Mises Wire

Collecting Old Coins Taught Me to Never Trust the Government

Monetary PolicyU.S. History

Blog07/02/2020

Old coins vaccinated me against trusting politicians long before I grew my first scruffy beard. I began collecting coins when I was eight years old in 1965, the year President Lyndon Johnson began removing all the silver from American coins.

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Are Fractional Reserve Bank Deposits Money?

Money and BanksMoney and Banking

Blog06/26/2020

It is possible to conceive of a world where fractional reserve banking is understood by both banker and depositor and involves no deception or fraud. But in that world, deposits cease to be money and become complex credit securities.

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A Never-Ending Story of Bailouts, Moral Hazard, and Low Economic Growth

Cronyism and CorporatismU.S. EconomyU.S. History

Blog06/25/2020

The history of bailouts in the United States is a record of broken promises and growing moral hazard.

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Repealing Useless and Abusive Laws Might Do More Good Than "Defunding" the Police

Legal SystemStrategyThe Police State

Blog06/23/2020

"Defunding" the police isn't likely to actually lessen the control the state has over our lives. But repealing countless laws that give police far too much power would certainly help.

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Even if COVID-19 Goes Away, the Economy Isn't Going Back to "Normal"

The FedGlobal EconomyU.S. History

Blog06/18/2020

When the current panic and crisis began, we were already in the late stages of a long asset price bubble. The crisis has exposed the fragility of the current system and we won't be going back to where we were before.

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Inequality is Overstated—and Overrated

CapitalismPovertySocialism

Blog06/15/2020

Measures of wealth inequality overstate actual inequality in terms of the standard of living of wealthy people relative to the rest.

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COVID-19 Lockdowns are Neither Necessary, nor Scientific, nor Helpful

Bureaucracy and RegulationHealth

Blog06/15/2020

What proponents of lockdowns mean by “follow the science” is that statements made by scientists should be accepted as axioms. An obvious problem exists when scientists make conflicting statements.

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Why "Public Goods" Don't Justify Government Intervention

Free MarketsInterventionismMonopoly and Competition

Blog06/11/2020

Economists have long tried to use the idea of "public goods" as justification for a wide variety of government interventions. But there is no objective measure for what's a public good and what's not.

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