To be sure there are probably two factors at work here. One is tariffs and the other is the fact that auto loan delinquencies are rising and people need cheaper cars.
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Category Archive: 6b.) Mises.org
California’s Bullet-Train Delusion
California economist and resident/victim William Anderson joins us to talk about the absurdity of California's bullet train plan, and how it ignores economic realities.
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Some Straight Talk to the Anti-Free Traders
Oh, I know, you aren’t really against free trade per se. You just demand a “level playing field.” Demanding a level playing field for international trade is a complete waste of time.
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MMT Is Wrong about the History of the Origins of Money
Not only are Modern Monetary Theory (MMT) cultists dishonest about the role of money, they also are dishonest about money‘s history. By taking issue with Carl Menger‘s historical version, they expose their own ignorance of how money came about.
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Real ID Is Not About Keeping You Safe
Real ID is the latest example of the government using 9/11 as an excuse to grab more power.
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Fed keeps Fed Funds rate unchanged.
"the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent." Click here for post-FOMC press conference.
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Inflation: Looking Beyond Aggregates
Mainstream economists define inflation as the increase in an imaginary “price level” that is relatively neutral in its effects. Austrian economists, however, know better, as they realize that the effects of inflating the money supply are anything but neutral.
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Trump’s “Liberation Day” Tariffs are a Mistake
Today, April 2, 2025, is what Donald Trump and his team are calling “Liberation Day.” Because later, the president will host an event in the Rose Garden to sign reciprocal tariffs that, in the words of his press secretary, “will roll back the unfair trade practices that have been ripping off our country for decades.”The prospect of sweeping new taxes on the goods, capital, and resources Americans buy from producers in several other countries has...
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The Contested Meaning of the Constitution
To those familiar with constitutional history, it may seem trite to observe that the meaning of the Constitution is contested. Yet many contemporary political commentators treat the Constitution as a document whose meaning is plain and obvious. An op-ed in the New York Times, criticizing President Donald Trump’s attempt to end birthright citizenship, informs us that “Trump doesn’t get to decide what the Constitution means.” The writer argues that...
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If Only FTX Could Use the Fed’s Accounting
The Federal Reserve continues to lose money—$77.6 billion last year according to the Wall Street Journal. The previous year the nation’s central bank lost $114.3 billion. And, there is no end in sight. The Fed is paying 4.4 percent on $3.4 trillion in reserves while earning only 2.6 percent on its securities portfolio. This is a side effect of ZIRP. Two years ago, Thomas L. Hogan wrote in The Hill, “The Fed is bankrupt.” As of January 6, the Fed’s...
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Who Owns the Gold?
“Economics, in its most elegant form, is the study of cause and effect.”—John Rogers, Voting in Context: A Brief Economic History of American PoliticsIn 1933, people thought the world was ending and urged government to do whatever it could to relieve the pain of the Depression. In compliance thereof, FDR issued Executive Order 6102 on April 5, 1933 “forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental...
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McMaken Talks Gold Reserves on the ‘World Affairs in Context’ Podcast
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...
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Federal Spending in 2025 Is on Track to be the Highest Ever
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Warren Buffett Gets It Wrong
Berkshire Hathaway—the investment holding company run by Warren Buffett for the last sixty years—released its much-awaited annual report in late February. In the report, Buffett himself delved into the topic of capitalism and America’s relationship thereto. Early in the preamble to the report, Buffett hints at the connection between inflation and government malfeasance:Paper money can see its value evaporate if fiscal folly prevails. In some...
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First They Came for the Op-Ed Writers
On March 25, six masked federal agents seized a Turkish graduate student on the streets of Somerville, Massachusetts. Rumeysa Ozturk—who was wearing a hajib—is a Fulbright scholar working on a doctorate at Tufts University.She was abducted and vanished into the maw of the federal prison system. The Trump administration ignored a federal court order and took Ozturk from Massachusetts to Louisiana federal detention facilities.But the Trump...
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Do Inflationary Expectations Cause General Increases in Prices?
Many believe the key cause to a general increase in prices are so-called “inflationary expectations.” For instance, if there is a large increase in the prices of oil, individuals will start forming expectations for higher inflation ahead. Consequently, individuals will speed up their purchases of goods and services at present, thereby raising the demand for goods and services, all other things being equal. This is supposed to set in motion general...
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Britain—Like France and Spain—Is Poorer than Mississippi
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How to End Drug Violence
Recently President Trump threatened to invade Mexico—all in its best interest, of course—in order to smash the drug cartels that are responsible for funneling so many illegal drugs into the US. There is no doubt that the drug cartels are wealthy and vicious criminals. Apparently they have taken over major towns and provinces in Mexico and have assassinated local officials and anyone else trying to curb their “trade.” Is there any alternative to...
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Even the Inventor of GDP Statistics Knew Government Spending Was Dubious
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...
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Free Trade with All Nations
Richard Cobden (1804-1865) was a British member of Parliament who championed free trade, the repeal of the Corn Laws, and a laissez-faire economy.[A speech delivered in Manchester, England, January 15, 1846]I shall begin the few remarks which I have to offer to this meeting by proposing, contrary to my usual custom, a resolution; and it is, “That the merchants, manufacturers, and other members of the National Anti-Corn-Law League claim no...
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On Swiss National Bank
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SNB Sight Deposits: decreased by 15 billion francs compared to the previous four weeks
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2025-07-31 – Interim results of the Swiss National Bank as at 30 June 2025
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SNB Brings Back Zero Percent Interest Rates
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Hold-up sur l’eau potable (2/2) : la supercherie de « l’hydrogène vert ». Par Vincent Held
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2025-06-25 – Quarterly Bulletin 2/2025
Main SNB Background Info
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