Austrian economists do not have crystal balls, but Austrian business cycle theory provides a sure foundation for identifying looming economic crises and exacerbating factors, even if the precise timing of a downturn cannot be known.
With oil prices in likely long-term tailspin, corrupt governments can't count on oil sales to bail them out anymore. But Mexico's government didn't get the memo and still clings to the state oil monopoly.
The people who really run the country are unelected "experts" and bureaucrats at the central banks, at public health agencies, spy agencies, and an expanding network of boards and commissions.
The lockdowns of the past month have not been conducive to the common good. While they have saved the lives of many people, they have also endangered—and are still endangering—the lives and livelihoods of many others. They have created a new and dangerous political precedent.
When it comes to diseases, Anthony Fauci has a well established pattern of skipping the science phase, and going directly to press conferences and political posturing.
Experts such as Anthony Fauci are experts only in the narrow field of their expertise. They have almost no knowledge or expertise in other fields, including—apparently—the basics of how human societies function.
Not only are conscripts enslaved, often under brutal conditions, they can be sent to die in battle. Mises opposed conscription, but there was an exception.
The airline industry has clearly been prone to booms and busts for decades. Yet instead of planning for hard times, these corporate welfare machines called "airlines" use resources to inflate stock value and pad executive salaries.
