May’s FOMC minutes were released at 2:00 eastern today and included the same self-confidence about the strength of the economy, the progress on inflation, and the good employment numbers. Any sign of weakness, especially in the GDP numbers were waved away as being “transitory.”

[This article is part of a series of occasional posts which will explore the immense treasure trove of unpublished papers, lectures, memos, correspondence, and notes in the Rothbard Archives at the Mises Institute.]

In 1961, F. A. Harper of the William Volker Fund, and later the founder and president of the Institute for Humane Studies, asked Murray Rothbard to list and opine on the “outstanding libertarian educators of our time.” Rothbard responded in a letter dated July 9, 1961. 

The Bernanke-Yellen bubble is impacting many sectors of the economy. Agriculture land, motor vehicles and auto loans, banking, bonds, contemporary art, corporate stocks, higher education and student loans, mergers and acquisitions, ocean shipping and cruise lines, social media, technology, housing, real estate, and land markets have been noticeably affected.

Credit-fueled bubbles generally have a wide-ranging effect on the economy, but might all this just be a sign of sustainable economic growth?