The World War Boom and ‘46 Bust: Why War Does Not Keep Us Out of Recessions

When I took my high school’s twentieth-century world history class, both the teacher and workbooks claimed repeatedly that World War II took us out of the Great Depression. Why would anyone question this? After all, unemployment went down. The US Bureau of Labor Statistics measured the unemployment rate from 1929 onward. In 1939 the unemployment rate stood at 17.2 percent. By 1942 it was at 4.7 percent, and by 1944 it was at 1.2 percent.

The Instability of Stablecoins

At the Austrian Economic Research Conference (AERC 2023) event in Auburn, Alabama, behind a wooden podium once used by Ludwig von Mises, I presented my paper: The Instability of Stablecoins.

Whether it’s called a pyramid, ponzi, shell game, or a grand delusion containing fraudulent elements, there’s something peculiar going on in the stablecoin industry; almost too familiar, and it requires explanation...