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On his podcast “Verdict” November 13, Ted Cruz mentioned one of my favorite books by Ludwig von Mises: Bureaucracy. He mentioned it in reference to the “Department of Government Efficiency” that was also announced by President-elect Donald Trump on the same day. Cruz brings up a crucial point to the conversation surrounding this plan, pointing at Mises for getting it right. The idea lingers that this Department will make government efficient; that is why you need two...

Overview: The US dollar has begun the new week consolidating in a mixed fashion against the G10 currencies. Bank of Japan Governor Ueda remains circumspect and did not provide guidance about next month's central bank meeting. Without positive guidance, the market sold the yen, but the swaps market shows about 13 bp of tightening has been discounted, up a couple of basis points from a week ago. Leave aside the New Zealand dollar, which is also under pressure ahead of...

In the ever-evolving landscape of economic theory and policy, few concepts have been as influential and controversial as Joseph Schumpeter’s “creative destruction.” This powerful idea, which describes the process by which innovation continuously reshapes markets, challenges conventional wisdom about competition, monopolies, and the role of government intervention. As we grapple with the complexities of the digital age, the tension between creative destruction and...

Last month, the IMF stated that “our forecasts point to an unforgiving combination of low growth and high debt, a difficult future,” emphasizing that “governments must work to reduce debt and rebuild buffers for the next shock, which will surely come, and maybe sooner than we expect.”This advice comes with a warning. At the current rate of spending, the US debt to GDP will reach 198% by 2050 even without expecting a recession. The G-7 public debt to GDP is expected...

The Compass Initiative calls for important treaties to be approved by the people and the cantons. Keystone / Peter Klaunzer Listen to the article Listening the article...

At the last FOMC meeting, Jerome Powell was asked if they were concerned that inflation expectations are “de-anchoring, or put another way, are anchoring at a slightly higher level?” His answer specifically referenced the 5x5 forward inflation expected rate. He could have used many data points to answer the question. However, the fact that he specifically mentioned the 5x5 rate gives us an inflation expectations benchmark to better gauge how the Fed will manage...

The United States 10-year government bond yield reached a low of 3.6% in September but has rapidly creeped up to 4.2%, erasing all the rate cut impact. The primary cause is the out-of-control public spending and the lack of confidence among bond investors in the government’s ability to manage its public finances. Therefore, it is logical that investors fear an inflation bounce.The United States’ government is obsessed with doping GDP with government spending and...

• ETH steigt nach Trump-Sieg<br> • Anleger scheinen optimistisch zu sein<br> • Widerstandsmarke überwunden<br> <!-- sh_cad_1 --> Nach dem US-Wahlsieg von <!--#BNL#topicId#98-->Donald Trump<!--#ENL--> verzeichnete <a href="/devisen/ethereum-dollar-kurs" target="_blank">Ethereum</a> (ETH) einen deutlichen Anstieg und notiert derzeit bei... [embedded content]...

• Wachsendes Interesse an Bitcoin-Zahlungen<br> • Naher Osten mit höchster Akzeptanz<br> • Bedürfnis nach breiteren Finanzdienstleistungen<br><!-- sh_cad_1 --> Aus einem aktuellen Bericht von <a href="/devisen/ripple-dollar-kurs" target="_blank">Ripple</a> und dem US Faster Payments Council geht hervor, dass die <a... [embedded content]...

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....