Mises Daily

We have become the people our founding fathers warned us (and tried to protect us) against.

We once did have private roads, several centuries ago.

"Costs of production do not determine prices of goods. Prices of goods determine costs of production."

"Just like Obama's and FDR's 'deals,' John Law's prescription for what ailed France required no sacrifice."

Possibly, once the rush gets underway, the only "state" that will be left in Old America will be the District of Columbia.

"It is no coincidence that Mankiw's worldview leads him to literally propose destroying the currency in order to fix the economy."

The We cannot act otherwise than each of them acting on his own behalf.

With the world economic crisis in full tilt, the US dollar is on the ropes and the clock is ticking.

Hayek criticized Keynes for his neglect of the real structure of production, arguing that Keynes's predilection for concentrating on the immediate and purely monetary phenomena accompanying changes in money expenditure, together with his penchant for aggregative macro concepts (total profits, total investment), had led him into contradictory or untenable conclusions.

But if you follow the Austrian recipe of allowing liquidation of bankrupt firms and debt, allowing prices to fall without monetary inflation, not propping up employment or subsidizing unemployment, and not discouraging hoarding, you will end up with the quickest possible recovery and minimize the magnitude of economic pain.