Mises Daily

"Mises must be compared to thinkers like Voltaire or Montesquieu, Tocqueville and John Stuart Mill."

Suppose in 2007 you were handed a piece of paper and a pencil, and were asked, "Come up with a list of bullet points for how to generate severe stagflation in the years 2010 through 2019."

Wouldn't your list look pretty similar to what has already happened?

Bubble activities are not self-funded; they require money "out of thin air," which is employed to divert real savings to them from wealth generators.

"In a year or two, we just moved right from that stock-market bubble, almost seamlessly, into the real-estate bubble, and nobody could see that there was any similarities."

"There is no incentive for bank depositors to go to the trouble of determining a bank's soundness if the government is going to guarantee deposits."

As I see it now, democracy is not to the advantage of the demos, it is to the advantage of the power elite.

In addition to his merciless evisceration of the propaganda surrounding specific New Deal programs, Murphy assembles some suggestive evidence, in addition to the clear testimony of economic theory, regarding the destructive, growth-inhibiting nature of the New Deal in general.

These are dark times, but the foundation has been laid for a classical-liberal renaissance. Policy after policy threatens us with short-run malaise, but I for one remain hopeful and optimistic.

"Like all things designed to suit the taste of the masses, advertising is repellent to people of delicate feeling."

The progressives demanded efficiency in government and spurned traditional American practices as obstacles on the path to needed reforms.