Category Archive: 6b) Austrian Economics

No, More Bureaucracy Would NOT Have Saved Trump’s Paycheck Protection Program

The Paycheck Protection Program (PPP) put in place under Donald Trump and extended by Joe Biden is a prime example of government wastefulness. A recent working paper by the National Bureau of Economic Research (NBER), "The $800 Billion Paycheck Protection Program: Where Did the Money Go and Why Did It Go There?" investigated the effectiveness of the PPP. 

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Will Biden Sanction Half the World to Isolate Russia?

The United States is no longer in any position to remake the world in its image. It's not 1945 or even 1970. Yet the US seems to be gearing up to bully half the world into compliance with the US Russia sanctions.

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Why Saudi Arabia Won’t Abandon Dollars for Yuan

There are numerous articles mentioning that Saudi Arabia may use the yuan, China's domestic currency, for its oil exports. How much does Saudi Arabia export to China? According to the Organisation of Economic Co-operation and Development, the kingdom's main exports are to China ($45.8B), India ($25.1B), Japan ($24.5B), South Korea ($19.5B), and the United States ($12.2B). Exports of crude oil reached $145 billion in total.

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Ukraine conflict: A dispassionate analysis

I realize that I shouldn’t be surprised at the way the crisis in Ukraine has divided our societies or at the blind fanaticism the conversations around it have provoked. After all, virtually every other development of consequence has tuned out exactly the same. From covid to the economy and from freedom of speech to science itself, rational, respectful and productive debates are nowhere to be found.

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Central Banks Have Broken the True Savings-Lending Relationship

Most people believe lending is associated with money. But there is more to lending. A lender lends savings to a borrower as opposed to "just money." Let us explain. Take a farmer, Joe, who has produced two kilograms of potatoes. For his own consumption, he requires one kilogram, and the rest he agrees to lend for one year to another farmer, Bob. The unconsumed kilogram of potatoes that he agrees to lend is his savings. 

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A Review of Nik Bhatia’s Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies

For understanding our modern monetary troubles, Nik Bhatia’s pamphlet-sized book from last year hits exactly the right intersection between money and banking, between the past and the future. Clocking in at around 150 pages of easy prose, it’s accessible but not dumbed down, revealing but not inaccurate. It has a simple framework that Bhatia explains and explores with great expertise.

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Russia Isn’t Nearly as Isolated as Washington Wants You to Believe

Those gloating about Russia being "cut off" are overstating the case. In fact, many of the world's largest countries have shown a reluctance to participate in the US's sanction schemes, and even close US allies aren't going along with it. Original Article: "Russia Isn't Nearly as Isolated as Washington Wants You to Believe" This Audio Mises Wire is generously sponsored by Christopher Condon.

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Leben mit gegenseitig zugesicherter Zerstörung

Wenn es nur eine Wahrscheinlichkeitsverteilung und keine Gewissheit ist, dass die Vereinigten Staaten und andere NATO-Mitglieder wirklich kämpfen wollen oder nicht wollen, müssen die russischen Militärplaner die Entscheidung darüber treffen, welche Wahrscheinlichkeit sie als am wahrscheinlichsten beurteilen werden.

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The West’s Russia Sanctions Show Why States Want to Weaponize the Financial System

States continue to seek new ways to make the financial system an “economic chokepoint” enabling the state to crack down on specific organizations, individuals, or activities. Original Article: "The West's Russia Sanctions Show Why States Want to Weaponize the Financial System" This Audio Mises Wire is generously sponsored by Christopher Condon.

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How Agriculture Bureaucrats Are Manipulating Food Prices—and Our Diets

With inflation at a forty-year high, it is the topic on everyone’s mind. US core inflation has reached 7.5 percent year over year, and the prices of certain goods, such as used cars and steak, are up as much as 50 percent over the past year. This is a major threat to the current administration, with a recent poll showing that 70 percent of Americans disapprove of Joe Biden’s handling of inflation.

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It Didn’t Begin with FDR: Currency Devaluation in the Roman Empire

The phenomenon of currency devaluation and its consequences is a process that not only occurred in modern times, but has much deeper roots, going back to antiquity. With the collapse of the Roman Republic, Caesar's grandnephew Gaius Octavianus, renamed Augustus, rose to power and soon implemented a far-reaching monetary reform for the Roman common market.

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Markets and Private Property, Not Government, Protect the Environment

Each century presents its unique set of problems for lovers of freedom, peace, and prosperity. While the great vanguards of liberty in the twentieth century dealt with the looming shadow of centralization and were engaged in a battle against socialists and statists who argued for centralization and adjudication of individual liberty for the sake of universal material opulence, free markets with the fall of the curtain on the twentieth century have...

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Biden Admits that Sanctions Don’t Work and they Make Us Poorer

President Biden on Thursday made two big admissions about the US-led economic sanctions on Russia. The first is that the sanctions will lead to food shortages for many countries other than Russia, and that this is simply the price that Americans ought to be forced to pay. 

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Ludwig von Mises (1881–1973)

One of the most notable economists and social philosophers of the twentieth century, Ludwig von Mises, in the course of a long and highly productive life, developed an integrated, deductive science of economics based on the fundamental axiom that individual human beings act purposively to achieve desired goals.

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Will Biden Sanction Half the World to Isolate Russia?

It is becoming increasingly apparent that isolating Russia and totally cutting it off from the global economy is not going to be easy.  As I discussed last week, from Mexico to Brazil to China to India and much of Africa, the world is resisting Washington's call to treat Russia as a pariah nation.

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Hat die ukrainische Krise eine Lösung, und wenn ja, welche könnte es sein? Welcher Vorschlag käme von Mises?

Hat die ukrainische Krise eine Lösung, und wenn ja, welche könnte es sein? Welcher Vorschlag käme von Mises?

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Is gold too expensive?

Over the last couple of years we witnessed quite an extraordinary ride in gold prices. An impressive ascent until the last quarter of 2020 was followed by a pullback that scared many speculators away, which in turn transformed into a period of strength and then came another ebb… And recently, once again, we saw the yellow metal shoot up, fueled by inflation fears and the situation in Ukraine. Given that the fundamentals remain unchanged and that...

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2022 Libertarian Scholars Conference

Join Joe Salerno, David Gordon, Jeff Deist, Patrick Newman, and many more at the 2022 Libertarian Scholars Conference on Saturday, September 10th!  We'll meet at the Grand Hyatt in Nashville, Tennessee.

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The West’s Russia Sanctions Could Lead to Many Unpredictable and Unpleasant Outcomes

Global supply shocks are historically rare events. All the more extraordinary to have two such shocks in quick succession—the second arriving even before the first has entirely faded away. That is what the world now experiences in the form of the Great Pandemic followed by the Great West-Russia economic war. The most visible symptom of the supply disruption is the sky-high price of energy and a range of other commodities.

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Governments “Sanction” Their Own Citizens Every Day. The Russia Sanctions Are Just a Natural Evolution.

Russian president Vladimir Putin’s invasion of Ukraine in the last week of February 2022 was the culmination of decades of transnational statist expansion.

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