Category Archive: 6b.) Mises.org

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Dividing the Housing Market

2023-05-20

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2023-05-20

In this week's episode, Mark explains why the market for existing homes has been diverging from the market for new houses. The Fed ZIRP, QE and Covid bailouts have locked Americans into their mortgages and low payments, reducing the supply of existing homes. This keeps them off the market and home prices high in an economy that is headed for a recession or crisis. Buyers have been diverted to newly constructed homes where builders have more...

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Rothbard: Essentials of Money and Inflation

2023-05-20

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2023-05-20

Money is a crucial command post of any economy, and therefore of any society. Society rests upon a network of voluntary exchanges, also known as the “free-market economy”; these exchanges imply a division of labor in society, in which producers of eggs, nails, horses, lumber, and immaterial services such as teaching, medical care, and concerts, exchange their goods for the goods of others. At each step of the way, every participant in exchange...

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The Five Stages of Bank Failure Grief

2023-05-20

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2023-05-20

The talking heads on financial TV ask everyday where we are in the banking crisis. Is it over yet? After scooping up First Republic, JP Morgan’s Jamie Dimon said, “This part of the crisis is over.” After he said that, however, the shares of regional banks such as PacWest, Zions, and Western Alliance were cut in half. The market doesn’t believe Mr. Dimon. Elisabeth Kübler-Ross described five stages of grief: denial, anger, bargaining, depression,...

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Crowding Out: The Fed May Be Killing the Private Sector to Save the Government

2023-05-20

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2023-05-20

The Federal Reserve’s balance sheet reached its all-time high in May 2022. Since then, it was supposed to drop at a steady pace and shed three trillion US dollars by 2024. The normalization of monetary policy was built on the idea of a soft landing for the economy. However, the Fed may be killing the private sector to save the government. Curbing inflation requires a significant reduction in the money supply and aggregate demand. However, if...

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Thanks to Sanctions, The US Is Losing Its Grip on the Middle East

2023-05-20

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2023-05-20

On Friday, members of the Arab League welcomed the Syrian regime back to the organization. Representatives from several Arab member states shook Syrian leader Assad's hand and gave him, a "warm" reception according to several news outlets. Syria was suspended from the league in 2011, but on May 7 in Cairo the league agreed to reinstate the Assad regime.  This represents a reversal from years of isolation placed on the regime, and a break...

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You Don’t Like It? Leave! The Telling Sophistry of Tax Apologists

2023-05-19

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2023-05-19

Contrary to the worldview of progressives, taxation and the coercion it brings are not part of a "social contract." Instead, they are implemented by force. Original Article: "You Don’t Like It? Leave! The Telling Sophistry of Tax Apologists"

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Government Redistribution Is the REAL Trickle-Down Economics

2023-05-19

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2023-05-19

On April 6, 2023, President Joe Biden’s Twitter account sent the following message: “Trickle-down economics doesn’t work.” Trickle-down economics is a phrase that is often thrown around negatively to ridicule those who believe that the free-market system is the best way to regulate the economy. “Trickle-down theory” was never coined by economists, and the term has two possible origins, both of which were meant to discredit those who wanted less...

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There’s No Place like Noam

2023-05-19

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2023-05-19

Illegitimate Authority: Facing the Challenges of Our Timeby Noam Chomsky, edited by C.J. PolychroniouHaymarket Books, 2023; x + 330 pp. Noam Chomsky is universally respected for his contributions to linguistics and to the philosophy of mind, but he is a “public intellectual” as well, and it is in the public arena that opinion about him is divided. Illegitimate Authority is a collection of thirty-four interviews of him by C.J. Polychroniou, the...

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Durham Report Exposes the FBI

2023-05-19

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2023-05-19

Veteran investigative journalist James Bovard joins Ryan and Tho to talk about the Durham Report and what it tells us about the media and the FBI. [embedded content] New Radio Rothbard mugs are now available at the Mises Store. Get yours at Mises.org/RothMug  PROMO CODE: RothPod for 20% off Recommended Reading "Durham proves that Hillary and the FBI tried to rig the 2016 election" by Jim Bovard (New York...

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Remembering the Contributions of Lucas and Alchian

2023-05-19

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2023-05-19

Bob originally invited Brian Albrecht (Chief Economist of the International Center for Law & Economics) to discuss the work of Armen Alchian, but on the day of recording, Robert Lucas happened to die. Bob and Brian discuss rational expectations, real business cycle theory, and how Alchian cracked the military's top secrets. Brian on Alchian's famous "Costs and Outputs" paper: Mises.org/HAP396a [embedded content]

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Libertarian Law by Democratic Means: The Power of Ideologies and Public Opinion

2023-05-19

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2023-05-19

Mises had hoped that democracy would lead to free societies after World War II ended. He did not foresee the illiberal turn in the West in the last decade. Original Article: "Libertarian Law by Democratic Means: The Power of Ideologies and Public Opinion"

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Bank of England Economist: Britons Need to Accept That They’re Poorer

2023-05-19

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2023-05-19

Speaking on a Columbia University Law School podcast, the chief economist of the Bank of England, Huw Pill, said Britons “need to accept” that they have been made poorer by the inflation perpetrated by the central bank. Price inflation today is a result of the record money creation by central banks, especially in the West, from 2020 onward. This was rationalized and justified by the mainstream narrative on covid. The following are choice comments...

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How the Dollar Became the World’s Top Global Currency

2023-05-18

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2023-05-18

The dollar became the dominant global currency not so much because of its own merits, but because of the self-destruction of the pound sterling caused by the British state and central bank. Original Article: "How the Dollar Became the World's Top Global Currency"

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Banks Are Lending Less Money, and That’s a Formula for Recession

2023-05-18

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2023-05-18

Banks have been tightening their lending standards, and they plan to keep doing it throughout the rest of the year. Last week, the Board of Governors of the Federal Reserve released a new report on how much banks plan to expand or tighten lending in coming months. The report, known as the Senior Loan Officer Opinion Survey on Lending Practices, found that bankers expect a deteriorating economic picture in 2023, both for themselves and for their...

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The “Buy Black” Movement: Divisive or a Boon to Black Entrepreneurs?

2023-05-18

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2023-05-18

The Buy Black movement has triggered a series of intense debates in the black community and the wider America. Activists proposed this project as an opportunity to generate wealth for black Americans by supporting black entrepreneurs. On the downside, others say that this agenda perpetuates an insidious form of tribalism. Are criticisms of the Buy Black movement an accurate description of its goals? Sociologists argue that minority groups often...

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How Greening the Economy Will Destroy America

2023-05-18

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2023-05-18

We’re supposed to go along with Green Energy schemes—as we did with masks, school lockdowns, and vaccinations to stop covid—because our government, media, and “public interest” groups insist that we “follow the science.” Original Article: "How Greening the Economy Will Destroy America"

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Living by a Premise

2023-05-18

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2023-05-18

The 2023 graduation season is now underway. The famous, generous, and politically powerful (especially those currently in federal office, who are cheaper because they are banned from being paid for giving speeches) will be dispensing (often very limited) wisdom about the “real world” to hundreds of commencement audiences across America. Some of the best speakers, however, will provide insight from humanity’s accumulated wisdom. One such speaker,...

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Does GDP Present an Accurate Picture of the Economy? Not Likely

2023-05-17

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2023-05-17

The most popular measure of economic growth is GDP. However, GDP movement is driven by changes in the money supply, not real economic factors. Original Article: "Does GDP Present an Accurate Picture of the Economy? Not Likely"

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End the FBI

2023-05-17

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2023-05-17

Special counsel John Durham on Monday released his report on the FBI's role in investigating the 2016 Donald Trump campaign's alleged collusion with Russia. This investigation, codenamed "Crossfire Hurricane," had been—according to Durham's report—"swiftly" opened as a full-blown investigation in response to "unevaluated intelligence information" by FBI personnel "without ever having spoken to the persons who...

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Understanding Relationships between Money Supply and Liquidity

2023-05-17

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2023-05-17

In a market economy, money is the medium of exchange; producers exchange their goods for money and then exchange that money for other goods. As the production of goods increases, the demand for money expands. Conversely, as economic activity slows down, the demand for money follows suit. Price changes also affect the demand for money. An increase in the prices of goods and assets increases the demand for money, since people now demand more money to...

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