Mises Wire

If the twentieth century was the American century, the twenty-first is turning into the American bankruptcy century.

The Federal Reserve System was originally conceived not as a unitary central bank, but as 12 regional reserve banks. It has evolved a long way toward being a unitary organization since then.

While we criticize the Fed for its monetary predations over the past few years, we really should look at the harm the Fed has caused for more than a century. Its record is abysmal.

In the global Ponzi scheme, thin air and deceit substitute for sound money. As hedge-fund manager Mitch Feierstein wrote in Planet Ponzi, “You don’t solve a Ponzi scheme; you end it.”

Supposedly, the "big news" is the decline of inflation. However, the monetary and political forces driving the latest bout of inflation have not gone away.

"Gun prohibition is the brainchild of white middle-class liberals who are oblivious to the situation of poor and minority people living in areas where the police have given up on crime control."

Being large doesn't make a country wealthy, nor does being small shrink a country's economy.

Since the end of World War II, the US dollar has been the world's reserve currency. That status may well change because US monetary authorities insist on inflating the dollar into oblivion.

When Mises wrote that the fascists had "saved European civilization," he could have been describing Francisco Franco of Spain, who kept Spain from becoming a communist dictatorship.

While Graham Priest seems to have "rescued" Marxism from the labor theory of value, he cannot rescue Marxism itself.