[This article is excerpted from The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions (2011). An MP3 audio file of this article, narrated by Paul Strikwerda, is available for download.]

CNBC brought its usual A-game this morning when its in-studio guest Constance Hunter, Chief Economist for Aladdin Capital Holdings, was called upon to comment on the CPI data released. Immediately after the government reported “headline” CPI increase of .5% and “core” (everything but food and fuel) CPI increase of .2%, market maven Hunter was asked whether the Federal Reserve should be reacting to the headline numbers. Ms. Hunter replied,

Being on food stamps used to be considered an embarrassment. People used to hide it. I remember my grandmother speculating about the ne’er do wells living down the street, “I hear they’re on food stamps,” she said derisively. It was the ultimate indignity to have the government pay for your groceries. People on food stamps were either lazy or slimeballs gaming the system, stealing from everyone else.

History is littered with monetary managers who believed they were in total control — until the disaster hit.

Gold is the universal language and has been for eons.

Here is a first go at a new podcast: “Mises Weekly”, a two-hour discussion of all the previous week’s Mises Daily Articles between myself and Abhi Mallick. Sorry, audio quality on this one is not too good. But let us know if this is something we should pursue further!

Subversive media outlets have become serious problems for the ruling elite. In just a few short years, the Fed has transformed in public opinion from a mysterious, wise, and boring institution into a fascinating engine of corruption and comedy.

Earlier this evening, I attended a seminar on Austrian economics with Peter Boettke sponsored by Fundacion Bases in Argentina. In addition to just wanting to participate, I wanted to see what it was like to be a member of the audience for something like this as it’s a lot like what I expect my Mises Academy course to be like. It was really amazing: I feel like little, if anything, was lost relative to a real classroom even though the audio was a bit spotty at times.

I really wanted to love Inside Job, the film that won the Academy award this year for best documentary. And it is a great film, but to see it that way you have to turn your brain “off” even as you push the “on” button on your DVD clicker. The interviews are personal and interesting. The footage of Wall Street and the offices of big players in the world of finance are absolutely gripping. The narrative has energy that pushes this two-hour film forward. It is easy to watch and tells a great story.