustees released their latest report on the system’s finances. The numbers didn’t change much: Unless something is done, the Old Age Survivors and Disability Insurance (OASDI) program, Social Security’s official name, will be unable to pay full benefits starting in either 2032 or 2034, depending on some technical issues. That’s not far away: If the Trustees are right, the prospect of a Social Security crisis will loom over the next presidential administration. It’s important to understand, however, the nature of the looming crisis. It won’t be an economic crisis. It won’t even be a serious fiscal crisis. Whatever you may have heard, Social Security isn’t in danger of going bankrupt. What we’re facing, instead, is potential political crisis. Congress and the White House could easily take action to sustain America’s retirement system. But given the current state of our politics, there’s no guarantee that they will.” (06/11/26)
“By now, a Lexington resident would have to be a recluse to not know that the area’s public school system is facing major financial problems. Coverage of issues like a $16 million budget shortfall and a contingency fund that might be only around $15 to $22 million — not the supposed $42 million — has gotten just about everyone’s attention. … One can only wonder what is going on when the district’s new, chief interim financial officer admits the district grossly overestimated revenue from property, motor vehicle and occupational taxes. Things got more odiferous when the Herald-Leader reported ‘Emails show suspended FCPS budget director warned of needed cuts’ after former district Budget director Ann Sampson-Grimes’[s] lawsuit broke. The suit alleges she was improperly removed from her position after trying to inform district leadership about serious budget issues.” (06/11/26)
