The state is held together by violence and nothing else. There is no such thing as "the social contract." But even violence cannot make a state last past its time, as we saw with the USSR.
Original Article: States Are Dying from Corruption and the Exponential
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Bidenomics: A Boom That Awaits an Inevitable Bust
2023-08-23
Joe Biden recently claimed on Twitter that “Bidenomics” has increased the real wages of low-income workers. A counterclaim was made through Twitter’s Community Notes that wages adjusted for inflation were actually lower at the time of Biden’s claim. But data without theory is unsatisfying, so it is worth asking if conditions of the last few years have been conducive to higher real wages, especially for lower earners.
The Boom
First, we need to establish the current situation. As the Fed has raised its benchmark rate, measures of broad money growth in the United States have been trending downward. But this comes at the tail end of an expansionary boom. In 2020–21, Fed and Treasury policies combined to provide broad money growth that was unprecedented during peacetime. While broad money
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