According to some commentators on the gold standard, an increase in the supply of gold generates similar distortions as money out of “thin air” does.

Let us start with a barter economy. John the miner produces ten ounces of gold. The reason why he mines gold is because he believes there is a market for it. Gold contributes to the well-being of individuals.

He exchanges his ten ounces of gold for various goods such as potatoes and tomatoes.

Now people have discovered that gold apart from being useful in making jewelry is also useful for some other applications.

How refreshing to read a widely published economics book which casts the Austrian School in its proper light!

The Economics Book is part of DK’s popular series, Big Ideas Simply Explained. The series takes an historical approach to over a dozen subjects such as religion, psychology, art, science, history, and literature.

The fundamental problem of the last OPEC meeting is the evidence of the division between two groups. One, led by Iran, which wants higher prices and deeper cuts, and the two largest producers, Saudi Arabia and Russia, who support a more diplomatic position. 

Iran wants to continue increasing its own production yet wants OPEC to maintain the group cuts. Iran also faces the backlash of sanctions on exports. Today, the US exports more oil than Iran.

One of the most problematic aspects of the American Revolution — problematic for the state — is the fact that the American war for independence was illegal. According to British law, the secession movement announced at Philadelphia in 1776, and the war fought to defend it, were criminal acts instigated by criminals.

President Trump’s National Security Advisor John Bolton was in Moscow last week organizing what promises to be an historic summit meeting between his boss and Russian President Vladimir Putin. Bolton, who has for years demanded that the US inflict “pain” on Russia and on Putin specifically, was tasked by Trump to change his tune. He was forced to shed some of his neoconservative skin and get involved in peacemaking. Trump surely deserves some credit for that!

In the final chapters of his masterful history of the American Revolution, Conceived in Liberty, Murray Rothbard takes to examining the political and social repercussions of the American Revolution’s success. He notes the revolution accelerated the elimination of old feudal laws, the disestablishment of churches, and the confiscation of lands from the old Tory ruling classes.

[Adapted from the lecture “Render Unto Caesar: A Most Misunderstood New Testament Passage“ presented March 13th, 2010, at the Ludwig von Mises Institute.]

I. INTRODUCTION