Category Archive: 6b.) Mises.org

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Can the Dollar Once Again Be Anchored by Gold? One Congressman Believes It Can

2022-11-01

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2022-11-01

On October 7, 2022, US congressman Alex Mooney (a Republican from West Virginia) introduced a bill (the Gold Standard Restoration Act, H.R. 9157) that stipulates that the US dollar must be backed by physical gold owned by the US Treasury. The initiative clearly indicates that the increasingly inflationary US dollar is triggering efforts to get better money.

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About That Nobel: Deconstructing Banking Theories of Diamond and Dybvig

2022-10-31

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2022-10-31

Since the awarding of the Nobel Prize in economics to Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig, most of the media interest has, understandably, concentrated on Bernanke. Mark Thornton wrote a scathing takedown of bailout Ben, while Tyler Cowen inexplicably praised him to the skies (Cowen at least provides a good overview of some of Bernanke’s contributions, such as they are).

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Black Hole or Shock Absorber: How Does a Free-Market Economy Respond to Crises?

2022-10-31

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2022-10-31

Mainstream economists view the economy as fickle, unstable, and always in danger of utter collapse. They see the outlook as very bleak if not for the enormous existing superstructure of government intervention, including constant stimulus of “aggregate demand.”

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Without Easy Money from the Fed, Home Prices Will Keep Falling

2022-10-30

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2022-10-30

Home price growth of the sort we’ve seen in recent years simply cannot be sustained without a continued commitment to easy money from the central bank, and it shows. Home prices continued to slide in August as the economy cooled, and as the Fed hit the Pause button on quantitative easing while allowing interest rates to rise.

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Latest Recession Alarm: Money-Supply Growth Fell in September to a 37-Month Low

2022-10-30

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2022-10-30

Money supply growth fell again in September, dropping to a 37-month low. August's drop continues a steep downward trend from the unprecedented highs experienced during much of the past two years. During the thirteen months between April 2020 and April 2021, money supply growth in the United States often climbed above 35 percent year over year, well above even the "high" levels experienced from 2009 to 2013. 

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This Is Why the Yield Curve Just Inverted, Signaling a Coming Recession

2022-10-29

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2022-10-29

In recent decades, every instance in which the economy contracted two quarters in a row has coincided with a recession. Nonetheless, the Biden Administration and the leadership at the Federal Reserve insist there is no recession now, nor is one even in the works. 

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Honest Money in Dishonest Hands

2022-10-28

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2022-10-28

For those who would find relief knowing the Bible sanctions a market-derived medium of exchange, Gary North’s Honest Money will come as a godsend (no pun intended). Even for those reprobates who forswear a religious worldview, his book will provide a solid grounding in monetary theory and history.

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Are Seasonally Adjusted Economic Data Useful?

2022-10-27

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2022-10-27

It is not possible to establish the conditions of the economy by just inspecting the data as a whole, according to many economists. What is required, instead, is to break the data into its key components, which supposedly will enable economists to identify the true state of the economy.

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Myth versus Ideology: Why Free Market Thinking Is Nonideological

2022-10-26

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2022-10-26

I’ll begin with a provocative thesis: socialism is ideological and free market thinking, while involving myth, is nonideological. I will show why socialism is ideological and why free market thinking involves myth but is nonideological by defining the terms myth and ideology and distinguishing them from each other.

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Can We Have Scarcity but Reject the “Scarcity Mindset?” in a Word, No

2022-10-25

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2022-10-25

Since I am an economist and my school year is not too far along, my classroom discussion of how all of economics traces back to the fact of scarcity (the combination of limited resources, which implies a limited ability to produce, along with wants that always exceed the amount that can be produced) facing everyone was quite recent.

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The Recession in the Productive Sector Is Here

2022-10-24

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2022-10-24

Governments and central banks have become the lender of first resort instead of the last resort, and this is immensely dangerous. Global debt soars, inflation creeps in, and many of the so-called supply chain disruptions are the result of zombification after years of subsidizing low productivity and penalizing high productivity with increased taxes.

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“Spend Now, and Deal with the Consequences Later” Is the Worst Policy

2022-10-24

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2022-10-24

Quantitative easing was designed as a tool to provide time for governments to implement structural reforms, boost growth, and strengthen the economy. However, it has become a tool to increase the size of government and take increasingly riskier levels of debt.

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Federal Reserve Tampering with Interest Rates Distorts the Shape of the Yield Curve

2022-10-23

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2022-10-23

For many commentators, a change in the shape of the differential between the long-term interest rate and the short-term interest rate—i.e., the yield spread provides an indication of the likely direction of the economy in the months ahead. Thus, an increase in the yield spread raises the likelihood of a possible strengthening in economic activity in the months to come.

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The Hardheaded Thought of Ludwig von Mises: Ever Attacked and Ever Triumphant

2022-10-22

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2022-10-22

Such is the intellectual stature of Ludwig von Mises that even many decades after his passing the opponents of classical liberalism and laissez-faire capitalism continue to attack his life’s work.

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Slavery Did Not Promote Capitalism: The New Economic History of Capitalism Is Simply Wrong

2022-10-22

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2022-10-22

The “new history of capitalism” (NHC) continues to receive widespread acclaim despite mounting inaccuracies. Although critical reviews have punctured adherents’ arguments many still cling to wrongheaded assumptions that exaggerate the role of slavery and cotton in powering America’s economic progress. Several industries were complicit in fueling slavery, but their success was never hinged on slave production.

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Student Loan Debt: The Financial Time Bomb Politicians Want to Ignore

2022-10-21

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2022-10-21

Media reports claim this debt prevents economic recovery. Chuck Schumer would erase it with the flick of a pen. Elizabeth Warren would remove it to free students’ ability to buy a house and form a family. Janet Yellen opines paying off student loan debt (SLD) will free up venture capital. Alexandria Ocasio-Cortez claims the proposed Biden plan is inadequate.

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Europe’s Energy Crisis Was Created by Political Intervention

2022-10-20

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2022-10-20

An energy policy that bans investment in some technologies based on ideological views and ignores security of supply is doomed to a strepitous failure. The energy crisis in the European Union was not created by market failures or lack of alternatives. It was created by political nudging and imposition.

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Higher Education in Crisis: The Problem of Ideological Homogeneity

2022-10-19

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2022-10-19

In my second article on the college problem, I discussed the public policy factors that contribute to the rising cost of higher education. But politics makes its way into education through more than public policy, as professors bring their political views into their classrooms and research.

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The French Must Rediscover the Taste for Individual Freedom: An Interview with Professor Pascal Salin

2022-10-19

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2022-10-19

Pascal Salin is an economist, professor emeritus at the University of Paris-Dauphine, and was president of the Mont-Pelerin Society from 1994 to 1996. Among the extensive list of books Professor Salin has published, mention can be made of the following titles: La vérité sur la monnaie (Paris: Odile Jacob, 1990), Libéralisme (Paris: Odile Jacob, 2000), Français, n’ayez pas peur du libéralisme (Paris: Odile Jacob, 2007), Revenir au capitalisme pour...

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Andrew Moran: Hồi chuông cảnh báo cho lạm phát đình trệ

2022-10-19

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