This article was originally published by Joseph T. Salerno at the Mises Institute.  This article is adapted from a lecture presented at the 2025 Supporters Summit in Delray Beach, Florida. I want to start with a confession: I love falling prices. I love deflation. I want all prices to go down to a nickel. I stole that line from Murray Rothbard. It’s not inflation that we should fear, it’s the opposite— deflationphobia, which is the fear of falling prices. We should fear deflationphobia because it leads to a very dangerous institutional monetary policy: inflation targeting. So, let me begin with some facts about deflation. In today’s world, deflation is a word that means the general fall in prices, and I’ll use it in that sense even though that’s not really an expedient way of using the term deflation. It should really be used exclusively to mean a decrease in the money supply. Falling prices are a natural outcome of a capitalist economy using a market-based commodity for money, like gold. Deflationphobia refers to a mental disorder in which many people, especially economists, fear deflation because they think it is harmful to the economy. Natural deflation, or what I call growth deflation,…

NEWYou can now listen to Fox News articles! FIRST ON FOX: A top senator involved in slashing red tape will tout a plan requiring line-item proof of every federal tax dollar from entities that receive federal funding.Sen. Joni Ernst said her move would guard against rampant fraud such as the slew of allegedly fake Minneapolis daycares, adding the measure could have helped prevent wasted taxpayer funds.Ernst’s bill coincides with the White House announcing a state-federal anti-fraud task force led by Vice President JD Vance, which White House press secretary Karoline Leavitt told Fox News is a “whole of government effort to fight fraud at the state and federal level” and fulfills another campaign promise.CRUZ TARGETS MINNESOTA-STYLE FRAUD WITH BILL FORCING PROOF BEFORE FEDERAL CHILDCARE PAYOUTS The COST (Cost Openness and Spending Transparency) Act will ensure every government agency lists every project it uses taxpayer money for, as Ernst prepares to lead a Senate Small Business Committee hearing featuring watchdogs like White Coat Waste and Open The Books.”As I always say, if you can’t find waste in Washington, there can only be one reason – you didn’t look,” Ernst told Fox News Digital.”But after years of fighting to hold Washington accountable,…

NEWYou can now listen to Fox News articles! FIRST ON FOX: FBI Director Kash Patel is expected to tout a list of his agency’s top reforms and accomplishments under President Donald Trump’s second term during a Senate hearing Wednesday on worldwide threats impacting the United States.Patel is set to address several reforms during the hearing, which is being held by the U.S. Senate Select Committee on Intelligence, including expanded biometric collection overseas, sending more agents into the field from D.C., doubling the size and funding for drone utilization, a new first-of-its-kind training center meant to assist local law enforcement with counter-drone training, new artifical intelligence initiatives to support intelligence collection, among several other reforms, Fox News Digital has learned ahead of his planned remarks.In addition to Patel, Director of National Intelligence Tulsi Gabbard is also slated to testify alongside Patel at the hearing Wednesday, as well as Central Intelligence Agency (CIA) Director John Ratcliffe, Director of the U.S. Defense Intelligence Agency, James Adams, and Acting Commander of U.S. Cyber Command, William Hartman.  FBI SPOX UNLEASHES ON MEDIA’S ‘TRANSPARENT SPIN JOB’ THAT RECENT FIRINGS WERE ‘DEVASTATING’ TO IRAN WORK “Under President Trump’s leadership, this FBI has been rebuilt into a faster,…

NEWYou can now listen to Fox News articles! Senate Republicans dug in for the long haul as they embarked on their floor takeover and signaled that the hours of debate that crept well beyond the upper chamber’s usual twilight business hours was just the beginning.The GOP launched its plan to control the Senate floor earlier Tuesday and spent the ensuing hours lauding and defending the Safeguarding American Voter Eligibility (SAVE) America Act as Senate Democrats hammered the bill as a tool of voter suppression.But without Democratic support, the bill is destined to fail. And the vote to open the marathon debate session, which lawmakers predict could last days if not weeks, was an indicator that the support didn’t exist in the upper chamber to pass the SAVE America Act.GOP TRIGGERS MARATHON SENATE FIGHT TO EXPOSE DEMS’ OPPOSITION TO TRUMP-BACKED VOTER ID BILL Still, Sen. Mike Lee, R-Utah, the bill’s sponsor in the upper chamber and the lawmaker who led lobbying efforts with Senate Republican leadership to get the bill on the floor, argued late Tuesday night that Senate Republicans would be remiss to waste the opportunity ahead of them.”This is our moment,” Lee said. “Stand for a simple principle; let…

NEWYou can now listen to Fox News articles! Last Friday, appalling news broke that a 19-year-old illegal immigrant student in the United States was criminally charged with nine counts of assault and battery for allegedly groping girls in the halls of a Fairfax County, Virginia, high school.According to the mother of one of the alleged victims, the accused “sneakily walked up behind [the girls] and put his hand between their legs. It was not just a butt smack or a butt grab. It was a groping of a private area. It had been occurring for months.”What is even more shocking is that Fairfax County Public Schools (FCPS) told parents of the alleged victims that the alleged assailant would be allowed to return to school upon his release.ILLEGAL IMMIGRANT RELEASED UNDER BIDEN CHARGED WITH GROPING FEMALE STUDENTS AT VIRGINIA HIGH SCHOOLThis is just the latest disgrace for Virginia’s largest public school system — a district that has led the way in implementing far-left policies focused more on virtue signaling than on educating children.The results are predictable and daunting: students are put in danger, teachers’ hands are tied, parents are kept out of the loop, and the quality of education steadily declines…

NEWYou can now listen to Fox News articles! As American airports and travelers continue to suffer the impacts of the DHS shutdown — and as TSA officers continue to go without paychecks — some European countries are warning those who would potentially visit the U.S.A.The United Kingdom, for example, updated its foreign travel advice for those looking to travel to the U.S. — calling out the “travel disruption.”Its advisory says, “There could be longer than usual queues at some U.S. airports due to a partial US government shutdown.”TSA OFFICERS SKIP WORK AS PAYCHECKS STOP DURING SHUTDOWN, AIRPORTS FACE CHAOS NATIONWIDEIt goes on, “Check with your travel provider, departure airport or airline for the latest guidance.”The delays are occurring because Transportation Security Administration (TSA) officers are calling out from work after going unpaid for the third time in nearly six months. There was a national callout rate of 10.19% on Sunday, a TSA spokesperson told Fox News Digital this week.That’s the highest rate the agency has seen.On Tuesday, the Hartsfield-Jackson in Atlanta cautioned travelers about delays in an X-post — and called out passengers for attempting to hack the system.”We are seeing increased congestion at the International Terminal Checkpoint caused by…

Looking for a backpack loaded with tactical features but without the tactical look? That’s exactly what 5.11’s LVC12 offers.We’ve all seen the gray man memes online. Maybe you even know someone who dresses that way in real life. They think they’re blending in, but in reality, they’re sticking out. Wraparound sunglasses, tactical pants and cop boots are the fashion equivalent of putting a Glock bumper sticker on your truck. You’re just announcing to the world that you have a gun. There are better ways to add functional capability to your wardrobe without the tactical aesthetic, and as far as backpacks are concerned, 5.11 offers exactly that with its LVC12.The 5.11 LVC12 isn’t covered in MOLLE webbing or Velcro for your coolguy patches, and it’s not offered in camo patterns or overly tactical colors. It’s designed to be truly camouflaged in an urban environment. Frankly, it looks boring and generic, but that’s exactly what you want. My LVC12, which is pictured in this article, is in Dark Earth. That’s frankly the most tactical color it comes in, but it’s offered in plenty of other shades too, like blue and red, to look as unassuming as possible.The LVC12 in Peacock blue.Despite its…

Watch full video on YouTube

NEWYou can now listen to Fox News articles! Sen. Tommy Tuberville, R-Ala., on Tuesday sought to defend his social media post comparing New York City Mayor Zohran Mamdani’s rhetoric to the Sept. 11, 2001, terrorist attacks.Tuberville shared a post last week that juxtaposed a photo of the terror attack on the Twin Towers with an image of Mamdani, who appeared to be hosting a Ramadan Iftar event at City Hall. An account called “End Wokeness” posted the images along with a message that read, “Less than 25 years apart.””The enemy is inside the gates,” Tuberville said on X in response to the image.Asked to explain his post on the social platform X, Tuberville said, “I just go by his rhetoric.”GOP SENATOR EARNS DEM BACKLASH FOR ‘ENEMY IS INSIDE THE GATES’ COMMENT ABOUT NYC MAYOR ZOHRAN MAMDANI “He’s made a lot of statements about his stance with Islam and radical Islam, all the things that go along with what he preaches every day. And I’m just kind of repeating what he’s saying,” the senator told DC News Now’s Reshad Hudson.”We don’t need a division in this country. We need everybody to go with the Constitution, understand we have moral values. And…

NEWYou can now listen to Fox News articles! EXCLUSIVE: The leader of an international pro-life group is criticizing a bill being considered in the United Kingdom that would protect women from criminal liability for abortions up until birth.In an interview with Fox News Digital, 40 Days for Life CEO Shawn Carney said British lawmakers are following efforts by Democrats in the U.S. in seeking to allow abortion in these instances, which he described as “absolutely absurd.””They haven’t really lobbied for this,” Carney said. “Typically, Europe is far more conservative on abortion than the United States. Most European countries regulate abortion to 12 weeks. England has 16. In some cases, they do late term, up to 24 weeks. But now they want abortion through all 40 weeks. And this just seems sort of out of nowhere.”Carney said he fears this bill, if enacted into law, would “start an unfortunate trend throughout Europe.”PRO-LIFE GROUP FINDS BIDEN-ERA FDA POLICY IS DRIVING 500 ABORTIONS PER DAY, SAYS TRUMP HAS POWER TO END IT The Crime and Policing Bill includes a provision, Clause 208, that would remove criminal penalties for women in England and Wales who end their own pregnancy at any stage. The bill…