Monthly Archive: March 2025
Warren Buffett Gets It Wrong
Berkshire Hathaway—the investment holding company run by Warren Buffett for the last sixty years—released its much-awaited annual report in late February. In the report, Buffett himself delved into the topic of capitalism and America’s relationship thereto. Early in the preamble to the report, Buffett hints at the connection between inflation and government malfeasance:Paper money can see its value evaporate if fiscal folly prevails. In some...
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First They Came for the Op-Ed Writers
On March 25, six masked federal agents seized a Turkish graduate student on the streets of Somerville, Massachusetts. Rumeysa Ozturk—who was wearing a hajib—is a Fulbright scholar working on a doctorate at Tufts University.She was abducted and vanished into the maw of the federal prison system. The Trump administration ignored a federal court order and took Ozturk from Massachusetts to Louisiana federal detention facilities.But the Trump...
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Migros sells Mibelle to Spanish Persán Group
Migros sells Mibelle to Spanish Persán Group
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Safe harbour Swiss franc rises amid tariff uncertainty
Safe harbour search triggered by tariff uncertainty, franc on the rise
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Do Inflationary Expectations Cause General Increases in Prices?
Many believe the key cause to a general increase in prices are so-called “inflationary expectations.” For instance, if there is a large increase in the prices of oil, individuals will start forming expectations for higher inflation ahead. Consequently, individuals will speed up their purchases of goods and services at present, thereby raising the demand for goods and services, all other things being equal. This is supposed to set in motion general...
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Equities and Rates: Look Out Below
Overview: The US dollar begins the new week mostly firmer. The dollar-bloc currencies and Scandis are the weakest. Sterling and the euro are little changed, while the continued drop in the US 10-year yield has helped lift the yen by nearly 0.5%. Emerging market currencies are mixed as well. A handful of Asian currencies, including the Chinese yuan, are higher. The Turkish lira is also firmer, after falling nearly 4% over the past two weeks....
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Britain—Like France and Spain—Is Poorer than Mississippi
Over the past year, pundits and columnists have been forced to keep asking why Europe’s economy is stagnating and falling behind the US economy. Many of those asking the question are Europeans. One European headline reads “Why Europe is falling behind the USA,” and Le Monde tells us that compared to the United States, “The gap with European living standards has never been wider.”The gap between US and European living standards has been noticeable...
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Are Used Car Prices Set To Soar Again?
It wasn’t that long ago that used car prices were soaring as the production of new cars was crimped due to Covid-related supply line shortages. Since then, used car prices have stabilized as the supply lines have healed. However, like many goods, prices haven't retreated to pre-pandemic levels. As we wrote in yesterday's Commentary, the …
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How to End Drug Violence
Recently President Trump threatened to invade Mexico—all in its best interest, of course—in order to smash the drug cartels that are responsible for funneling so many illegal drugs into the US. There is no doubt that the drug cartels are wealthy and vicious criminals. Apparently they have taken over major towns and provinces in Mexico and have assassinated local officials and anyone else trying to curb their “trade.” Is there any alternative to...
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Even the Inventor of GDP Statistics Knew Government Spending Was Dubious
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property...
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Free Trade with All Nations
Richard Cobden (1804-1865) was a British member of Parliament who championed free trade, the repeal of the Corn Laws, and a laissez-faire economy.[A speech delivered in Manchester, England, January 15, 1846]I shall begin the few remarks which I have to offer to this meeting by proposing, contrary to my usual custom, a resolution; and it is, “That the merchants, manufacturers, and other members of the National Anti-Corn-Law League claim no...
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The Saint-Simonians in Our Midst: Ben Bernanke and the GFC
Henri de Saint-Simon (1760-1825), a French intellectual, was one of the founding fathers of socialism. Saint-Simon wanted to forge a “scientific understanding of society” which he would use to eliminate poverty and inequality by centrally planning the economy through the Parisian Banking Houses.In this article, I argue that Ben Bernanke—along with his other two musketeers, Hank Paulson and Timothy Geithner—are Saint-Simonians par excellence,...
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April 2025 Monthly
The world is different. After a four-year restoration of the traditional globalist US elite, a majority of the American electorate seems to have rejected it. President Trump is indeed a transformational president, and his reversal of many traditional elements of US domestic and foreign policy are triggering dramatic action in other parts of the world. Many Americans and European had been critical of Germany's self-imposed fiscal strait jacket In...
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Free Trade in the Twenty-First Century
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property...
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Sellable Rally Or “Buy The Dip”
Inside This Week's Bull Bear Report Failure At The 200-DMA Last week, we noted that the market performance, while distressing as of late, has been well within regular correctionary market cycles from a historical perspective. To wit: "While Trump's tariffs and bearish headlines currently dominate investors' psychology, we must remember that corrections are a normal …
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Skin Tone Products, Markets, and “White Privilege”
The first time I read about “white privilege” in college was on a Blackboard assigned readings list. This was not a class I attended, but had access to in order to provide some help to the professor. As it turned out, I had read the original paper on this topic: Peggy McIntosh’s “White Privilege and Male Privilege: A Personal Account of Coming to See Correspondences Through Work in Women’s Studies” (1988).While many critiques could be made—and have...
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Foreign Aid, Reparations, And Economic Growth
Developing countries in Africa and the Caribbean continue to press the United Kingdom for reparations, believing that financial compensation will rejuvenate their economies. However, history has demonstrated that large inflows of money from rich nations have failed to spur sustained economic growth. Africa alone has received over $1 trillion in aid, yet economic performance across the continent remains disappointing. Similarly, Commonwealth nations...
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The Struggle for Liberty
[The Struggle for Liberty: A Libertarian History of Political Thought by Ralph Raico. Edited by Ryan McMaken. Ludwig von Mises Institute, 2025; 287 pp.]Ralph Raico was the foremost historian of classical liberalism and one of Murray Rothbard’s closest followers. In 2004, he gave a series of ten lectures at the Ludwig von Mises Institute that were very well received, but the lectures were never printed. We have Ryan McMaken to thank for making them...
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Friday Surprises: Tokyo Inflation on the Upside, France and Spain on the Downside, Stronger UK Retail Sales
Overview: The US dollar, which struggled yesterday, is trading higher against most currencies today. The Japanese yen an exception among the G10 currencies. The higher-than-expected March Tokyo CPI had little impact on BOJ expectations, the pullback in the US 10-year yield, around seven basis points from yesterday's high, has helped underpin the yen. The UK reported stronger than expected retail sales and its first trade surplus, excluding precious...
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