Ludwig von Mises understood that the unpopularity of taxes tended to limit the extent that governments could spend. But, if governments are freed from needing to raise taxes for revenue, as central banks allow them to do, they are unleashed.
Sure, economists can use randomized controlled trials to learn more about why some people prefer red to blue, or why we eat junk food instead of vegetables. But this tells us little about the big problems of economics.
DC budget spinners are at it again, claiming that deficits are melting away and the national debt is no big deal. In fact, debt and spending are just as out-of-control as ever, and if interest rates go up, we’re in deep trouble.
The US dollar’s days as a global reserve currency are numbered, but there is no high-quality replacement available. If there were an ideal reserve currency for the world, this is what it would look like.
Michael Oliver witnessed the beginning of the modern anarcho-capitalism movement, meeting Rothbard in the early 1970s. His graduate thesis was on Rothbard's description of a libertarian society and attempted to reconcile Rothbardian thought with the work of Ayn Rand.
The state now claims to be a party to every crime and claims the right to mete out punishments that have nothing to do with obtaining restitution for the victims. Instead, criminals are "rehabilitated" at taxpayer expense.
Many economists still believe that wealth can be created by simply convincing people to buy more stuff through loose monetary policy. What is really needed, though, is wealth creation, and then there is never a shortage of demand.
It's become common for populists to claim that what's good for businesses is bad for workers. It remains unclear, however, where all those workers are supposed to find jobs.
Interest rates are like prices, and the state should not regulate interest rates any more than it should regulate the price of soda. Regulation will lead to overuse of resources, shortages, and distorted markets.
The Swiss gold initiative has failed, and although it was portrayed as a very radical bill by supporters of fiat money, it was a very mild effort that would not have done much to limit the Swiss central bank.
