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Construction lending juggernaut Bank OZK made news when its shares fell 17% after Citigroup analyst Benjamin Gerlinger wrote in a report that cut his rating to “sell.” Bloomberg reported “Bank OZK faces ‘largely idiosyncratic’ exposure to life sciences relative to peer banks,” with a $915 million loan on the Research and Development District on San Diego’s waterfront, developed by IQHQ Inc..“RaDD has been in development for more than 4 years and we believe 0% of the...

Tuesday at Power & Market I described a certain type of soft and wobbly Mises Institute “supporter” who believes that the Mises Institute is not allowed to have standards. In the minds of these people, the Institute must publish articles that contradict the Institute’s core editorial positions in the name of “debate” and avoiding “dogmatism.” Apparently, it’s not enough that nearly the entire edifice of the American regime—along with academia and the legacy...

In the shadows of society, where legality meets defiance, lies a realm inhabited by those often deemed outlaws: smugglers. To some, they are criminals, evaders of the law; to others, they are the unsung heroes of the market, navigating the murky waters of prohibition and regulation to fulfill the demands of consumers and preserve individual freedoms. In this exploration, we unveil the clandestine world of smuggling and illuminate its role as a beacon of resistance...

Overview: The dollar initially extended yesterday's North American recovery but unwound most of the gains in the European morning. As North American dealers return, the greenback is lower against most of the G10 currencies. After approaching levels believed to have been where the BOJ last intervened, profit-taking pushed the dollar back to a marginal new low for the week (~JPY156.55). The yen's recovery arguably helped the Chinese yuan rise for the first time since...

Do you hate the State? Javier Milei, the current president of Argentina, seems to. “The State is a killing machine.” “The State is a criminal organization.” “Taxation is theft.” “Philosophically, I am an anarcho-capitalist.” These are quotes from Milei, a man who offered Argentina a “true liberal option”—classical liberalism. He claims to be a “liberal-libertarian” and an admirer of Murray Rothbard (1, 2, 3). He has said he is a minarchist in the short run, but...

A Manhattan jury’s decision to convict Donald Trump of falsifying business records to break federal election law is being heralded by The Usual Suspects as a moment in which “no one is above the law.” Indeed, both prosecutor Alvin Bragg, who brought the charges, and Judge Juan Merchan, who acted as a member of the prosecution, have proven that they themselves are above the law and can act well outside legal boundaries because no one will set boundaries for...

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 order....

Mises is on the march, and the elites are terrified.For decades, the most powerful institutions, from academia to the corporate press, have made a concerted effort to marginalize the wisdom of Austrian economics. Their control is breaking. From Tucker Carlson to UFC, the name Ludwig von Mises has reached the masses in ways he could have never imagined.Now, we’re looking to take it to the next level.We are releasing our newest documentary, exposing how...

With more than 130,000 certified signatures, the “Pro Switzerland” civil movement asked the Swiss government to organize a national referendum on strengthening the country’s international neutrality. After the authorities followed the European Union’s sanctions on Russia and bolstered the cooperation with the North Atlantic Treaty Organization (NATO), the referendum organizers want to prevent a gradual erosion of Switzerland’s traditional neutrality.They also want to...

“First of all, don’t target civilians.”~Murray Rothbard’s first principle of just war in his essay, “Just War”Like Hans Hoppe I have been a friend of Walter Block’s for decades. I co-authored a book and an article with him, sponsored a guest lecture by him at my university; lectured twice at his invitation at Loyola University New Orleans; wrote dozens of online articles in his defense when he was libeled by the administrators of Loyola University Maryland for giving...