The End of Artificial Employment

Services Sector Contraction In March Screams Q1 Stagflation Following S&P Global's Manufacturing PMI's better than expected print higher (signaling resilience in the face of March's war in Iran), the data released this morning showed the US Services Sector experienced a contraction of activity at the end of the first quarter of 2026. The headline S&P Global US Services PMI Business Activity Index recorded 49.8 in March, down from February’s 51.7 and lower than the earlier ‘flash’ estimate of 51.1. It was the first decline recorded in over three years amid the weakest...

Human action involves people engaging in unique events in which outcomes often are uncertain, when expertise and planning often do not give us the results we anticipate.

Despite the claims of the chartalists and modern monetary theory advocates, early American monetary history tells a much different story. In fact, much of the historical evidence illustrates Menger’s theory.