Mises Daily

As more individuals like Yoani Sanchez and Ron Paul emerge by means of the Internet, the inevitable long-term result will be a freer, happier, more prosperous world.

As long as governments and central banks continue to focus on the monetary symptoms of the "secondary depression" and continue to ignore the structural aspects of the "primary depression," they act like quacks.

Only wealth generators can revive the economy by accumulating enough real capital. In this regard, no government or central-bank policies can replace wealth generators.

However much one may value Carpenter's book, then, it does not reflect a consistent noninterventionist stance.

The change wrought by markets goes to the very core of the issue. It makes and breaks whole institutions, sometimes overnight. And it does so in a beneficial way for the whole, without blood and without the risk of unanticipated calamity.

If we understand that freedom is inseparable from sound money, we can embrace that too.

Price controls do cause shortages.

In short, the Galbraithian view of the business and marketing system makes little or no sense.

Mises would clearly see the solution to the fiat-money-generated world disequilibrium as a global return to a commodity-money standard with 100% reserve banking as the only monetary policy rule and a banking order that avoids the disequilibria generated by the politically motivated manipulation of the money supply.

It was the singular achievement of Murray Rothbard's America's Great Depression to have demonstrated that the Great Depression was a crisis manufactured and prolonged by the attempts to stop an inevitable downturn.