In this article, I would like to present some fundamental economic thoughts on the cause of war, as war has chronically plagued human history, particularly the more recent history. In 1919, the economist Ludwig von Mises (1881–1973) published a book entitled Nation, State, and Economy, presenting an explanation as to why the catastrophic First World War could come about.

With proponents of military intervention and war, it’s always 1938, and every attempt to substitute diplomacy for escalation and war is “appeasement.” 

Each century presents its unique set of problems for lovers of freedom, peace, and prosperity. While the great vanguards of liberty in the twentieth century dealt with the looming shadow of centralization and were engaged in a battle against socialists and statists who argued for centralization and adjudication of individual liberty for the sake of universal material opulence, free markets with the fall of the curtain on the twentieth century have definitely shown that universal material opulence is only compatible with individual economic freedom and liberty.

The phenomenon of currency devaluation and its consequences is a process that not only occurred in modern times, but has much deeper roots, going back to antiquity.

With inflation at a forty-year high, it is the topic on everyone’s mind. US core inflation has reached 7.5 percent year over year, and the prices of certain goods, such as used cars and steak, are up as much as 50 percent over the past year. This is a major threat to the current administration, with a recent poll showing that 70 percent of Americans disapprove of Joe Biden’s handling of inflation.