China has devalued the Yuan for the third day in a row. For many, this has aroused fears of a currency war. But, as Paul-Martin Foss explains below, its a bit hypocritical of Americans or Europeans to regard the Chinese as mean and nasty and currency warriors because they’re letting their currency adjust against a constantly-devaluing dollar and euro.

The Colorado Appeals Court ruled that the owners of a bakery do not have any right to control their property, and that they shall be forced to provide bakery services to a couple that the owner would rather not do business with. In other words, they have no property rights. The court writes:

The number of honey-producing bee colonies is higher than it has been in 20 years, according to the newest USDA data. After consistent decline from the late 1980s to the early 2000s, there has been a recent rise in the number of colonies due to federal regulations promoting bee health—scratch that—beekeepers responding to changing prices of honey, bees, and beekeeping equipment.

Per Bylund, winner of the 2015 Lawrence Fertig Prize, and associated scholar at the Mises Institute, is leaving Baylor University for a tenure track position in the School of Entrepreneurship at Oklahoma State University.

Dr. Bylund writes: “I’ll be working with PhD students (send me Austrian students, please!), and I’ll be an active voice in the campus-wide Institute for the Study of Free Enterprise.” 

Click here for your copy of The Austrian featuring new articles on a variety of topics from the war on cash to superhero movies.

With the latest round of talks between European creditors and Greek debtors, there is renewed talk of austerity. But, as Mark Thornton points out in this video, “austerity” only works when it means actual cutting of government spending on government-employee salaries, on government agencies, and on government programs. Without real cuts, the debt situation can never be resolved.

There is an interesting article in the NYT on the emergence of alternative paper currencies. “Artisanal” or “low-batch” currencies have been popping up all over in the past decade.  They have been issued by municipal governments in Great Britain, a private nonprofit entity in Amsterdam, and a regional network of businesses, nonprofits, and consumers in Bavaria.

Mises Daily Monday: Europe’s problems will not be solved by a Greek exit, and a breakup of the euro certainly won’t fix things as long as the Europeans remain in the thrall of many economic fallacies that have long driven the debate over the euro.