I'm working madly to finish The Fiscal Theory of the Price Level. This is a draft of Chapter 21, on how to think about today's emerging inflation and what lies ahead, through the lens of fiscal theory. (Also available as pdf). I post it here as it may be interesting, but also to solicit input on a very speculative chapter. Help me not to say silly things, in a book that hopefully will last longer than a blog post! Feel free to send comments by email too.

Elizabeth Economy explains how China’s shift toward repressive authoritarianism has triggered a rethink and reset of US foreign policy.

The “ship of state” metaphor first appears in the works of the late 7th century BC poet Alcaeus. An aristocrat from the important Greek city of Mytilene on the island of Lesbos, Alcaeus’s metaphor of a ship endangered by a storm represents the political upheavals caused by a succession of tyrants vying for control of the city––the surges and waves of civic violence, political turmoil, and tyranny that have damaged the ship’s hull, sails, and tackle, and threaten to sink it.

Hoover Institution fellow Scott Atlas discusses his new book A Plague Upon Our House: My Fight at the Trump White House to Stop COVID from Destroying America.

As U.S. college admissions go test-optional and K-12 standardized testing comes under pressure, China and India loom

The FBI's raids on Project Veritas had the effect of protecting not just the Biden family but also The New York Times. It's yet another episode in a long history of the FBI and New York Times wildly abusing their power.