Power & Market

Newman on the Tom Woods Show: The Progressive Era Was a Scam

5 hours agoPatrick Newman

Patrick Newman joined the Tom Woods Show yesterday to talk about the Murray Rothbard book he edited on the Progressive Era.

Check out the episode here. 


When commenting, please post a concise, civil, and informative comment. Full comment policy here

NY Man Builds His Own Highway Off Ramp

04/10/2018Tho Bishop

One of the best stories I've seen recently comes from Irving, New York, where a man has decided to build his own highway off ramp for his tobacco store. This story has it all, tax evasion, Indian tribal sovereignty, and an answer to the question "who will build the road?" The video is worth watching.

As WRAL reports:

Eric White is a member of the Seneca Indian Tribe and owns the “Big Indian Smoke Shop” in Irving, New York.

He is reportedly building the ramp as part of a personal protest after losing a legal battle with the state over allegedly selling untaxed cigarettes.

Through his attorney, Mr. White is defending his move by evoking the sovereignty of tribal land, a point that the Federal Highway Administration doesn't know how to respond to. 

Just another reason why tribal sovereignty is so important

When commenting, please post a concise, civil, and informative comment. Full comment policy here

New from Hunter Lewis: Economics in Three Lessons!

For years, people have demanded an update to Henry Hazlitt's 1946 best seller Economics in One Lesson. Now we have one.

In Economics in Three Lessons, Hunter Lewis brings Hazlitt's timeless wisdom to the 21st Century.

Even better, Lewis includes an additional work, One Hundred Economic Laws. Finally, an easy to reference collection of axioms to refute the economic fallacies from either the left or the right.

A complete course in economics, in just one short book.

Available now in the Mises Store for $8.95

When commenting, please post a concise, civil, and informative comment. Full comment policy here

Neocons Are Back With a Big War Budget and Big War Plans

03/26/2018Ron Paul

On Friday, President Trump signed the omnibus spending bill for 2018. The $1.3 trillion bill was so monstrous that it would have made the biggest spender in the Obama Administration blush. The image of leading Congressional Democrats Pelosi and Schumer grinning and gloating over getting everything they wanted — and then some — will likely come back to haunt Republicans at the midterm elections. If so, they will deserve it.

Even President Trump admitted the bill was horrible. As he said in the signing ceremony, “there are a lot of things that we shouldn’t have had in this bill, but we were, in a sense, forced — if we want to build our military…”

This is why I often say: forget about needing a third political party — we need a second political party! Trump is admitting that to fuel the warfare state and enrich the military-industrial complex, it was necessary to dump endless tax dollars into the welfare state.

But no one “forced” President Trump to sign the bill. His party controls both houses of Congress. He knows that no one in Washington cares about deficits so he was more than willing to spread some Fed-created money at home to get his massive war spending boost.

And about the militarism funded by the bill? Defense Secretary James Mattis said at the same press conference that, “As the President noted, today we received the largest military budget in history, reversing many years of decline and unpredictable funding.”

He’s right and wrong at the same time. Yes it is another big increase in military spending. In fact the US continues to spend more than at least the next seven or so largest countries combined. But his statement is misleading. Where are these several years of decline? Did we somehow miss a massive reduction in military spending under President Obama? Did the last Administration close the thousands of military bases in more than 150 countries while we weren’t looking?

Of course not.

On militarism, the Obama Administration was just an extension of the Bush Administration, which was an extension of the militarism of the Clinton Administration. And so on. The military-industrial complex continues to generate record profits from fictitious enemies. The mainstream media continues to play the game, amplifying the war propaganda produced by the think tanks, which are funded by the big defense contractors.

This isn’t a conspiracy theory. This is conspiracy fact. Enemies must be created to keep Washington rich, even as the rest of the country suffers from the destruction of the dollar. That is why the neocons continue to do very well in this Administration.

While Trump and Mattis were celebrating big military spending increases, the president announced that John Bolton, one of the chief architects of the Iraq war debacle, would become his national security advisor. As former CIA analyst Paul Pillar has written, this is a man who, while at the State Department, demanded that intelligence analysts reach pre-determined conclusions about Iraq and WMDs. He cooked the books for war.

Bolton is on the record calling for war with Iran, North Korea, even Cuba! His return to a senior position in government is a return to the unconstitutional, immoral, and failed policies of pre-emptive war.

Make no mistake: the neocons are back and looking for another war. They’ve got the president’s ear. Iran? North Korea? Russia? China? Who’s next for the warmongers?

Reprinted with permission.

When commenting, please post a concise, civil, and informative comment. Full comment policy here

New Course on Development Economics with GP Manish

01/24/2018Mises Institute

In 2017, the US spent more than $50 billion on foreign aid. Why then are so many of the countries receiving this aid still living in dire poverty with starvation as a constant threat? Why doesn't this aid foster economic growth and development in those regions? Because just throwing money at a problem, foreign aid in this case, simply doesn't work.

So then, what are the prerequisites for economic development? What will improve standards of living? These are some of the issues addressed in a new course, Development Economics: An Austrian Perspective. G.P. Manish will explain the roles time preference and capital accumulation play in economic development as well as the importance of a fully integrated structure of production. He wraps up the course with a case study of economic development — and economic disaster — in India since gaining its independence from Great Britain in 1947.

This course is for independent study, free, and available to be taken anytime. The Mises Institute appreciates your support for continuing the creation of more courses in the Mises Academy.

Sign up today!

When commenting, please post a concise, civil, and informative comment. Full comment policy here

New Audiobook!

12/20/2017Mises Institute

To understand the modern state, you must understand the Progressive Era. Thanks to the generosity of Mr. Tyler Folger, Murray Rothbard's definitive book on the Progressives is now available as a free audiobook.

The audio files are currently available on iTunes, Google PlaySoundcloud, and Mises.org.

When commenting, please post a concise, civil, and informative comment. Full comment policy here

New Issue of the Quarterly Journal of Austrian Economics: Summer 2017

12/13/2017Ryan McMaken
When commenting, please post a concise, civil, and informative comment. Full comment policy here

New Audiobook!

12/12/2017Mises Institute

The Theory of Money and Credit, Ludwig von Mises's 1953 treatise on monetary theory, is now available as a free audiobook narrated by Jim Vann.

In a step-by-step manner, Mises presents the case for sound money with no inflation, and presents the beginnings of a full-scale business cycle theory.

The audio files are currently available on Soundcloud and Mises.org.

When commenting, please post a concise, civil, and informative comment. Full comment policy here

National Review Gets Virginia Wrong

11/09/2017Jeff Deist

National Review seems to think the recent election in Virginia was about Trump, when in fact it was entirely about demographics. Virginia is no longer a red state, and will become increasingly deeper blue in the decades ahead. This is why Romney lost in 2012, why Trump lost in 2016, why Ed Gillespie lost this week, and why future Ed Gillespies will lose statewide elections in the Old Dominion for the foreseeable future. Fidelity to Trumpism, or lack thereof, was not Gillespie's downfall. Nor was his milquetoast brand of Chamber of Commerce Republicanism, which nonetheless was sufficient to have him branded a race baiter in an opposition ad.

Just 20 years ago the northern Virginia suburbs were still the "conservative" part of the Beltway. Alexandria was always blue, but Arlington County had a mix that included some conservatives and leftover Reagan administration types. Fairfax and Loudoun counties, faraway at the time, were only somewhat suburban and largely rural. To say a few decades of growth changed the landscape would be a gross understatement, in fact perhaps no other part of the US has changed so rapidly. Today the entire region is one of the richest in the US, and in keeping with the times it became more leftwing as it became more wealthy. This would be true even if the direct source of that wealth was not the federal government.

Northern Virginia is also full of immigrants from Central America, South America, and Asia, many of whom are decidedly less affluent than their lawyer and lobbyist neighbors. In 2012 my own former city of Falls Church held Peruvian elections in a local high school gym, providing a form of absentee voting I assume was respected by that country's officials (although I don't know how ballots were transported back, or whether they were electronic). Immigrants in the NoVa suburbs benefit from the bustling micro-economy created by federal largesse, but by and large don't work directly in "the business." Many of the most recent arrivals live in overcrowded shared housing, causing uncomfortable situations for local zoning boards who want to enforce occupancy rules but don't want to appear racist or insensitive. And with even tiny houses from the 1940s selling for $600 or $700 thousand, where exactly are immigrants supposed to live?

It's an uncomfortable juxtaposition of wealth and relative poverty, with the two existing in proximity normally seen in big cities rather than suburban areas. Great Falls and McLean might as well be Beverly Hills. And while immigrants and their children may have little in common with the patent attorney living just a mile or two away, in the vast majority of cases both lean heavily Democrat. Immigrant non-citizens may not be able to vote, but their children certainly will. 

If you want to understand northern Virginia in a nutshell, look no further than the cluttered, heavily trafficked hellscape known as Tyson's Corner. This is what happens when artificial growth, fueled by Uncle Sam and the Fed, materializes in the form of an ersatz town. It is malinvestment in visible physical form.


So sorry National Review, winning elections in Virginia is not about explaining Reagan nostalgia or tax reform. It's about numbers. Terry McAuliffe is essentially the Governor of northern Virginia (with a nod to the Tidewater area and core Richmond; throw in lefty Charlottesville for good measure). He doesn't pretend otherwise, and didn't campaign otherwise. He doesn't need the rest of the state, and neither will his Democratic successors.

When commenting, please post a concise, civil, and informative comment. Full comment policy here
Shield icon power-market-v2