Previous sustained surges in consumer prices – otherwise described as big levies of inflation taxation - have brought in their wake episodes of monetary normalization. These have usually featured a “return to gold” or at least to monetary rules associated with the gold standard. The 2021-2 surge will likely prove an exception thanks in no small
As I was listening to Fox News describe the expected victory of Glenn Youngkin in the Virginia gubernatorial race during the evening of November 2 and then to the happy talk that followed the next morning after Youngkin squeaked out a two-point victory, I kept thinking about how the philosopher Georg Wilhelm Friedrich Hegel described the French
November’s Federal Open Market Committee (FOMC) meeting finally brought the long sought-after tapering . This month, instead of unleashing $120 billion into the market to lower the purchasing power of the dollar, the Fed will aim for closer to only $105 billion per month; hence the taper. As per usual, the Q & A highlights offer great insight into
An income tax audit is essentially a search. Why, consistent with the Fourth Amendment to the US Constitution, doesn’t it require a search warrant signed by a judge? Since income-tax audits sometimes lead to criminal prosecutions and jail sentences, why is it not a requirement that anyone whom the IRS wishes to audit first be given a Miranda
When I was in grade school, I learned that America was a republic . There were checks and balances built into the political machinery of the country, our teachers taught us, and things like the Electoral College and indirect election of senators (now defunct) to insulate the body politic against the will of the fickle masses. Our American history
Who should take the blame (or credit) for Cuba’s 6,900% inflation rate? Before the answer is given, consider the history of fiat currencies, from Roman times to Kublai Khan, pre-war Germany, to recent popular hyperinflations such as Venezuela and Zimbabwe. The common denominator is always the same. In the case of hyperinflation, it is always the
The article “Marxism versus Libertarianism: Two Types of Internationalism” argues that socialist internationalism was postulated by the founders of Marxism without a coherent proof of the proposed premise. This axiomatic notion was necessary to achieve the inner logic of historical materialism. The matter of fact is that Marx and Engels could not
Who could have predicted this? As CNBC reports: The consumer price index rose 6.2% year over year and on a monthly basis, CPI increased 0.9%, both significantly above estimates. Stunning. The goal of overshooting the arbitrary 2% inflation target has finally been met in a major way. Let’s see what two economic experts have to say. According to
Navigating the Judicial System can be a difficult endeavor for those unfamiliar with, untrained in, and inexperienced with legalistic language, court procedures, or even the resources for attorneys who are. This mixed with the often broad nature of the law makes the United States a highly litigious society with legal fees and spending on legal
János Kornai was born in 1928, in a century of bloody and tragic twists and turns. His homeland, Hungary, was especially a dangerous place during the 20th century. Among other things, it fell under both totalitarian regimes: Nazism and Communism. Kornai’s personal life was also shaped by that century. His father became a victim of the Holocaust.
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.