Tag Archives: 6b) Mises.org

In the previous articles I touched upon the question about subject of global American hegemony and its consequences for freedom. Now let’s look at the problem from another perspective. In the 1980s, Poland viewed the United States as a country capable of defeating the “Evil Empire” (USSR) and thus sowing throughout the Soviet bloc ideas of freedom that were so close to societies tormented by the yoke of communism. Today, Poland’s enthusiasm for the United States and...

On August 15, 1971, Richard Nixon announced that the US dollar (USD) would no longer be redeemable in gold. This was supposed to be temporary. And yet, 51 years later, here we are. The gold standard was gradually destroyed in the twentieth century. Now people are experiencing the consequences: less purchasing power, more economic cycles, and a weaker economy. In the chapter 4 of his book What Has Government Done to Our Money?, Murray Rothbard goes over the steps the...

Ask the average person what they believe to be the most economically important innovation of the twentieth century, and they’ll probably point to the internet. The internet has certainly disproved Paul Krugman’s prediction that it would have no greater impact on the economy than the fax machine, but even this transformative technology may only warrant a silver medal when compared to something much more banal: the intermodal shipping container. The shipping container...

According to the National Bureau of Economic Research (NBER), the institution that dates the peaks and troughs of the business cycles: A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP [gross domestic product], real income, employment, industrial production, and wholesale-retail sales. A recession begins just after the economy reaches a peak of activity and ends as the...

“We are the makers of our own fate,” said Christian Lindner (FDP, Free Democratic Party), German federal minister of finance, in a TV interview not too long ago. This statement was made in the context of being asked if Vladimir Putin had had a hold over Germany, considering its rather dire energy situation, now, but especially going into winter. Torn between a decade-long reliance on cheap Russian gas on the one side and a sudden desperation to be energy independent...

1. The Character of Monetary Entries Economic calculation can comprehend everything that is exchanged against money. The prices of goods and services are either historical data describing past events or anticipations of probable future events. Information about a past price conveys the knowledge that one or several acts of interpersonal exchange were effected according to this ratio. It does not convey directly any knowledge about future prices. We may often assume...

In the July 26 Financial Times article entitled “Is the Dollar about to Take a Turn?,” Barry Eichengreen writes that the US dollar has had a spectacular run, having risen more than 10 percent against other major currencies since the start of the year. According to Eichengreen, the key reason behind the spectacular strengthening in the US Dollar is that the Federal Reserve has been raising interest rates faster than other big central banks, drawing capital flows...

The misconception that money and natural resources are wealth is rampant among intellectuals and other educated individuals, and even economists. Prevailing monetary and economic policy choices reflect this entrenched misconception. Consider the fact that since the 2008 Great Recession, leading central banks have injected trillions of dollars, euros, yens, etc., into economies and have monetized record-setting levels of government debt under the assumption that more...

History: Regulation of Communications A hundred years of the public interest standard has been applied to radio and television, with the explicit goal of protecting free speech. The very opposite was the case, as John Samples and Paul Matzko have clearly shown. A 1920–30s radio host, Bob Shuler, had exposed the Julian Petroleum Corporation’s defrauding of investors, and subsequently accused the district attorney and city prosecutor of negligence. Shuler also exposed...

According to the New York Times (NYT) article July 17, 2022, “The pioneering economist says our obsession with growth must end,” a major threat to our living standard is the obsession with economic growth. Herman Daly—an economist that has been exploring for more than fifty years the relationship between economic growth and individuals’ living standards—is of the view that the pursuit of economic growth causing ecological harm. He developed arguments in favor of a...