Our global system of fiat moneys favors spenders and borrowers over savers. Low—and moderate—income households who wish to save for the future are at the greatest disadvantage, and this has led to profound cultural changes over the past century, writes Guido Hülsmann.
This audio Mises Daily is narrated by Keith Hocker.
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2024-02-17
The Western ruling elite has become oligarchic in nature; its political and economic influence is disproportionate and even harmful to society. It is necessary, therefore, to review its historical evolution and expose its current goals.
Firstly, it must be recognized that it is natural and necessary for society to have an elite.
2024-02-16
In recent months, stories from both the legacy media and the independent media have continued to pile up on how undocumented foreign nationals—also known as "migrants" and "illegal aliens"—are able to take advantage of a vast network of taxpayer funded benefits in daycare, medical care, housing, and more.
2023-11-21
Central banks around the world target a stable price inflation rate of 2 percent annually over the medium term. This is widely considered to be monetary policy’s most important contribution to the smooth functioning of a dynamic economy. This view is wrong on multiple grounds, but there is one problem with it that is commonly ignored. Inflation, even if it remains relatively moderate, can contribute to rising inequality and undermine social mobility. It therefore poses a serious threat to a free and market-based economy. Few things are as potent as inequality, especially inequality caused by the inherently unjust process of inflation, in stimulating further fiscal interventions, higher taxes, and redistribution.
Inflation, even if it remains around 2 percent, creates strong incentives for
2023-11-15
Last week, Senator Joe Manchin (D-WV) announced he would not seek reelection in 2024. In a Wall Street Journal op-ed, Manchin explained his reasons for leaving. He starts with a relatively noncontroversial assessment of the problems facing America—rising costs, dangerous drugs crossing the border, a large national debt, unsafe communities, and foreign wars that threaten to pull the United States in.
After some platitudes about these not being “Republican or Democratic challenges” but “American challenges,” Manchin concludes:
There are enough votes in Congress to solve or at least make headway against every one of these problems. A genuine commitment to legislating would put America on firmer footing for the next 20 years. But the Democratic and Republican machines have no interest in
2023-11-14
We hear plenty about threats to American democracy: Donald Trump’s a threat, the Republican party is a threat, and any number of other people or political parties are threats. Now it’s ExxonMobil’s purchase of Pioneer Natural Resources.
Jeff D. Colgan, a professor of political science and the director of the Climate Solutions Lab at Brown University, wrote in an easily missed piece entitled “Exxon Mobil’s Pioneer Acquisition Is a Direct Threat to Democracy” for the New York Times, “The democratic argument against the proposed deal is simple. In politics, concentrated interests, like rich corporations, have powerful advantages over diffuse interests, like voters, that can distort outcomes and thwart progress.”
Dr. Colgan’s argument is, of course, all about climate legislation. A bigger
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