In the wilderness of the New World, the Plymouth Pilgrims had progressed from the false dream of communism to the sound realism of capitalism.

There is only one way to describe the fiscal mindset of those in the White House and in Congress who are proposing new federal budgetary expenditure and taxing increases in the trillions of dollars: a fantasy land of financial irrationality.

Eighty years ago, Mises’s The Theory of Money and Credit first appeared in English. It remains one of the most important books on money and inflation penned in the twentieth century, and it still offers the clearest analysis and understanding of booms and busts, inflations and depressions, writes Richard Ebeling.This audio Mises Daily is narrated by Robert Hale.