As of April 2025, the U.S. national debt stands at a staggering $36.2 trillion. The Congressional Budget Office (CBO) projects that net interest payments on this debt alone will reach $952 billion in fiscal year 2025—nearly a trillion dollars just to service past borrowing. Over the next decade, the debt is expected to rise by approximately $2 trillion per year, bringing the total to over $56 trillion by 2034. And still, there is no serious movement among America’s political class to stop the hemorrhaging. It is long past time to confront a fundamental truth: the United States must default...

For more than three decades, the Federal Reserve has steadily expanded its role in the American economy. From a relatively narrow mandate as a lender of last resort to commercial banks, to inflation and employment targeting, it now operates as a systemic backstop for entire financial markets, allocating credit, supporting asset prices, and shaping macroeconomic policy in ways few Americans fully understand. While defenders of the Fed frame these developments as pragmatic responses to crises, a broader historical lens, especially Robert Higgs’s “Ratchet Effect” theory, suggests a more...