[Editor’s Note: This week, a new ruling from the US Supreme court chipped away at the administrative powers of the federal bureaucracy. The case, Loper Bright Ent. vs. Raimondo, largely overturned the 1984 Chevron ruling which had solidified the bureaucracy’s power to interpret laws for itself. That is, rather than require the bureaucracy to seek rulings from federal judges on the interpretation of laws, the US Supreme court in Chevron ruled that federal bureaucrats can decide for themselves how Congress’s laws should be interpreted. Obviously, that created vast new powers for the bureaucracy and also erased the line between the executive branch and the judicial branch. That is, if an administrative agency can interpret laws for itself, then it has taken on the

[This essay, which exposes the big-government policies of the Hoover administration, was first published in the Saturday Evening Post, June 25, 1932.]
In the minutes of the Chicago City Council, May 12th last, is the perfect example of how commonly we regard public credit. From bad taxation, reckless borrowing and reckless spending, the city of Chicago had so far prejudiced its own credit that for months it had been unable to meet its municipal payrolls either out of revenues or by discounting its notes at the bank. Therefore, it knew what could happen to the public credit of a city. But with the public credit of a nation it was different. On that day the City Council adopted two resolutions: One called upon Congress to reduce the federal government’s