For a New Liberty was explicitly conceived to fulfill the role of a manifesto, as indicated by its subtitle, The Libertarian Manifesto. Its main innovation relative to earlier works lies in the systematic organization of the philosophical foundations of classical liberalism and in pushing their political implications to their ultimate conclusions.

This essay applies Rothbard’s theory of property rights, as articulated in For a New Liberty, to the technological conditions of the digital age. Drawing primarily on Rothbard’s framework and its systematic extensions by Kinsella, the essay advances two central claims. First, so-called “digital assets” cannot qualify as property in a strict Rothbardian sense, since information, code, and patterns are non-rivalrous and therefore incapable of generating ownership-relevant conflict.

Inflation pressure, plus uncertainty means Japan, like the US, faces upward pressure in bond yields. This will bring down a lot of overleveraged households and businesses. 

But why did she bring it up? It could be the Iran war is going so badly that the White House would rather we talk about Epstein instead. 

Mises Institute Senior Fellow was featured last month at the AEI’s symposium on Fannie Mae and Freddie Mac. Alex speaks throughout the panel discussion, which can be viewed here. 

For centuries, Austrian economists diagnosed the root cause of business cycles with remarkable precision: credit expansion untethered from real savings. Mises demonstrated it, Hayek formalized it, and history confirmed it repeatedly. Yet, despite that theoretical clarity, one question remained unanswered in practice: Is a credit system structurally incapable of artificial expansion even possible? The emergence of collateralized lending protocols in decentralized finance suggests, for the first time, that the answer might be yes.

[How Much Is Enough? Money and the Good Life by Robert Skidelsky and Edward Skidelsky. (Other Press, 2012; x + 243 pp.)]