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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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. 

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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 order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

On this week’s Radio Rothbard, Ryan McMaken and Tho Bishop reflect on the fourth anniversary of the political response to covid and discuss if any meaningful lessons were learned, could something similar could happen again, and why it is right to still be furious with the tyranny American’s experienced from a variety of fronts.Discussed on the Show "Covid Showed Us Who Really Rules America" by Ryan McMaken: https://Mises.org/RR_177_A"Modern Medicine’s Great Controversy" by Peter McCullough, MD: https://Mises.org/RR_177_B"The New Abnormal: The Rise of the Biomedical Security State" by Aaron Kheriaty, MD: https://Mises.org/RR_177_CClaim your free book: Mises.org/RothPodFreeBe sure to follow Radio Rothbard at Mises.org/RadioRothbard.Radio Rothbard mugs are now available at the

On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop do a recap of Ryan’s debate at LibertyCon on the question of national divorce. Tho and Ryan address some of the libertarian arguments against secession, as well as the larger divide between libertarians like David Boaz and Rothbardians on matters of voluntary association.

Discussed on the Show 
Ryan’s debate — Will a National Divorce Lead to More Individual Liberty?: Mises.org/RR_172_A
"Anarchism and Radical Decentralization Are the Same Thing" by Ryan McMaken: Mises.org/RR_172_B
David Boaz speech clip: Mises.org/RR_172_C
Grab a copy of Breaking Away: The Case for Secession, Radical Decentralization, and Smaller Polities by Ryan McMaken. Use Promo Code RothPod: Mises.org/RR_172_D
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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop look at the growing tensions between the State of Texas and the Biden administration. The two evaluate the situation today, what we should expect in the near future, and what its lasting ramifications could be for the regime. 

Discussed on the Show 
"It’s Biden vs. Texas, and Texas Is Right" by Ryan McMaken: Mises.org/RR_171_A
"The Establishment Is Unmasking Itself" by Connor O’Keeffe: Mises.org/RR_171_B
"Reaping What You Sow: The American Regime in Chaos" by Tho Bishop: Mises.org/RR_171_C
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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss the results of the Iowa Caucuses. What does Trump’s overwhelming win mean for American politics, and what is the future for candidates like Vivek Ramaswamy and Ron DeSantis? Also, did anyone know Asa Hutchinson was still around? Ryan and Tho discuss this and more.

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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss immigration. While many libertarians have adopted an absolutist open borders position on immigration, there are a number of other factors that should be considered. Ryan and Tho look at the case of small states and the issues raised by government intervention.

"Why Open Borders Don’t Work for Small Countries" by Ryan McMaken: Mises.org/RR_168_A
"Mises on Nationalism, the Right of Self-Determination, and the Problem of Immigration" by Joseph T. Salerno: Mises.org/RR_168_B
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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss ideas for states to consider going into 2024. With faith in the federal government dropping across the country, Ryan and Tho identify meaningful steps states can pursue to help decentralize political power.

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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss the aftermath of Javier Milei’s election in Argentina. The two discuss the value Milei’s victory has for libertarianism and Austrian economics, the challenges he immediately faces, and what steps are necessary for him to turn a winning campaign into an impactful presidency. 

"The United States Needs Its Own Javier Milei" by Connor O’Keeffe: Mises.org/RR_161_A
"An Anarchist’s Pragmatic Plan of Government for Argentina" by Manuel García Gojon: Mises.org/RR_161_B
"A Statement on Javier Milei from Spanish Libertarians" by Jesús Huerta de Soto & Philipp Bagus: Mises.org/RR_161_C
"Rothbard, Milei and the New Right in Argentina" by Fernando Chiocca: Mises.org/RR_161_D
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Be

On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop look at the consequences of the Hamas-Israeli War may have on Americans. Looking at lessons from the War on Terror and other military conflicts, Ryan and Tho consider the economic costs, threats to personal liberty, and dangers of escalation that could lead to direct US involvement.

"Falling Military Recruitment Is Another Sign of Waning Faith in the Regime" by Ryan McMaken: Mises.org/RR_156_A
"The US Military Is Laying the Groundwork to Reinstitute the Draft" by Zachary Yost: Mises.org/RR_156_B
"As the Pentagon Fails Another Audit, Congress Wants to Spend Even More on ‘Defense’" by Ryan McMaken: Mises.org/RR_156_C
Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.
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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop take a look at "classical liberalism," a term that has come to mean a variety of different things in recent years. What is the history of classical liberalism? Is classical liberalism distinct from radical libertarianism? Is it ultimately a moderate form of leftism? Ryan and Tho address these questions and more during the Mises Institute’s Fall Fundraising Campaign.

If you’re a fan of Radio Rothbard, you can get a copy of Ten Economic Myths by Murray Rothbard with a fall donation at Mises.org/RR5 
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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop look at the domestic costs of 9/11 and its continuing impact on Americans. The two discuss articles they wrote this week about how the events sowed the seeds of the current regime, how it reversed the trajectory of rising government skepticism in the 90s, and the need for accountability still to this day.

Recommended Reading
"Three Reasons Why Military Recruitment Is in Crisis" by Ryan McMaken: Mises.org/RR_151_A
"America Since 9/11: 22 Years of Lies and Despotism" by Ryan McMaken: Mises.org/RR_151_B
"Lew Rockwell’s Prophetic Warning About 9/11" by Tho Bishop: Mises.org/RR_151_C
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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop look at county and city-level secession movements and what it means for political self-determination. In a recent article, Ryan McMaken highlighted renewed calls for Staten Island to secede from New York City, but other recent examples include attempts by taxpayers in areas of Georgia and Alabama to break away from the control of mismanagement of local governments. Tho and Ryan look at the value these initiatives have, and the arguments used to try to stop them.

Recommended Reading
"Let Staten Island Secede!" by Ryan McMaken: Mises.org/RR_150_A
Download Anatomy of the State for free at Mises.org/Anatomy

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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop talk about the Chinese economy. While some of the left see China as a model for governing, those on the right often assume their rise relative to the US is inevitable. Ryan and Tho look at the recent challenges to the Chinese economy. 

Recommended Reading
"The Chinese Economy: Market Socialism with Chinese Characteristics" by Antonio Graceffo: Mises.org/RR_149_A
"China Enters the Doom Loop" by Peter St. Onge: Mises.org/RR_149_B
Download Anatomy of the State for free at Mises.org/Anatomy

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Ryan and Tho examine how the US regime is in the midst of its latest panic over public faith in the state’s legitimacy. This is why we keep hearing about misinformation, insurrection and "threats to democracy." 

Recommended Reading
"’Antidemocratic’ Just Means ‘Something the Regime Doesn’t Like.’" by Ryan McMaken: Mises.org/RR_148_A
"Seditious Conspiracy Is Not a Real Crime" by Ryan McMaken: Mises.org/RR_148_B
"The State Protects Itself While Crime against Ordinary People Surges" by Ryan McMaken: Mises.org/RR_148_C
"Fewer than Half of Violent Crimes Are Solved in America" by Ryan McMaken: Mises.org/RR_148_D
Download Anatomy of the State for free at Mises.org/Anatomy

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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop look at the latest indictment of Donald Trump. While many are exhausted with the theater of modern politics, DC’s escalating attacks reveal the state’s true anatomy. Any challenge to the state’s legitimacy — like questioning an election — must be crushed.

Recommended Reading
"The United States vs. Donald J. Trump" by Tho Bishop: Mises.org/RR_145_A
"If Congress Were Genuinely Interested in Democracy, They Would Welcome an Election Commission" by Tho Bishop: Mises.org/RR_145_B
"Trump’s Potential Legacy: 50 Million+ Enemies of the State" by Tho Bishop: Mises.org/RR_145_C
"America’s Elites—Not Trump—Are Responsible for Undermining American Democracy" by Tho Bishop: Mises.org/RR_145_D
Download Anatomy of the State for free

There are now more armed civilian federal agents than there are US Marines. These well-funded armies of federal enforcers from the alphabet agencies are there to be used against US citizens at the whims of federal policymakers. Every last one of them should be disarmed. 

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Ryan and Tho take a look at the legacy of Daniel Ellsberg’s heroic leak of the Pentagon Papers and the evils of government secrecy. Modern leakers like Snowden, Manning, and Assange do important work educating voters and making the state more accountable.

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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss the role statistics play in promoting the regime. Topics include some interesting differences in recently reported unemployment data, changes to inflation reporting over time, government withholding of various reports — including crime and money supply measures — as well as alternative measures Austrians use to better cut through state propaganda.

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Recommended Reading
"Yet Another Month of Questionable Federal Jobs Data as 310,000 Fewer People Report Having Jobs" by Ryan McMaken: Mises.org/RR_137_A
"The "True" Money Supply: A Measure of the Supply of the Medium of

In this episode of Radio Rothbard, Ryan McMaken and Tho Bishop take a revisionist Rothbardian lens to American history. Was the American revolution a good thing? Was Andrew Jackson better than Thomas Jefferson? Does a historical narrative really matter? Tune in for this and more!

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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop tackle the debt ceiling debate. As negotiations continue in Washington, the corporate financial press is hard at work warning about the potential for disaster. Ryan and Tho cut through the nonsense to look at the real state of America’s finances, potential ramifications in the short term, and US defaults of the past and the inevitable future. 

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Recommended Reading
"Three Lies They’re Telling You about the Debt Ceiling" by Ryan McMaken: Mises.org/RR_135_A
"Yes, the US Government Has Defaulted Before" by Ryan McMaken: Mises.org/RR_135_B
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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop talk about recent court cases involving defamation claims, justifying libertarian skepticism of the entire concept. As Ryan noted in a recent Wire article, the Dominion lawsuit in particular, is a particularly chilling case for free speech, with a taxpayer-funded company effectively silencing public critics. This, along with the recent Trump verdict, are an illustration of the continuing escalating weaponization of the court system for political ends.

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Recommended Reading
"The Dominion Lawsuit against Fox News is Part of the War against Free Speech" by Ryan

In this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss the cancellation of Tucker Carlson’s Fox News show and the similar treatment of Murray Rothbard by Bill Buckley. What does Tucker’s cancelation mean for the growing anti-regime trends on the right, and why do "conservative" gatekeepers prefer the company of the left more than their audience? We look at this and more on this episode of Radio Rothbard.

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Also available as an audiobook.
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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop look at common American history myths baked into government school curriculums. While Republican governors have begun to prioritize removing "critical race theory" and other forms of modern "leftwing indoctrination" from textbooks, there are a number of historical episodes left unchallenged that all lead to a deification of state power and a celebration of progressive politics.

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Recommended Reading
"The Meat Packing Myth" by Murray Rothbard: Mises.org/RR_130_A
"Krugman’s Hoover History" by Robert Murphy: Mises.org/RR_130_B
"Why the 1787 Constitution Did Not Bring Republican Government to America" Mises.org/RR_130_C
The Progressive Era by Murray

On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss recent reveals about new lows for the FBI. Ryan discusses new reports about the targeting of traditional Catholic churches and the history of the American Stasi, while Tho highlights new evidence about the role of federal agents in escalating January 6.

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Recommended Reading
"The FBI’s Forgotten Criminal Record" by Jim Bovard: Mises.org/RR_129_A
"Abolish the FBI" by Ryan McMaken: Mises.org/RR_129_B
Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

Ryan and Tho talk about why Trump is the only former president to be prosecuted for crimes. The ruling class has agreed to not prosecute their own, but since they see Trump as an outsider, he is fair game. In truth, we’d be better off if more presidents and former presidents faced prosecution.

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Recommended Reading
"With the Trump Indictment, America Is a Step Closer to Being a Banana Republic" by Bill Anderson: Mises.org/RR_128_A
"Politics Is Turning Us into Idiots" by Lipton Matthews: Mises.org/RR_128_B
Anatomy of the State by Murray N. Rothbard: Mises.org/RR_128_C
"Yes, Virginia, There IS a Deep State—and It Is Worse than You Think" by Bill Anderson: Mises.org/RR_128_D
Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss the global moves being made against the US dollar. The regime’s decade long weaponization of money and banking has both international rivals and historical allies looking for alternatives. Ryan and Tho discuss what that means for Americans, and what may come next.

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Recommended Reading
"World needs to end risky reliance on U.S. dollar: BoE’s Carney" (Reuters, 2019): Mises.org/RR_127_A
"Governments Can’t Blame Inflation on Energy and Putin Anymore" by Daniel Lacalle: Mises.org/RR_127_B
"Is the Fed Trying to Bail Out the World? Sure Looks Like It" by Kristoffer Hansen: Mises.org/RR_127_C
"Why Fractional Reserve Banking Is behind Bank Failures" by Jonathan Newman: Mises.org/RR_127_D
Be sure to

Ryan and Tho talk about how last week’s banking panic led to new ways for bankers and politicians to exploit regular people through inflation, regulations, and corrupt loans.

Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

Ryan McMaken and Tho Bishop look at how the regime’s narrative on foreign policy is failing, and how some in Congress are finally standing up to the warfare state. Yet, the regime wants more US wars in Syria, Ukraine, and now even Mexico. And you will pay for it all. Will the voters demand a more sane foreign policy in 2024?

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Recommended Reading
"The Costs of War in Syria" by Ryan McMaken (2013): Mises.org/RR_124_A
"A Permanent Wartime Economy" by Jeff Deist: Mises.org/RR_124_B
The War, Economy, and State Podcast with Ryan McMaken and Zachary Yost: Mises.org/WES
"Mission Accomplished: Seymour Hersh, Nordstream, and What’s Left on the Cutting Room Floor" by Tom Luongo (LewRockwell.com): Mises.org/RR_124_C
"Meanwhile in Yemen, the US Government Supplies Weapons to

On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop address whether the Ohio train disaster is an example of “capitalism gone amuck”. They discuss Murray Rothbard’s views on pollution, the secondary consequences of the regulatory state, and the decaying qualities of modern financialization.

On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop look ahead to 2023 with a handful of predictions for the new year. They even manage to find one reason for optimism!

Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

In this episode of Radio Rothbard, Ryan McMaken and Tho Bishop look at the economic consequences of Russia’s invasion of Ukraine. What has been the damage from America’s weaponization of the dollar? Is Russia likely to return to the gold standard? What may be the fallout in Europe?

Tucker Carlson seems to believe that if it weren’t for immigrants, America would be dominated by religiously devout, tradition-minded, liberty-loving Americans in every corner of the nation. Perhaps he’s not familiar with the effects of American universities and public schools?

Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

There’s no reason to assume 2021 will bring a reversal of 2020’s trends. Many of the fights that began in 2020 are likely to intensify in the new year. 

Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

We begin to understand the electoral college when we admit the United States is really supposed to be a collection of member states, and not a single unified nation. Abolishing the EC is likely to worsen national conflict and disunity.

Why did Murray Rothbard embrace populism and why did he think it could work to limit the power of the state? In short, Rothbard believed that a small elite had seized the power of the state to fleece and oppress the majority. Rothbard was in part basing his ideas on the historical narrative of the Democratic populists of the nineteenth century who formed the party of sound money, low taxes, and decentralized power. This laissez-faire party also managed to win a lot of elections.

Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

Hans-Hermann Hoppe has shown in his writings on democracy that democracy leads to economic impoverishment and political disaster under certain conditions.  But what are those conditions, and are they dominant in electoral institutions in the United States today?