“How does a bank collapse in 48 hours?” Asks the CNN headline. Especially a bank that reported a profit of $3.4 billion just last year. Murray Rothbard answered the question years ago in What Has Government Done To Our Money?, “No other business can be plunged into bankruptcy overnight simply because its customers decide to repossess their own property. No other business creates fictitious new money, which will evaporate when truly gauged.”

There are many excuses often used to explain inflation. However, the fact is that there is no such thing as “cost push inflation” or “commodity inflation.” Inflation is not an increase in prices, it is the destruction of the purchasing power of the currency.

Cost-push inflation is more units of currency going to relatively scarce real assets. The same can be said about all other, from commodities to demand and my favorite, “supply chain disruption.” More units of currency going to the same goods and services.

I am excited to tell you about a new book project from our brilliant Senior Fellow, Jörg Guido Hülsmann.

I just finished the manuscript, and let me tell you: this is a remarkable work.

That is why I’m writing you—as part of a select group of Mises Institute Supporters and fans of Dr. Hülsmann’s work. We know you will want to be listed in the book as a Supporter!