Mises Wire

Mises had diagnosed these problems long before they became apparent.  In a series of essays written between the two World Wars—but also in Omnipotent Government published in 1944—, Mises showed that in a world where governments interfere in their domestic markets, and with the monetary system, and where (economic) nationalism prevails, it is pointless to hope for any political and economic resolution from supranational organizations. The best these institutions can do is prolong the disastrous effects of government policies, and postpone—though loans and bailouts—their inevitable collapse.

A few hours ago, a Greek minister for administrative reform,

The only thing defense spending actually defends are the profits of defense contractors.

European integration supposedly represented the end of nationalist tensions—and the dawn of a new era for a continent still deeply shaped by two wars. The Eurozone supposedly bolstered economic power and prosperity, harnessing the trading power of several nations into one competitive superstate. And the Euro supposedly created a currency that would rival the dollar as a global force.

The Greek crisis illustrates the latest failure in Europe's attempts to build a lasting prosperity through consumption and redistribution of wealth. It's been going on for 150 years, and it remains to be seen if Europe will learn anything from the present crisis.

Today is the birthday of Lew Rockwell, the founder of the Mises Institute and a major figure in the Ron Paul movement.