Global Economy

Section Five: Workers and Unions. Narrated by Harold L. Fritsche.

Sweden is turning to markets and private payer insurance for answers to their state-run health care.

Money is a measure of value as the ruler is a measure of length. Changing the length of a ruler, or constantly manipulating the money supply, can only create chaos.The ECB doesn’t realize that constantly changing the measuring stick makes entrepreneurial decisions much more difficult?

Japan suffers the universal results of high taxation and the wide variety of social problems that follow. No longer is one income enough to make ends meet. Government regulations make it difficult for new industries to compete against the established giants and most industries behave like state-owned enterprises.

Austrian economics teaches that understanding the “economy” can only be undertaken with the aid of economic theory. There is no formula or equation for understanding the economy. It cannot be measured in any meaningful scientific way. Only the logical construction of cause and effect aid us.

What the media calls a “currency war,” whereby nations engage in competitive currency devaluations in order to increase exports, is really “currency suicide.”

Venezuela illustrates Mises’s argument that economic intervention, if unchecked, leads to socialism.
 

In a recent appearance on RT, Mark Thornton discusses the economics of Bitcoin.

A few days after the victory of Cristina Fernandez de Kirchner in Argentina the government imposed foreign exchange controls.

In a speech in the European Parliament during a debate over the “problem” of