There is no final destination awaiting us if we can just get through today's struggles. Our civilization of liberty is a ship that sails through endless waters. Through calm seas, and through storms. The ship could sink. Our job is to keep it seaworthy. And make no mistake ... those are storm clouds on the horizon.

There's no such thing as an objective measurement in macroeconomics. You're always measuring from some normative frame. In other words, relative to what you think *ought* to be true about the world. There's no such thing as objective value. There's no such thing as objective measure of inflation (no, seriously). Prices emerge from our preferences. Value emerges from our sentiments. Sound money doesn't change this. Because the whole concept of sound money emerges from a normative foundations, on how money ought to work. Why should money retain its value across time and space? The only reason is because we all want it to! Not because that's objectively more efficient.

One of the biggest fallacies I see when talking about inflation in terms of savings debasement, and in particular, focusing on how it disproportionately hurts the lowest percentiles of income earners, is the fact that the lowest percentiles have no savings. That's what being poor is. If they had excess income, they'd have savings and assets. But they don't. And the poor never have! So the only meaningful way to judge if the poor are being disproportionately affected by inflation, is to compare their income across time, to prices across time. When we look at income data from the past few years, it actually turns out, that the poorest Americans saw their incomes grow by over 20% since the pandemic. The massive rise in wages for low-skilled workers was actually one of the major self-reinforcing drivers of inflation.

The center must hold. Leviathan cannot come off its leash. It is too big, and the stakes are too large. They are, in fact, existential.

Yep.

Redefining the definition of "war", "empire" and "depression" to the point they contain no historical symmetry or stable meaning across time, so you can tell your doomer and declinist narratives, makes you no better than the government propaganda you criticize. You're just a propagandist trying to tell a story that serves your selfish agenda. Sad. But true.