The illusion of wartime prosperity is rooted in how national income was calculated and in how the statistics were compiled, writes Art Carden. This audio Mises Daily is narrated by Keith
[Introduction to Rothbard’s America’s Great Depression , December 1999] The Great Depression was a failure not of capitalism but of the hyperactive state.” The Wall Street collapse of September–October 1929 and the Great Depression which followed it were among the most important events of the 20th century. They made the Second World War possible,
If the word “ironic” doesn’t apply to bond-investing gurus, then it applies to no one. Former George Soros protégé Stanley Druckenmiller and Doubleline Capital founder Jeffrey Gundlach have warned that US government spending is unsustainable at current levels and that the ballooning deficit increases the likelihood of default. Bill Gross, manager
[The 2011 Henry Hazlitt Memorial Lecture, given on March 12 at the Austrian Scholar’s Conference. An MP3 audio file of that lecture is available for download .] David Stockman The triumph of crony capitalism occurred on October 3rd, 2008. The event was the enactment of TARP — the single greatest economic-policy abomination since the 1930s, or
Unhinged 2.0 This article originally ran on Tuesday, February 17, 2009. It was near the low of the last stock-market cycle and the economy had endured a year of unprecedented government interventions. The Federal Reserve had made a series of bailouts, Detroit had been bailed out, and we had the various stimulus programs. These measures were sure
[ Debtor Nation: The History of America in Red Ink • By Louis Hyman • Princeton University Press, 2011 • 392 pages] “The author doesn’t make the distinction between accumulated real capital and cheap credit created through a banking system cartelized by the Federal Reserve.” The debate in Washington over the nation’s debt and debt ceiling has
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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.