Ninety years ago, John Maynard Keynes dismissed gold as a “barbarous relic” and recommended the pursuit of paper money. Today, we see the inflationary fruit of the poisonous tree.
Economist Judy Shelton reflects on sound money from Jefferson’s dollar to today, and argues that Rothbard’s ideas are gaining real-world traction from Milei’s Argentina to Europe’s gold-backed currency debates.
This week, Bob does a deep dive on the accounting argument at the heart of MMT, as a teaser for his chapter in the Mises Institute’s forthcoming book, Anti-MMT: The Errors of Modern Monetary Theory.
MMT proponents, in the words of Ludwig von Mises, see "something miraculous in the issuance of fiat money"—they see in the government a power that surpasses "the art of sorcerers, witches, and conjurors."
To mark Ludwig von Mises's 145th birthday, Bob reviews the contributions that put Mises in the running for greatest economist of all time.
Mainstream economics does a disservice when students are taught that money is a medium of exchange, a store of value, and a unit of account without explaining why and how money came to function in those categories.
Mainstream economics does a disservice when students are taught that money is a medium of exchange, a store of value, and a unit of account without explaining why and how money came to function in those categories.
Dr. Mark Thornton presents Hayek's "Choice in Currency," which diagnoses inflation as an ancient superstition revived by Keynes and proposes a radical remedy — letting people freely choose their money — now finding modern expression in cryptocurrency and the return to gold.
Without established exchange-ratios between a currency and goods, a fiat-token cannot meaningfully serve as a unit of account because it has no referent. The only way a state could meaningfully ground such a fiat-token by political decree would be through comprehensive price controls.
Without established exchange-ratios between a currency and goods, a fiat-token cannot meaningfully serve as a unit of account because it has no referent. The only way a state could meaningfully ground such a fiat-token by political decree would be through comprehensive price controls.
