Category Archive: 6b.) Mises.org

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The Phillips Curve Is an Economic Fable

2023-03-20

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2023-03-20

Keynesians and fellow travelers hold the Phillips curve to be sacrosanct. But because the Phillips curve cannot establish causality, it is useless as economic theory. Original Article: "The Phillips Curve Is an Economic Fable" This Audio Mises Wire is generously sponsored by Christopher Condon.

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It Turns Out That Hundreds of Banks Are at Risk

2023-03-20

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2023-03-20

It’s the weekend, but our fresh Financial Crisis does not sleep. And a recent study says we’ve only seen the tip of the iceberg. The Washington Post yesterday wrote: “If banks were suddenly forced to liquidate their bond and loan portfolios, the losses would erase up to 91 percent of their combined capital cushion.” In other words, we were already right up against the edge. The Post cites two studies that total unrealized losses in the system are...

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Socialism Isn’t about Creating Economies. It Is about Amassing Political Power

2023-03-20

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2023-03-20

Ludwig von Mises wrote Socialism: An Economic and Sociological Analysis, a small book published in 1922, which demonstrated that economic calculation in a socialist commonwealth is impossible. Of course, Mises assumed that the purpose of an economy, even a socialist one, was supposed to produce goods and services, which determined its success or failure. Alain Besançon wasn’t an Austrian or a Misesian, but he wrote Anatomie d’un spectre: l’Économie...

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How Easy Money Killed Silicon Valley Bank

2023-03-19

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2023-03-19

The incredible growth and success of SVB could not have happened without negative rates, ultra-loose monetary policy, and the tech bubble that burst in 2022. Original Article: "How Easy Money Killed Silicon Valley Bank" This Audio Mises Wire is generously sponsored by Christopher Condon.

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The Fed’s Huge Monetary Overhang Keeps Job Totals Up as Real Wages Fall

2023-03-18

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2023-03-18

The current job market strength partly reflects the ongoing monetary overhang from years of breakneck growth in money-supply inflation. The $6 trillion in money that was newly created since 2020 is still very much a factor. Original Article: "The Fed's Huge Monetary Overhang Keeps Job Totals Up as Real Wages Fall" This Audio Mises Wire is generously sponsored by Christopher Condon.

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The Fed’s Malfeasance after SVB

2023-03-18

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2023-03-18

This past weekend saw extraordinary actions by the Fed to address the meltdown of Silicon Valley Bank. Did the central bank break the law by effectively authorizing unsecured loans to banks based on the face value—rather than significantly lower market value—of those banks' Treasury holdings? Bob's study guide to A Theory of Money and Credit: Mises.org/HAP387a Jeff on the Fed as the ultimate bank: Mises.org/HAP387b [embedded content]

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The Balfour Declaration

2023-03-18

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2023-03-18

Teaching high schoolers economics means teaching Austrian principles. Original Article: "The Balfour Declaration" This Audio Mises Wire is generously sponsored by Christopher Condon.

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Central Bank Digital Currencies Would Bring Hyperinflation

2023-03-18

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2023-03-18

There are many excuses often used to explain inflation. However, the fact is that there is no such thing as “cost push inflation” or “commodity inflation.” Inflation is not an increase in prices, it is the destruction of the purchasing power of the currency. Cost-push inflation is more units of currency going to relatively scarce real assets. The same can be said about all other, from commodities to demand and my favorite, “supply chain...

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Bank Failures: Runs and Funds

2023-03-18

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2023-03-18

SVB Bank and Signature Bank failed this week and were bailed out. Mark explains why the banks failed and why it was bound to happen. The minor issue is that the total FDIC bailout fund is actually smaller than either one of the banks. Be sure to follow Minor Issues at Mises.org/MinorIssues.

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Anatomy of the Bank Run

2023-03-18

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2023-03-18

[This article is featured in chapter 79 of Making Economic Sense by Murray Rothbard and originally appeared in the September, 1985 edition of The Free Market]  It was a scene familiar to any nostalgia buff: all-night lines waiting for the banks (first in Ohio, then in Maryland) to open; pompous but mendacious assurances by the bankers that all is well and that the people should go home; a stubborn insistence by depositors to get their money out;...

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How the Fed’s 2008 Mortgage Experiment Fueled Today’s Housing Crisis

2023-03-18

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2023-03-18

How should Congress assess the Federal Reserve’s track record as an investor in residential mortgage-backed securities (MBS)? Regardless of Fed spin, it merits a failing grade. The Fed’s COVID-era intervention in the mortgage markets fueled the second real estate bubble of the 21st century. The bubble ended when the Fed stopped purchasing MBS and raised rates to fight inflation. While time will tell whether recent increases in home prices are...

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Influencers and Subjective Value: They Have Something to Teach Us

2023-03-17

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2023-03-17

In 2022, investments into the creator economy surged to $5 billion. The term creator refers to people who generate value from intellectual output or artistic work. However, a new form of creative has emerged known as the “influencer.” Influencers are online personalities who, through their charisma, cultivate a loyal fanbase. Due to their reach, brands employ influencers to market their products and services. Influencer marketing has proven to be a...

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Ready for Retirement? Fewer and Fewer Americans Are Saving for That Time

2023-03-17

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2023-03-17

Because of inflation and a lack of a savings ethic, Americans are less prepared for retirement than ever. The numbers are discouraging. Original Article: "Ready for Retirement? Fewer and Fewer Americans Are Saving for That Time" This Audio Mises Wire is generously sponsored by Christopher Condon.

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Bankers and Bailouts Are Ripping Us Off

2023-03-17

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2023-03-17

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.

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Help Us Publish Professor Hülsmann’s New Book

2023-03-17

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2023-03-17

I am excited to tell you about a new book project from our brilliant Senior Fellow, Jörg Guido Hülsmann. I just finished the manuscript, and let me tell you: this is a remarkable work. That is why I’m writing you—as part of a select group of Mises Institute Supporters and fans of Dr. Hülsmann’s work. We know you will want to be listed in the book as a Supporter! I’ll introduce the book with some simple questions: Why are people mostly good? Why do...

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Nonmeasure for Nonmeasure

2023-03-17

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2023-03-17

Nomocratic Pluralism: Plural Values, Negative Liberty, and the Rule of Lawby Kenneth B. McIntyrePalgrave Macmillan, 2021; xii + 214 pp. Kenneth McIntyre, a political theorist and historian who teaches at Sam Houston State University, addresses one of the most difficult questions in political philosophy in his excellent book. It is a question that should interest everyone who wants a free society. McIntyre sets forward his answer with an immense...

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Yearning for Beauty in the Truth of Economic Thinking

2023-03-17

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2023-03-17

Those adhering to Austrian Economic thinking see the beauty in concepts coming together and providing a way to truthfully assess human action. Original Article: "Yearning for Beauty in the Truth of Economic Thinking" This Audio Mises Wire is generously sponsored by Christopher Condon.

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The Bank of England: Money Creation in Their Own Words

2023-03-17

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2023-03-17

In March 2014 the world’s oldest central bank, the Bank of England (BoE), did every advocate of sound money a big but unintentional favor by publishing an official introduction to and an official detailed account of unsound money. Given both the importance of and the lack of publicity regarding these two seminal papers over the past nine years, even here at mises.org, the focus in this piece will be on quoting some of the BoE’s “greatest hits.”...

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No, We Don’t Need More Nuclear Weapons

2023-03-17

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2023-03-17

Republicans and Democrats may quibble over how federal tax dollars might be spent on various social welfare programs like Medicaid and food stamps. But alongside Social Security, there is one area of federal spending that everyone can apparently agree on: military spending. Last year, the Biden administration requested one of the largest peacetime budgets ever, at $813 billion. Congress wanted even more spending and ended up approving a budget of...

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The Censored Generation

2023-03-16

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2023-03-16

Never before have we seen an entire generation of young Americans being censored—and self-censoring—for making innocuous statements. This does not end well. Original Article: "The Censored Generation" This Audio Mises Wire is generously sponsored by Christopher Condon.

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