Mises Wire

According to an outmoded  US law, the American government must account for the more than 8,100 tons of gold it owns at the now completely irrelevant price of $42.22 per ounce.

President Trump has suggested that the government eliminate the personal income tax and replace it with tariffs. While some may champion that proposal, the truth is that it is much easier to add a new tax than it is to eliminate it.

Our current paper fiat money system comes from a long process of building up state power that destroyed private money, ended truly private banking, and abolished the market system of competing currencies. It took 300 years, and we are now facing the inflationary results. 

Although tariffs and other issues are getting the most news coverage, a harbinger of recession is looming: the slow collapse of commercial real estate values. This is the result of reckless policies at the Federal Reserve and the Fed cannot fix it.

President Andrew Johnson, who is best known for being the first president to be impeached, vetoed protectionist legislation that looked to raise tariffs on imported copper. Congress overrode his veto, but his free-trade message is just as relevant today as it was in 1869.

Sen. Tommy Tuberville recently claimed that Trump‘s tariffs will improve the economy, but only after a period of painful adjustment. “No pain, no gain,” he said. The truth is that the tariffs will inflict pain without any net gains.

Charles Rist was an economist of nearly a century ago who recognized the dangers behind President Franklin Roosevelt‘s attempts to demonetize gold. We are still paying the price for FDR‘s actions.

The latest example of our bullying and tyrannical federal judiciary is Chief Justice John Roberts’ rebuke of President Trump’s recommendation of impeaching a federal judge.

While the Trump administration claims it is breaking with the policies of Joe Biden, it is continuing US attacks on the Houthis of Yemen supported by the previous president.

Federal education officials claim to be “enforcing” racial equality in American classrooms, but the reality is that the government often is the source of racial bigotry in the schools.