“The liberal critique of the argument in favor of war is fundamentally different from that of the humanitarians.  It starts from the premise that not war, but peace, is the father of all things.  What alone enables mankind to advance and distinguishes man from the animals is social cooperation.  It is labor alone that is productive:  it creates wealth and therewith lays the outward foundations for the inward flowering of man.  War only destroys; it cannot create.  War, carnage, destruction, and devastation we have in common with the predatory beasts of th

Sadly, one of the most enthusiastic and generous supporters to the Mises Institute, Jerry Davis, has passed away. Before health issues slowed him, Jerry was a frequent caller to the Institute, providing inspiration, to talk about Austrian economics and liberty, or to order books to be sent to friends or just people he came in contact with. Jerry purchased thousands of books to spread the word of liberty.

“While Rothbard was still busy writing and polishing the manuscript of his magnum opus, Hans Sennholz was already a quality product of Mises’s NYU seminar....And in distinct contrast to Rothbard, who spent nights working or discussing with friends, slept through much of the day, missed deadline after deadline, and tended to be messy and disorderly, Sennholz featured the Teutonic personal virtues of punctuality, orderliness, and reliability.”

[Peter Klein is teaching Austrian Microeconomics, an online course, from July 5 through August 22.]

According to Bloomberg’s survey of economists, 58 percent believe that the FOMC will announce an extension of Operation Twist at the end of its meeting at 12:30 pm today.  The majority expect the Fed to extend the maturity of its securities portfolio by substituting the purchase of long-term securities, possibly even more mortgage-backed securities, as its short-term securities mature in order to further depress long-term, especially mortgage, interest rates.&

Here are the lamentations.