Tom DiLorenzo reviews Patrick Newman’s Cronyism: Liberty Versus Power in Early America, 1607–1849. The book posits that early American history is best understood as a struggle between mercantilist elites seeking to plunder the people and libertarians advocating economic freedom.

The Daughters of Union Veterans of the Civil War organization has joined with the Daughters of the Confederacy to advocate the restoration of the Confederate Memorial statue, also known as the Reconciliation Statue, to Arlington National Cemetery.

Dr. DiLorenzo has some words for Secretary Bessent about the true role of the Fed and its record in this open letter.

Dr. DiLorenzo has some words for Secretary Bessent about the true role of the Fed and its record in this open letter.

Just as no one in the world could possibly make something as simple as a pencil all by himself, as the great Leonard Read explained in his famous essay, I, Pencil, so it is with Mises University.

Competition is a relentless, dynamic process of entrepreneurship and discovery.

Just as no one in the world could possibly make something as simple as a pencil all by himself, as the great Leonard Read explained in his famous essay, I, Pencil, so it is with Mises University.

Like a child with his new favorite toy at Christmas, President Trump is using tariff taxes not only to attempt to centrally plan the pricing of thousands of goods and services in the economy, but also to engage in election interference in other countries.

Like a child with his new favorite toy at Christmas, President Trump is using tariff taxes not only to attempt to centrally plan the pricing of thousands of goods and services in the economy, but also to engage in election interference in other countries.

Governments at all levels play the same game—always threatening to eliminate school buses, police departments, ambulances, garbage collection—whatever can succeed in bringing the voters or appropriation committee members to their senses and increasing taxes and spending.

If we really want America to be “great” it must first be free.

This brief historical sketch brings us to how the American and Israeli militaries of today have adopted a nineteenth-century-style war of extermination against what they consider to be another “lesser race.”

This brief historical sketch brings us to how the American and Israeli militaries of today have adopted a nineteenth-century-style war of extermination against what they consider to be another “lesser race.”

State-funded media has been a hallmark of the Soviet Union and of all other oppressive, totalitarian regimes in history.

Tom DiLorenzo exposes the dangerous “Treasury of Virtue” that justifies endless wars and imperialism.

President Trump’s argument for starting an international trade war is based on a socialistic-sounding plea for “fairness” and equality. Some foreign governments plunder their citizens with high tariff taxes on American imports, thereby forcing them to pay higher prices for those or competing domestic goods. The reason they are called “protective” tariffs is that they “protect” consumers from lower prices. When your foreign competitor is forced to pay a 50 percent tax on his products and you do not, you can increase your price by say, 40 percent and still underprice him. Politically connected corporations pocket this loot at the expense of their hapless, politically unorganized fellow citizens. Tariff taxes are legalized theft for the benefit of already-rich corporations and

In his great classic, Crisis and Leviathan, Robert Higgs explained how Franklin Roosevelt’s attacks on the gold standard ushered in “the age of inflation” that has now robbed generations of Americans through the inflation tax. The explanation begins with the goofy economic theory that was the basis for the first New Deal: The backwards belief that low prices caused the Great Depression; therefore, if government could force prices up by restricting production the Depression would end. Think about that: The government’s policy was to reduce production, which of course would increase unemployment to supposedly end the extreme unemployment of the Great Depression! The reality was that the Depression caused the lower prices, not the other way around. FDR’s “brain trust” got it

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.

Ludwig von Mises called the universities of his day “nurseries of socialism” because of the inevitable socialist bias of all government-funded universities. He also said that there is always a remnant of students, however, that does not buy into the endless drumbeat about the alleged wonders of socialism and the “imperfections” of free-market capitalism. It is this remnant that the Mises Institute devotes so much effort to educating and inspiring in the Misesian/Rothbardian tradition. The vast majority of today’s American universities have become incubators of socialism to a far greater extent than anything Mises experienced. They have produced generations of students who are well versed in all the left-wing platitudes about just about everything even if they lack the most elementary

When President Trump recently began calling the Ukrainian dictator a dictator elements of both Left and Right in the Washington establishment became quite indignant over it. After all, he is their poster boy for their beloved “foreign aid.” The Ukrainian constitution allows for the suspension of elections during wartime, shouted “The Grate One,” Mark Levin of FOX News. Levin then gave the Ukrainian dictator his full throated support since, after all, a piece of paper written by his government gives him such dictatorial powers, said the self-professed constitutional scholar. The denunciations of President Trump from the Left for pointing out this obvious fact seem to be infinite. Of course, the same people would also denounce the president if he said that Zelenskyy was a champion of

Now that the US and Israeli military has bombed almost all of Gaza into a smoldering ruin and killed tens or hundreds of thousands of Palestinians, President Trump has proposed getting Jordan and Egypt to house the remaining Palestinians. He has threatened to withdraw US taxpayer “aid” to these countries if they do not accept his proposal. This is essentially a revival of Lincoln’s lifelong dream of deporting or “colonizing” all of the black people out of the United States.Roy Basler, the editor of The Collected Works of Abraham Lincoln, wrote that as of 1857 Lincoln had no policy regarding slavery “except the colonization idea which he inherited from Henry Clay.” When he was asked what was to happen to the slaves should they ever be freed he said, “Send them to Liberia, to their own

A 64-year-old woman with deep family roots in Alabama recently said to me that she was taught in Alabama public school that Abraham Lincoln was “the best president ever.” That would be a good example of the consequences of what the New England Yankee conquerors labeled “reconstruction.” The truth is that Lincoln was by far the worst president in American history. He was certainly the most “reviled” (by the people of the North during his lifetime), as Larry Tagg documented in his book, The Unpopular Mr. Lincoln: America’s Most Reviled President.” Thanks to the Republican party propaganda machine, which essentially monopolized American politics for the half century after the war, Lincoln was transformed from the most hated and reviled of all American politicians during his lifetime to a

No ideas are more powerful to the cause of freedom than the truth about economics, which is at the heart of the Misesian and Rothbardian traditions. Our mission for the past forty-two years has been to spread these truths as far and wide as possible. We would be much farther down the road to serfdom without the Mises Institute.For several decades, I have considered the Mises Institute my Mecca. Every year, I made a pilgrimage to Auburn to spend a week teaching at Mises University, the world’s preeminent program in Austrian School economics. As of 2024, more than 4,750 students have graduated from Mises University. This past July, thirteen of the eighteen faculty members were themselves Mises University alumni! The new generation of Austrian thinkers is taking the helm. Does Mises

In private business “[t]here is no need to limit the discretion of subordinates by any rules or regulations other than that underlying all business activities, namely, to render their operations profitable.”—Ludwig von Mises, Bureaucracy, p. 46In this quote from his classic 1944 book Bureaucracy, Mises explains why private, for-profit businesses need not, and should not, be bureaucratic and entangled in rules and regulations mandated from the top of an administrative hierarchy. Instead, they should, make the best use of decentralized “knowledge of time and place” to do their jobs. Mises’ admonition that the focus of capitalist enterprises is and should be to “make a profit” later became, in the hands of Chicago School economists, “maximize shareholder value.” This view is most widely

Protectionist tariffs are associated with a long history of economic and social calamities in America. An important reason for this is that protectionist tariffs are a political tool of plunder and theft, and people don’t generally take kindly to being plundered and robbed. The only real difference between a lobbyist for protectionist tariffs and an armed robber is that the robber is armed. If the robber says “Give me a thousand dollars or I will shoot you” it is obviously an act of armed robbery. The thousand dollars goes out of your pocket and into the robber’s pocket. If lobbyists for the automobile industry succeed in convincing Congress to pass a tariff increase on cars that results in the average car being $1,000 more expensive, then that thousand dollars goes out of the pockets of

This article is adapted from a speech delivered at the Mises Circle in Fort Myers, Florida on November 9, 2024.The answer to the question posed in the title is: Yes and No. Yes, some elections have made a significant difference but in general, no, they have not. There are many reasons why elections generally no longer make much of a difference in terms of the economy. One is that for the past half century the average reelection rate of incumbents in the House of Representatives is about 95 percent. It’s lower – about 82 percent – in the U.S. Senate. However, if one subtracts the unusually large turnover in the 1980 election the average is closer to 90 percent. For all practical purposes, once elected to the House it is almost impossible to lose an election. The senate is not too far

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.

This article is a version of a speech delivered at the 2024 Mises Institute Supporters Summit.“Most economists are political apologists masquerading as economists,” wrote Doug Casey in one of his columns. “They prescribe the way they would like the world to work and tailor theories to help politicians demonstrate the virtue and necessity of their quest for power.”Moreover, wrote Casey, “The field of economics has been turned into the handmaiden of government in order to give a scientific justification for things the government wants to do.” This of course is not a new development. Ludwig von Mises was calling the universities of his day “nurseries of socialism” but, thankfully, there is always a remnant of students who resist the statist brainwashing. The above quote about concocted

The Siena College Research Institute, the American Political Science Association, and C-SPAN all publish rankings of American presidents by “mainstream” historians, political scientists, and other “presidential experts.” Abraham Lincoln and Franklin D. Roosevelt usually alternate in first and second place, but occasionally George Washington will come in second. In the past several years, Donald Trump has been ranked dead last in all of them while Joe Biden has ranked a respectable 13 or 14, demonstrating once again the gross left-wing bias in academe.For years Woodrow Wilson enjoyed a very high ranking, sixth in Sienna’s 1982 ranking, for example. More recently he slipped to the 13–14 range after the “presidential experts” apparently discovered that he resegregated the US military.In his

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 October 23, 2024, Tom DiLorenzo appeared NOW with Stacy Washington, to explain how the Chinese Communist Party is imitating what the Federal Reserve did in the early 2000s.The original episode is available on SalemNewsChannel.com.Stacy Washington (SW): Welcome back to Salem News Channel. There’s no room for argument when it comes to which candidate in this election will fix our economy. We know what both plans are, and John Paulson wrapped it up nicely on Fox Business.Fox Business: And I feel like it’s so disingenuous of Kamala Harris to talk about plans to rein in inflation by, you know, getting corporations to admit that they’ve been price gouging. It’s so disingenuous to not recognize the $7 trillion in spending on how we got there. Yeah, that’s because they don’t really have an

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.

A definition of “projection” is when one baselessly accuses others of doing something unsavory, immoral, or illegal that he is actually doing. For example, a thief who, without proof, accuses others of being thieves. This is what socialists do when they call their intellectual and political opponents “fascists” or compare them to Hitler. Fascism is socialism, as Lew Rockwell recently reminded us in an essay entitled “National Socialism Was Socialist.” Socialists calling opponents of socialism fascists and Hitler-like is a classic example of projection. Socialists started out claiming that their goal was forced egalitarianism with the means being government ownership of the means of production. Then, according to Ludwig von Mises, it also came to be defined as government control of the

Labor unions are exempted from federal antitrust laws including the Sherman Antitrust Act, which outlaws “conspiracies in restraint of trade.” This is not a bad thing: Everyone should be exempted from antitrust laws. They are an assault on property rights and because their rulings are so arbitrary they are incompatible with justice and fairness. They are also a tool of rent-seeking businesses who practice “lawfare” by routinely suing their superior competitors for dropping their prices, improving their products, and serving their customers better than they do. When they can’t (or won’t) compete in the marketplace they resort to antitrust lawsuits to harass their competitors instead of better serving their customers. They have been a drag on the American economy for more than130 years.A

Libertarians understand — or should understand — that military conscription is a form of slavery or involuntary servitude. In fact, everyone should understand this. And yet conscription has been employed by the U.S. government for the past 161 years, ever since Abraham Lincoln signed the first federal conscription act into law in March 1863, enslaving thousands of American men.For those who are killed in battle or executed for desertion, conscription is worse than slavery because it robs them of their very lives. To this day, one of the penalties for desertion in wartime is death. At various times in history the U.S. government has shot deserters in firing squads, and it has even imprisoned or shot civilian conscription protesters.Even if one volunteers for the military, one immediately

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.

Wow, what a week Mises University 2024 was! I have been a Mises University faculty member for over 30 years, and this—the 38th year of Mises U—may have been the best! Students came from 12 countries, 29 states, and 69 colleges and universities, including Yale and Princeton. The faculty, always outstanding, was truly inspiring and the students responded with great enthusiasm and endless questions.A true highlight of the week was the presentation by Dr. Robert Malone, our special guest speaker. Dr. Malone discussed his forthcoming book, “PsyWar: Enforcing the New World Order” (written with his wife, Jill). It was an engaging and important talk, and the students were utterly captivated by it. You can also listen to this engaging talk here. As of this writing, it has 355,000 views!Dr. Malone

I am excited to announce our next major project here at the Mises Institute, the Lessons for the Young Economist video series. This will be designed for homeschoolers and young people.

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.

In discussing the Mises Institute’s June 24th full-page Wall Street Journal ad entitled “Who Needs the Fed?” on talk radio recently most of the interviewers naturally expressed skepticism over whether the Fed could ever actually be abolished and a gold-and-silver standard reinstituted. It reminded me of something Murray Rothbard said about this. If the government had monopolized say, shoe production a hundred years ago and someone suggested the privatization of shoe production, there would be cries of: “Who will make shoes? The government has always made shoes!” Well, America has not always had a central bank and in fact, the three precursors of the Fed — the Bank of North America, the First Bank of the United States, and the Second Bank of the United States — were all abolished in the

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.

A June 27 FOX News online headline announced that sixteen left-wing Nobel prize-winning economists had signed a petition declaring that if Donald Trump is elected there will be increased inflation, while praising “Bidenomics” to the treetops. Apart from the fact that there is no such thing as “Bidenomics” – which is nothing more than the usual wild vote buying from every special interest group imaginable funded by Fed monetization of more debt (and more inflation) – the petition is further evidence of the pathetic, politicized state of “mainstream” academic economics. Highlighted in the FOX News article is Mr. Janet Yellen, aka George Akerlof, the husband of the Treasury Secretary (who reportedly received $7 million in “speaking fees” shortly before assuming that position by the way).

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.

“First of all, don’t target civilians.”~Murray Rothbard’s first principle of just war in his essay, “Just War”Like Hans Hoppe I have been a friend of Walter Block’s for decades. I co-authored a book and an article with him, sponsored a guest lecture by him at my university; lectured twice at his invitation at Loyola University New Orleans; wrote dozens of online articles in his defense when he was libeled by the administrators of Loyola University Maryland for giving a world-class (but non-woke) lecture on the economics of discrimination; and wrote in his defense against the New York Times smear of him.Walter has published hundreds of articles but he is probably best known to the general public for his book, Defending the Undefendable, and many related writings and speeches. He is indeed

For more than thirty years, lecturing at Mises University has been the highlight of my academic year. Students arrive filled with excitement about this experience—a weeklong intellectual feast that for many of them will be life changing. What a delight for an economics professor like me to have the opportunity to teach free market, Austrian economics to intelligent, motivated, and wonderful young people with a genuine passion for learning. Opening night at Mises University is always overflowing with excitement and anticipation. I marvel at how the students often cheer when the faculty is introduced, as if we were rock stars! The students and faculty feed off each other’s enthusiasm, which is one reason the week is so special.Over four thousand young people from all over the world have

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.

This lecture was originally delivered at the 2019 Austrian Economics Research Conference at the Mises Institute in Auburn, Alabama.These imperialistic doctrines are common to all peoples today. Englishmen, Frenchmen, and Americans who marched off to fight imperialism [in World War I] are no less imperialistic than the Germans.—Ludwig von Mises, Nation, State, and Economy (1983, p. 79)In Nation, State, and Economy (1983), published in 1919 a few months before John Maynard Keynes’s The Economic Consequences of the Peace (2013), Ludwig von Mises analyzed the German nationalism, militarism, and imperialism that contributed to the advent of World War I (not that Germany alone was responsible for the war). In typical Misesian fashion, he blended economics, history, political philosophy,

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.

Millions of American “evangelical” Christians have been indoctrinated in the idea that they must be worshipful of Israeli politicians and bureaucrats. This is so because they are taught by preachers like John Hagee that the Bible says that God will bless those who bless the nation of Abraham. The absurdity of it all is that pop religionists like Hagee falsely conflate the Israel of the Bible with today’s politicians and bureaucrats of the seventy-six-year-old government of the country of Israel. The two have nothing whatsoever to do with each other. Israel’s politicians can be just as sleazy, immoral, corrupt, criminal, and murderous as any politicians anywhere. Hence the spectacle of American evangelical Christians cheerleading the killing of fellow Christians in Gaza by the Israeli

The thirty-eighth annual Mises University, where I have lectured for more than thirty of those years, will be held from July 28th to August 3rd at the Mises Institute in Auburn, Alabama. Year after year, student attendees from all over the world tell us that it was the best week of their school year; that they learned more about the economic world in that week than in four years of college; that they would love to come back next summer; and that they will urge their friends and classmates to apply next year. Mises University is the world’s leading instructional program inAustrian economics. Staffed by some of the world’s leading Austrian School economists, all of whom are excellent speakers and teachers, students attend lectures and discussions all day long for a week where they learn all

In an essay entitled “A Strategy for the Right” the late economic and libertarian scholar, Professor Murray N. Rothbard, called John C. Calhoun’s Disquisition on Government “one of them most brilliant essays on political philosophy ever written.” Published in 1850, the year of his death, Calhoun’s Disquisition warned – and explained – how the American political system could evolve into tyranny, and how to stop that from happening. Americans are now living under the tyranny that Calhoun feared, proving once again the prescience and brilliance of his Disquisition. Calhoun’s 173-year-old treatise is not just a diagnosis of how we got here, but a roadmap for escaping from this tyranny and being rid of the “woke” totalitarians among us who are so hellbent on destroying America and replacing it

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.

Few Americans seem aware of the fact that it was the New England Federalists who plotted to secede from the union a half century before the 1860-61 secession of the Southern states. Their efforts culminated in the Hartford secession convention of 1814 where they decided in the end to remain in the union after all, confident that they would eventually dominate national politics to their economic advantage. The leader of the New England secessionists was Massachusetts Senator Timothy Pickering who had been George Washington’s adjutant general and quartermaster general during the Revolution and served as secretary of state and secretary of war in the Washington administration, as a member of congress from Massachusetts, and as secretary of state in the John Adams administration. He was joined

Power & Market offers a contrarian take on world events. We favor individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Connect to Power & Market via Twitter and RSS.Power & Market is published CC4, unless denoted otherwise.

After the War to Prevent Southern Independence and the assassination of Lincoln the federal government was said to possess a “treasury of virtue.” The Republican Party, which was the federal government, with a decades-long monopoly of power rivaled only by the Bolsheviks in Russia, made sure that the government-run schools would preach this Virtuous State Philosophy to generations of school children.And what did the Party of Virtue do with its “treasure”?

This month, we will host the Austrian Economics Research Conference (AERC), one of our most important programs. We’ll have thirty-one students attending, and nineteen students will deliver papers of their own. How encouraging!

Investor and author Doug Casey recently wrote that most economists “are political apologists masquerading as economists.” He says they are like witch doctors pretending to be neurosurgeons.

Recorded in Tampa, Florida, on February 17, 2024.
Special thanks to Liberty Villages and the Shrader family for sponsoring this event.

In a 1922 essay about Lincoln’s Gettysburg Address in his book Prejudices: Third Series H.L. Mencken asked, “Am I the first American to note the fundamental nonsensicality of the Gettysburg Address”? One example of the nonsense of Lincoln’s rhetoric as explained by Mencken is as follows:
“Think of the argument in it. Put it into the cold words of everyday. The doctrine is simply this: that the Union soldiers who died at Gettysburg sacrificed their lives to the cause of self-determination – that government of the people, by the people, for the people, should not perish from the earth. It is difficult to imagine anything more untrue. The Union soldiers in the battle actually fought against self-determination; it was the Confederates who fought for the right of their people to govern

Having recently completed forty-one years as a university economics professor I am convinced that books like Human Action in particular, and the Austrian School in general, are more needed than ever if Western civilization is to be saved from the onslaught by the current generation of “cultural” Marxist totalitarians. All socialists, Mises wrote in Socialism, are first and foremost “destructionists” who want to destroy the existing institutions of society first, then proceed to create their never-defined utopian fantasy world. They are succeeding and must be stopped. Only the power of superior ideas can stop them.
As for the role of economics, several fairly recent incidents stand out in my mind as examples of what “mainstream” economics has been teaching. One is when a senior economics

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I became a student of Austrian economics and libertarian philosophy by accident. In my first semester in college in 1972, I signed up for Principles of Microeconomics. In the classroom was a bookshelf that happened to have all the back issues of The Freeman published by the Foundation for Economic Education. I started reading some of the articles—by Ludwig von Mises, F.A. Hayek, Murray Rothbard, Henry Hazlitt, Gary North, Israel Kirzner, William Hutt, and other free-market writers—and I was hooked! I decided then that I wanted to be like these brave, highly educated, and articulate men who were so devoted to the cause of a free society.

Those were the old

Dear Friend,
In the chapter of The Road to Serfdom entitled “The End of Truth,” F.A. Hayek wrote that in a totalitarian society “truth” is not determined by scholarship, research, discussion, and debate but by pronouncements by the government “authorities.” Anthony Fauci’s notorious “I am science” declaration is a perfect example of such totalitarian thinking, as is Al Gore’s “settled science” declaration regarding global-warming research. Of course, no real scientist would say that scientific questions are ever “settled” forevermore. It was once “settled science” that Earth is flat, after all, and that government can make us all rich thanks to the “multiplier effect” of government spending.
But that’s just one arm of the totalitarian scissors. The other arm is that all dissenting opinions

The impending decline of the dollar is apparently imposing a real Halloween scare on the American foreign policy establishment. An August 22, 2023, article on the Council on Foreign Relations website entitled “The Future of Dollar Hegemony” explained that 
the dollar’s global hegemony gives the U.S. government power to impose crippling sanctions and wage other forms of financial welfare against adversaries. . . . In 2022, more than twelve thousand entities were under sanction by the Treasury Department, a more than twelve-fold increase since the turn of the century. U.S. sanctions . . . do ensure that targeted adversaries pay a significant price for continuing to engage in actions the United States opposes (emphasis added).
This reminds yours truly of a very memorable bumper sticker that

Recorded at the Mises Institute Supporters Summit in Auburn, Alabama, 12-14 October 2023.
Sponsored by Jule and Lynne Herbert.

The Life and Death of American Exceptionalism | Thomas DiLorenzo

Video of The Life and Death of American Exceptionalism | Thomas DiLorenzo

[This article is adapted from a lecture delivered at the Reno Mises Circle in Reno, Nevada. on May 20, 2023.]
It is not an exaggeration to say that property rights are a prerequisite for civilization. As Ludwig von Mises wrote in The Free and Prosperous Commonwealth:
Private property creates for the individual a sphere in which he is free of the state. It sets limits to the operation of the authoritarian will. It allows other forces to arise side by side with and in opposition to political power. It thus becomes the basis of all those activities that are free from violent interference on the part of the state. It is the soil in which the seeds of freedom are nurtured and in which the autonomy of the individual and ultimately all intellectual and material progress is rooted (emphasis

Every day, more and more Americans are awakening to the reality that the institutions in control of this nation are failing them. From violence in the streets, inflation in our stores, increasing tyranny and censorship, and absolute buffoonery on public display in halls of political power. The ruling class is getting richer while most of us suffer, and new generations are becoming increasingly warped by the dangerous ideologies of the left.
Recorded at The Depot Craft Brewery & Distillery in Reno, Nevada on May 20th, 2023.

Like virtually all of the work of Ludwig von Mises, these two essays, his 1958 Liberty and Property and his 1950 Middle-of-the-Road Policy Leads to Socialism are timeless. They are as important now as they have ever been and will increase in relevance as the growth of government continues almost unabated.