Mises Wire

Gold was only included in the plans for the Bretton Woods system because of the veneer of solidity it gave.

Even at a "mere" two-percent level, cumulative price increases over time are nothing to scoff at. Even worse, if we look at what people really spend money on, price inflation doesn't much reflect the conclusions of "official" stats.

There is no reason to expect the Afghanistan debacle to humble Washington policymakers. Korean War fiascos were swept under the rug, paving the way for the Vietnam War. The cycle didn't end there.

In a “post-totalitarian” period, power does not simply originate from a singular dictator, but rather conscripts the population into its very structure.

Most Egyptians have lived their whole lives in a country where the government heavily subsidizes bread prices. But now the deeply indebted Egyptian state faces some tough choices, and Egypt's poor may suffer the most.  

Nixon’s closing the gold window should be seen as the end of the last remnant of the gold standard, not some kind of market failure. Governments controlled most of the gold and set its price.

It's not just the civilian politicians. For twenty years, the military itself pressed for more war, endlessly claiming that victory was right around the corner. 

In 1971, David Rockefeller favored a “new international monetary system with greater flexibility” and “less reliance on gold.” Seeing an opportunity to expand his own power, Richard Nixon enthusiastically embraced the scheme. 

On Friday, Twitter CEO Jack Dorsey tweeted a link to Rothbard's essay "Anatomy of the State."

“We crossed the Rubicon in 2008. We crossed a different Rubicon in 2020. And we're never going back. And so, recessions are not allowed." The money mandarins will do everything they can to prop up asset values. Forever.