Deposit banking rests on the bank honoring property rights. Loan banking rests on making good loans that will pay off. But when loan banking and deposit banking merged, the temptation to loan out much more than was actually in the bank arose. Deposits stopped being treated as a bailment. Fractionalized banking is illegal and dishonest under the
In our times, a major reason, and perhaps the major reason, for the phenomenal progress of the ideas of liberty is the work of the Mises Institute. This is the infrastructure that gives rise to and supports all the rest. We need your help, writes Doug French. This audio Mises Daily is narrated by Jeff
Foreword by Doug French The public’s understanding of what money is and its origins has devolved to the point where the government monetary authorities can now inflate with impunity, with the ultimate result to be the destruction of the division of labor undoing all of mankind’s progress to date. The average Joe and Jane must trust the wise men
According to the Socialist Party USA website , “In socialism, full employment is realized for everyone who wants to work,” because, “In a socialist system the people own and control the means of production and distribution through democratically controlled public agencies, cooperatives, or other collective groups. The primary goal of economic
Keynesian policies used to be all about building infrastructure, bridges to nowhere, and the like. Put people to work, replace private investment, prop up aggregate demand and all of that. Remnants of FDR’s New Deal are still standing, not to mention projects constructed by the Roman Empire. But Detroit’s new mayor Dave Bing is shooting and
Warren Buffett’s partner at Berkshire Hathaway Inc. Charlie Munger told students at the University of Michigan “You should thank God” for the bank bailouts. Without George W., Obama and Bernanke, civilization as we know it would have gone down the drain, making a comparison to Weimar Germany. “Hit the economy with enough misery and enough
According to the Socialist Party USA website , “In socialism, full employment is realized for everyone who wants to work,” because, “In a socialist system the people own and control the means of production and distribution through democratically controlled public agencies, cooperatives, or other collective groups. The primary goal of economic
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. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.