If one looks at the current paper money system and its negative social and social-political effects, the question must arise: where are the protests by the supporters and protectors of social justice? Why don’t we hear calls to protest from politicians and social commentators, from the heads of social welfare agencies and leading religious leaders, who all promote the general welfare as their mission?

One of the few positive aspects of the back to back boom-busts episodes experienced by the U.S. and world economies is a renewed interest in the Mises-Hayek-Rothbard-Garrison-Salerno or Austrian business cycle theory (ABCT) coming first from the financial press and more recently from ‘mainstream’ macro economists. I recently showed how the renewed interest proved Krugman wrong about Mises and Hayek.

Today is the 80th anniversary of the Repeal of Alcohol Prohibition in 1933. Here are some of my comments from the 75th anniversary. Here is another good question on the 80th anniversary: why don’t we smarten up and repeal marijuana prohibition?

Fascism vs. Capitalism. By Llewellyn H. Rockwell, Jr. Auburn, Ala.: Mises Institute, 2013. 170 pages.

Lew Rockwell offers us in Fascism vs. Capitalism a provocative and insightful diagnosis of the political and economic ills of our time. The situation that we face, he says, is dire; but, fortunately, he does not leave us without remedy. To the contrary, the wisdom of Mises, Rothbard, and their colleagues in the Austrian School offers the means to rescue us, and the inspiring leadership of Ron Paul shows us the way to put their ideas into practice.

Here is an article that reports legal marijuana growers are using a great deal of electricity in Colorado following the vote to legalize marijuana. It focuses on the negative impact this is having on pollution, but spending lots of money on electricity indicates that they are also employing people and providing medical and recreational benefits to their consumers. Producers are buying warehouse space, special lighting and growing equipment, greenhouses, etc.

In this excerpt from Lecture 1 of “Santa Claus Economics”, Thomas DiLorenzo explains Ludwig von Mises’s views on the welfare state, and how it harms those it is meant to help. The 2nd lecture for this course is Sunday, 8 December. Enroll at http://academy.mises.org/courses/santa/

Guest Post: Wilhelm von Humboldt’s ‘Calm Investigation of the Most Important Questions’

by Gary M. Galles

De nos jours, un sentiment quasi universel veut que la crise économique des dernières années marque la fin du capitalisme. Ce dernier aurait échoué, dit-on.