Ludwig von Mises

The Elimination Of Reason

Whether it be Communist Russia, Nazi Germany or Fascist America, once the people have been successfully conditioned to allow Big Brother to dictate thought, the next step has always been totalitarian rule.

Taper Tantrum II: "There's No Simple, Painless Solution"

It is time for central banks to start acknowledging their limitations, and doing so by acting and not talking about their future intentions. It is also time for investors to stop believing that central banks had the answers to begin with.

Ron Paul: The Right Lessons From Obamacare's Meltdown

The problems plaguing the health care system are rooted in the treatment of health care as a "right." This justifies government intervention in the health care marketplace. This intervention causes increasing prices and declining quality and supply. Ironically, those who suffer most from government intervention are the very people proponents of these programs claim to want to help.

Clinton's Pay-to-Play Is The Natural Consequence Of Big Government

Government interference impedes the entrepreneur’s use of economic calculation and the attempt to use prices to impose managerial discipline. Taxes and price regulations that interfere with corporate pro?ts (distorting an important signal of employee performance); laws that interfere with hiring and promotion (including the need to hire people to deal with government); and the omnipresent threat of arbitrary antitrust or regulatory activity, in response to which entrepreneurs must become adept at "diplomacy and bribery."

Risks Of Loose Money - Exposing The Link Between Monetary Policy And Social Inequality

... what we are looking at is a flawed system that penalizes saving and encourages reckless spending and printing money. Although we all appear to be stuck in the same environment that combines negative interest rates and price inflation, we have the lower strata of society that is doomed to lose, as they end up spending more, discouraged by negative rates, and instead accumulate debt to keep up with the increasing prices. And then we have the “winners”, who know how to take advantage of the system and thrive in it...

Socialism: The World's Greatest Generator Of Poverty

“What socialists like Senator Sanders should say if they want to be truthful and straightforward,” DiLorenzo thus avers, “is not that government can offer citizens anything for free, but that they want healthcare (and much else) to become a government-run monopoly financed entirely with taxes. Taxes hide, but do not eliminate, the cost of individual government programs.” And these programs are far more expensive to society than they would be on the free market.

A Crisis Of Intervention

"Dishonest money has created a culture of speculation out of ordinary producers and savers. As a result, we confuse financial markets for the source of our wealth." Perhaps at some point our central bankers will come to appreciate that wealth is not created by the printing of money. It is created by honest entrepreneurial endeavour, which is itself jeopardised by constant monetary intervention.

D-Day For Australia's Real Estate Bubble?

This rotting shack in Sydney and its tiny plot of land sold for nearly $1 million in May of 2014 – more than two years ago. Since then, house prices in Australia have increased even further. Yes, it is an insane bubble, no doubt about it... and now, it appears, the banks are finally realizing, and are pulling back.

Satyajit Das Slams Policymaker Ignorance: "QE-Forever Cycle" Means Catastrophe Is Inevitable

"Policymakers have chosen to ignore the central issue of debt as they try to resuscitate activity," warns Satyajit Das in a shocking Op-Ed in today's FT, and with global central banks now printing $180 billion a month (and growing), "the global economy may now be trapped in a QE-forever cycle," confirming von Mises prescription that "there is no means of avoiding the final collapse..."

The Real Message From Asset Inflation

The earliest signs are developing of hyperinflation, more correctly described as a collapse of the purchasing power of all the major government currencies. Extreme one-way bets aside, the overriding reason for valuation disparities is becoming more consistent with the downgrading of cash, rather than a revaluation of assets

A Collision-Course With Crisis: Making The Wrong Choices For The Wrong Reasons

Life is full of examples where folks make bad choices for noble reasons. Not every decision is a winner: sometimes you make the right call, sometimes you don't. That's completely understandable and defensible. Fate is fickle, and no one is 100% right 100% of the time. But what's much harder to condone is when people embrace the wrong decision even when they have ample evidence and comprehension that doing so runs counter to their welfare.

America Needs A Good, Old-Fashioned Economic Depression

A good, old-fashioned, pre-1929 depression (like the short-lived, eleven-month depression in 1920-1921, before the days of “modern” central banking and “enlightened” Keynesian intervention “cures”) is the only tonic that can clear out the malinvestment built up since the beginning of the fiat money era.