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I remember that in 2009 three messages were constantly repeated: “In this crisis measures are different, because governments are investing in the recovery by increasing public spending,” “the funds from stimulus plans will strengthen the recovery “and “central banks help a stronger recovery by lowering rates and increasing liquidity.” Then, 2010 arrived and the Eurozone entered a deeper crisis. In many aspects, this recession is similar. Many governments are doing the same as they did in 2009. Extend and pretend. Extend structural imbalances and pretend this time will be different.

Listen to the Audio Mises Wire version of this article.

Listen to the Audio Mises Wire version of this article.

Listen to the Audio Mises Wire version of this article.

On January 15, Wikipedia turns 20. Its anniversary is a good time to celebrate the success of a service that has become so useful to so many.

In a famous lecture delivered in August 1819, the great classical liberal Benjamin Constant contrasts the ancient and modern conceptions of liberty. By the “ancient conception,” Constant means the liberty of the citizens of a state to rule themselves, as opposed to rule by despots, whether foreign or domestic. He has primarily in mind the ancient Greek city-states. He says that ancient liberty

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Every end of the year, by the end of the year, we receive numerous estimates of global GDP growth and inflation for the following year. Historically, almost in all cases, expectations of inflation and growth are too optimistic in December for the following year.