Mises Wire

The Ruling Class Only Cares about Democracy When It Helps Them


Democracy is only acceptable when the outcome is what the ruling class wants. Fortunately, the federal courts are always handy to overturn the results of free elections. 

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The "Miracle Recovery" Narrative: We'll Just Print Our Way to Prosperity

Booms and Busts


With a new round of panic-induced lockdowns, the situation in Europe is one closely resembling a state of national emergency. Yet the official narrative tells us the European economy is robust and flourishing. Time for a reality check.

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The Dark Side of Yield Curve Control Policy

Money and Banking


The interest control policy is ultimately an admission of “fiscal dominance.” That is, it is increasingly difficult to deny that the state's budget situation is what dictates monetary policy. Now, monetary policy must first serve the interests of the regime itself. 

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The American Rescue Plan: Limits of the Highly Visible

Booms and BustsCronyism and CorporatismEconomic Policy


In the long run, economic stimulus creates no shortage of losers. The state’s objective is always to extract as many eggs from the golden goose as possible, only now it's not important to keep the goose alive.

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The Fundamental Economic Problem with Biden's Rescue Plan

Political TheoryValue and Exchange


Do huge wealth redistribution schemes like Biden's new plan actually make people better off? Some people will get a net benefit. How how numerous are they? How many millions will take a net loss? The government has no idea.

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Tobacco Smokers: America's Most Persecuted Minority

Big Government


If today they come for the smoker, tomorrow they will come for you. Neo-Prohibitionism has been long on the march.

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The Debate over the Scope of National Power

U.S. History


The nationalists at the Constitutional Convention had so far carried the substance of their program: the creation of a supreme national government and a Congress empowered to veto state laws whenever Congress thought the states "incompetent." 

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Thanks to the Fed, the High-Risk, Small-Time Borrower Is Becoming a Thing of the Past

Money and Banks


The central bank has basically destroyed the business of risk, and commercial real estate remains a looming disaster. As a result, banks aren't lending to regular people. The economy increasingly relies on little more than newly printed money. 

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