[This article is one of the winners of the annual Kenneth Garschina Undergraduate Student Essay Contest. In March 2026, in celebration of Murray Rothbard’s 100th birthday, students submitted essays on his iconic Austro-libertarian text, For a New Liberty: A Libertarian Manifesto. The top three contestants presented their essays at the Austrian Economics Research Conference.]

[This article is one of the winners of the annual Kenneth Garschina Undergraduate Student Essay Contest. In March 2026, in celebration of Murray Rothbard’s 100th birthday, students submitted essays on his iconic Austro-libertarian text, For a New Liberty: A Libertarian Manifesto. The top three contestants presented their essays at the Austrian Economics Research Conference.]

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.)]