In a recent Reason-Rupe Survey, 58 percent of Americans ages 18–24 said they viewed socialism favorably. However, when asked if they favored a free market economy or a government-managed economy, 64 percent of Millennials said they favored the free market. How is it possible for Millennials to favor both a socialist government and a capitalist economy? The answer is simple, Millennials simply do not understand what either of these words really mean, especially capitalism.

The US Office of Management and Budget last month released its latest numbers of US federal debt as a percentage of gross domestic product. According to the OMB, the federal debt is now at 100 percent, which makes it similar to debt levels reached during the aftermath of the second world war when the US was still dealing with its massive war debt. 

Indeed, since 2008, federal debt levels have been at 50-year highs and at levels one would expect from a country in crisis or at war:

We are in the midst of the NFL preseason, which means its fantasy football draft-time for the tens of millions who play fantasy football every year.

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There’s a new bout of outrage over an expensive medicine or medical treatment. While the good in question changes each time, the blame always seems to fall on greedy corporations who just aren’t regulated enough. Free markets and capitalism are the scapegoat, even when nothing remotely resembling unhampered markets in health care is in place in the United States.

We need Mises now more than ever. The Federal Reserve is weighing which month to increase their target rate by a quarter of a percentage point, sending the media into a flurry whenever Janet Yellen so much as sneezes. As millions of US voters fall behind a self-avowed socialist, Venezuela’s socialist experiment is crashing and burning: Coca-Cola has shut down operations, toilet paper is a luxury item, power outages are regular, and violence and looting are on the rise. This is a prime opportunity to show others the prescience of Mises.

As 2016’s campaign unpleasantness has accelerated, many Americans were going through another often-unpleasant experience — back-to-school shopping. Unnoticed, however, was that the common parent-child conflict of back-to-school shopping can explain much of Americans’ growing electoral disunity.

When World War I began, many analysts believed that the international gold standard would keep the war short. A war of attrition was not thought to be possible because the disciplining effects of the gold standard — capital flight and gold outflow — were supposed to restrain the ability of states to mobilize resources in times of war. As many believed at the time, states under the gold standard would quickly run out of money to pay for soldiers and resources.

Starting today, the Royal Bank of Scotland will become the first bank in the U.K. to impose a negative interest rate on depositors. The negative rate will apply only to corporate customers, including mutual fund managers and pension funds, holding deposits of certain foreign currencies including euros. This means that RBS—in which the U.K.