Podcasts about keynesian

As far as Budgets in economically precarious times go, I thought it was a pretty good one. And save yourself the 20 cents, anonymous texter. I can see you typing from here. "Well, you would say that, Tokyo Rose, wouldn't you?" Well yes, come on, be fair though – what on Earth were they supposed to do? We were warned that there would be very little money to spend. The Government resisted throwing lollies, instant sugar hits to voters and did concentrate on spending what money there is where it will get the most returns. Not on policies like Fees Free third year of education for tertiary students, which was not delivering on the metrics, but on things like capital works that have been sorely, sorely needed for so many years and will provide pipelines of work for years to come. So there'll be jobs, there'll be increased spending and there'll be necessary upgrades that so many communities have been waiting for, like the new 158 bed tower block at Whangārei Hospital, plans for a new hospital in Drury for the South Auckland population, the Cambridge to Piarere expressway, redevelopment programs for Tauranga, Palmerston North and Hawke's Bay hospitals, the rail network investment program, building 232 new classrooms across the country, new police stations in Greymouth and Whanganui, 2,250 additional social houses, new courthouses in Rotorua. You cannot argue that this is a poor use of what money there is. It feeds into the Keynesian school of economic thought, which I've always thought was really sensible and I don't think any other better alternatives exist, that during tough economic times, consumers and businesses will typically hoard cash and spend less. So, the theory argues, Governments should then step in and break that cycle because once you close everything down, it just gets worse. You can't make consumers and businesses spend money, but governments can. So they fund public works and infrastructure, the sort of sensible kind of spending, the long-term spending, spending with a long-term outcome. It will create jobs by doing that, inject money directly into the economy and provide the sort of capital infrastructure that the country so desperately needs. And the workers who work on these projects spend their money on goods and services and that creates jobs and income for others. It's called the multiplier effect – it brings an economy out of a slump. And I think that's what we've been asking for and arguing for a while, isn't it? The tax cuts, not so much, but that's okay, that was back then. So, you know, we'll draw a veil over that. But this kind of spending where you're spending on works that have to be done. There are no ifs or maybe one days or these are not nice to haves, these are essential works that need to be done. I thought it was, as far as Budgets in tough times go, I thought it was a pretty good Budget. I'd very much like to get your feedback on this. I thought the that old school style of reporting of “there was nothing in it for you, was there?”, to the beneficiaries and to the state housing tenants and the “what about me's”, is lazy. I think that's really lazy reporting. You have to look at the bigger picture and you have to have an expectation that when people are on benefits, it doesn't mean they might have lost their job or they might have lost their ability to work for a time, doesn't mean they've lost their minds or their brains. They can understand too that you've got to fix the economy, it's got to improve, it's got to get better before their chances of finding work improve. And if they're unable to work, you know, they're going to get improved services and improved benefits if we are financially prosperous, if we're in a position to spend extra money. We're not in that position right now and it's going to take a few more years yet. For the first time, I felt a little bit of hope. A little bit of hope that you could actually see the light at the end of the tunnel and it's not the train bearing down upon you. There is a way out. It was sensible spending for the most part. I'd give it an eight out of ten, but I'd love to hear from you. See omnystudio.com/listener for privacy information.

Trump welcomes new Fed Chair Kevin Warsh with a not-so-subtle public warning: “You better lower the rates.” We break down Warsh's razor-thin confirmation, the battle between supply-siders and Keynesians, and why markets are betting on hikes while Trump wants cuts before 2026.

“The rules-based system just hasn't worked. China's system is so opaque that you can't see the subsidies. And when you've got China not interested in new rules and the US not interested in a referee, you've got two of the world's biggest actors who aren't on board.” — Soumaya Keynes It would have been nice to get John Maynard Keynes on the show to get his critique of Trump's trade war. But in the long run, we're all dead — even old Maynard. So instead, we found his great-great-niece, Soumaya Keynes — Financial Times columnist and co-author of How to Win a Trade War: An Optimistic Guide to an Anxious Global Economy. Having already appeared on Jon Stewart this week, Soumaya has a bit of Keynesian star quality about her. But she's also a first-rate economist. Her thesis is that the old rules-based trading system that her great-great-uncle helped design after World War II is gone. And it ain't coming back. China's subsidies are so opaque that rules can't be written to constrain them, let alone enforced. The US is no longer willing to submit to a referee. Without the two biggest players, no rules-based system is meaningful. So — now what? Keynes says we must think like a trade warrior. Donald Trump should leverage the tools available — but use them strategically. Trump's error in his second term was not being tough on China while being too tough on everyone else, especially allies like Canada and Mexico. Soumaya Keynes' most contemporary idea might be her most Keynesian one. John Maynard Keynes proposed penalties for countries running large trade surpluses as well as those running deficits — recognising that global imbalances are a two-sided problem. That idea didn't make it into the 1944 Bretton Woods agreement. Eighty years later, in equally anxious economic times, his optimistic great-great-niece is reviving it. Five Takeaways •       Can Trade Wars Be Won? Yes, Sometimes: The conventional wisdom: no one wins a trade war. Keynes and Bown agree — in theory. In practice, countries in a weaker position cave. History has examples: France in the late nineteenth century told its trading partners they were renegotiating treaties, and the smaller partners complied. Trump's tariffs in his first term produced concessions. The problem is not that trade wars can't be won. It's that the smaller power's only defence — coordinating with other smaller powers — is extremely hard to sustain. There's always an incentive to cut a deal first. •       China Is the Doper on the Sports Field: Keynes's sharpest analogy: the global trading system is like a sports game that needs rules to ensure a level playing field. China's subsidies — cheap credit, corporate handouts, opaque support for state-linked companies — are the equivalent of performance-enhancing drugs. The problem is that unlike doping in sport, China's subsidies are invisible. You can write a rule saying China won't give these handouts. But you can't verify compliance. And without enforcement, rules are meaningless. The WTO has not solved this. Nothing has solved this. •       Trump Was Right About China, Wrong About Everything Else: Keynes is careful here. She credits Robert Lighthizer in Trump's first term with identifying China as the real problem and building a focused strategy. In the second term, Trump put tariffs on everyone simultaneously — which dissipated leverage, alienated the coalition of allies needed to pressure Beijing, and mixed up the problem of China's subsidies with grievances against Canada, Mexico, and the EU. If you were genuinely tough on China, you wouldn't have put tariffs on everyone. You would have been more targeted. •       The Rules-Based System Is Gone and Isn't Coming Back: Why can't we return to the system Keynes's great-great-uncle helped build? Two reasons. China's subsidies are too opaque to write enforceable rules against. And the US has lost confidence in any international referee — a long and complex story, but the result is that America won't submit to neutral adjudication. Without the two biggest players, no rules-based system is meaningful. Yearning for the old approach is not an option. A new strategy is needed — and that's what the book is about. •       AI and the Next Trade War: Services: AI is central to the US-China conflict already — chip restrictions, military advantage, economic supremacy. But Keynes's less-noticed observation: AI could fundamentally reshape international services trade. The UK, for example, is a massive services exporter — finance, legal, consulting, accounting. If AI eliminates demand for those services, the UK faces a new current account crisis, new trade tensions, a new wave of economic conflict. Nobody knows how this plays out. Which is why, she suggests, the tools in the book will remain relevant for longer than the current tariff cycle. About the Guests Soumaya Keynes is an economics columnist at the Financial Times and host of The Economics Show with Soumaya Keynes. Before joining the FT she spent eight years at The Economist. She co-founded the Trade Talks podcast with Chad Bown during Trump's first term. Chad P. Bown is the Reginald Jones Senior Fellow at the Peterson Institute for International Economics and former Chief Economist at the US State Department under President Biden. Together they are the authors of How to Win a Trade War: An Optimistic Guide to an Anxious Global Economy (Simon & Schuster, May 26, 2026). References: •       How to Win a Trade War: An Optimistic Guide to an Anxious Global Economy by Soumaya Keynes and Chad P. Bown (Simon & Schuster, May 26, 2026). •       Soumaya Keynes on The Daily Show with Jon Stewart, May 19, 2026 — referenced in the interview. •       Episode 2892: Jason Pack on the Iran war — the companion episode on America's strategic distractions from the China problem. About Keen On America Nobody asks more awkward questions than the Anglo-American writer and filmmaker Andrew Keen. In Keen On America, Andrew brings his pointed Transatlantic wit to making sense of the United States — hosting daily interviews about the history and future of this now venerable Republic. With nearly 2,900 episodes since the show launched on TechCrunch in 2010, Keen On America is the most prolific intellectual interview show in the history of podcasting. WebsiteSubstackYouT...

Keynesian macroeconomics had displaced Austrian business cycle theory and solidly established itself as mainstream macroeconomics. Meanwhile, most of the economics profession sided against the Austrian School in the socialist calculation debate. By the 1940s, the Austrian School was left behind as economic theory developed. Those who were identified as associated with the Austrian School passed away or drifted toward the mainstream. It is not much of an exaggeration to say that by 1950, Mises was the only remaining active member of the old Austrian School.

Mark Thornton opens this episode with a strategic assessment of the war's economic fallout: not the headlines, but the second- and third-order effects that are only now becoming visible. Oil production facilities across the Gulf have been destroyed, disrupted, or shut down, and restarting them is not a matter of flipping a switch. Some older wells will need to be redrilled entirely. Meanwhile, the disruption to fertilizer production threatens the next crop season and potentially longer-term food prices worldwideMark also provides a skyscraper curse update: the Jeddah Tower, once expected to reach record height in early 2027, has been pushed further out as Saudi finances and Gulf logistics are redirected toward reconstruction. The commodity super cycle thesis, he argues, remains fully intact despite the gold correction.The second half features a detailed interview from Palisades Gold Radio in which Mark unpacks these themes further, covering the Austrian micro approach versus the Keynesian macro framework, why the stock market can hit all-time highs while the real economy deteriorates, and why the world is slowly but steadily moving back toward commodity money.2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Anatomy of the State through May 31. Grab yours today at https://mises.org/issuesfreeRegister for our upcoming Mises Circle, Why Is the Healthcare System Broken?, June 27 in Windham, New Hampshire: https://mises.org/events/why-healthcare-system-broken-mises-circle-new-hampshire20% off listener offer on the new insulated Minor Issues tumbler and three of Mark's books, signed if ordered by the end of April: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues

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One of the legacies of Keynesian thought is the belief that war is “good for the economy.” While war may help enable employment, nonetheless, its overall legacy is destructive, and even the jobs war “creates” are economically undesirable.Original article: https://mises.org/mises-wire/myth-wont-die-war-good-economy

Sean Tumilson and co-host Chuck the Bot speculate on how the US economy would have shaped itself in recent decades had Keynesian economic principles not been frequently used.If you enjoy this daily show, tap ‘Follow' on Spotify or Apple Podcasts so you never miss an episode. And leave us a quick rating — it really helps others discover KeepTalking.

Jesús Huerta de Soto traces the Austrian school's intellectual roots from the Spanish scholastics to Rothbard, making the case that anarcho-capitalism is the natural endpoint of the classical liberal tradition.The Ludwig von Mises Memorial Lecture, sponsored by Yousif Almoayyed.The Austrian Economics Research Conference is the international, interdisciplinary meeting of the Austrian school, bringing together leading scholars doing research in this vibrant and influential intellectual tradition.Full Text version of the Lecture (Submitted by Prof. Huerta de Soto):Thank you very much to the Mises Institute and Joe Salerno for his kind introduction as well as for inviting me to deliver this “Ludwig von Mises Memorial Lecture” to celebrate the one hundredth anniversary of Murray N. Rothbard's birthday. It is the second time I visit the Mises Institute to deliver this most important lecture: The first one was almost thirty years ago, back in April 1997, when I delivered a lecture on “The Scholastic Roots of the Austrian School”. In this second opportunity I am very happy to have been able to accept Joe's invitation and to come with a very well represented retinue of ten of my colleagues and doctoral students. All of them are teaching as professors or making their research at our more than twenty-year-old Doctoral and Master Programs in Austrian Economics at King Juan Carlos University back in Madrid, and which is the only one officially approved and with full validity inside the whole European Union. You have already had the opportunity to hear from each one of them a detailed description of the so-called “Madrid Austrian Research Hub” and of all the activities we are developing every year, including the 54 Doctoral Theses on Austrian Economics that have been read up to now in our program. And here you have also copies of the English version of our main books published by Routledge, Edward Elgar, and by the Macmillan Austrian Series edited by my Madrid Colleagues, the German professor Philipp Bagus and the Canadian professor Dave Howden. And you will have the unique opportunity to buy these books that, as you know, have a hefty price of almost 100 pounds each one, at the almost “stolen property” and symbolic price of 5 dollars per copy, thanks to the most generous help of the Spanish Jesús Huerta de Soto Foundation that is helping to finance our participation in this important event.And now what I will do in the next forty minutes is to try to summarize not only my main contributions, but also “The Libertarian Vision of the Scientific and Moral Truth” as we see it from our Austrian School Hub in Madrid. And I will do it by focusing on a series of fundamental points.Precisely, the youngest of all sciences, Economics is the one that has provided Humanity with the most important scientific contributionThe first one is that Economics, being the last science to arrive, or as Mises said, "the youngest of all sciences," has nevertheless achieved the milestone of providing Humanity with the most important scientific contribution. For the first time, and thanks to Economic Science, human beings have discovered and understood that voluntary social cooperation, free from all institutional and systematic external coercion, generates a spontaneous order that cannot be designed nor organized by anyone, and that peacefully and without limits drives the prosperity and expansion of Humankind.This transcendental message of Economic Science, on the one hand, resolves the impossible antithesis of attempting to apply, within the realm of interactions carried out by human beings endowed with free will, the manipulative approach of external entities that human beings have no choice but to use, supported by technology and the natural sciences, in order to dominate the subject of the material world. And on the other hand, this is a radically revolutionary message: for the first time, it has been scientifically demonstrated that states, in any of their forms, are neither necessary nor viable; that Society, understood as a process of voluntary human interactions, does not need anyone to govern it, because it regulates and organizes itself spontaneously; and that the attempt to coordinate Society on the basis of social engineering and state coercive commands is impossible, doomed to failure, and gives rise to all kinds of distortions, social conflicts and violence, that continually hinder and block human progress.Economic science is generalized into a complete Theory of Liberty that makes it possible to reinterpret History and promote the expansion of civilizationThe second point is that Economics has been generalized into a whole Theory of Liberty, understood as the most essential attribute and requirement of human nature. Liberty means that all human actions are carried out voluntarily, based on the principle of non-aggression, and free of external coercion or violence imposed and organized from above by the always minority group of human beings who, under whatever title, exercise any kind of political power.Moreover, Economics dismantles and turns upside down the erroneous and biased account of Thomas Hobbes and his followers. Neither was the "state of nature" a terrifying situation, nor did a supposed "social contract" ever exist or was it necessary to create and maintain a State that would impose order and guarantee peace. What happened was precisely the opposite: natural evolution consisted, above all, in the spontaneous discovery of the great advantages provided by voluntary exchanges and peaceful trade. Systematic and generalized violence, war, and terror arose only with the appearance of States, as coercive institutions composed of the most antisocial and violent human beings, who wanted (and still want) to live at the expense of plundering those citizens who earn their living by working and trading peacefully with each other (Oppenheimer, 1926).Thus, Economics, demonstrates that what Étienne de La Boétie named "voluntary servitude", is an anti-human aberration to which human beings have been subjected for centuries. And that it is not necessary to continue with the resigned habit of obeying the State; nor do governments enjoy an aura of prestige (but are literally "stripped" of any attribute of intellectual or moral superiority); nor is the caste—or “praetorian guard”—of intellectuals, “experts”, and acolytes that surround states and rulers to be regarded as untouchable; nor should we allow ourselves to be seduced and deceived by subsidies or perks, whether supposed or real, with which they seek to purchase the will and secure the loyalty of exploited human beings, so that they will consent, voluntarily and permanently, to their exploitation and servitude (De la Boétie, 1975).Economics is the Science developed by the Austrian School of Economics, which should in fact be known as the Spanish School, as it has its origins in the thinking of our scholastics of the Spanish Golden AgeThe third point is that Economic Science has reached its highest level of development thanks to the Austrian School of Economics. As you know, our school is based on the realism of its analytical assumptions, in the dynamic approach based on the entrepreneurial, creative, and coordinating capacity of every human being, and in the study of the spontaneous and self-regulated order of the social process of voluntary human interactions (Huerta de Soto, 2008). The institutional and multidisciplinary approach of the Austrian School is also very relevant. As a result of the spontaneous social process important institutions emerge which, in turn, make it possible and drive it forward: Law and property rights rooted in human nature and discovered and developed spontaneously outside the state; the family, a basic and essential institution, on which the expansion of Humanity is made possible and consolidated; moral principles, which act as a true "automatic pilot" for liberty and which human beings internalize and transmit from generation to generation, thanks to the family and other community or religious institutions; economic institutions, and in particular, money, which also evolves spontaneously outside the State, and which can and should be considered the social institution par excellence, since by overcoming the problems of barter, it enables the exponential multiplication of voluntary exchanges and human interactions, within which the rest of the social, linguistic, moral, legal, economic, and religious institutions are discovered, shaped, and perfected.Our fourth point is that the first theorists of the spontaneous order emerged in the field of law, led by the great jurists of classical Rome. They were the first ones to understand the organic and evolutionary nature of the social process, and so they became, without being aware of it, the first economists. Their tradition was kept alive throughout the Middle Ages thanks to the Catholic Church and, through thinkers such as Saint Thomas Aquinas, Saint Antoninus of Florence, and Saint Bernardino of Siena, eventually came to influence the Spanish scholastics of the sixteenth and seventeenth centuries gathered around the University of Salamanca. As Rothbard demonstrated (Rothbard, 1976) these thinkers of the Spanish Golden Age should be considered the most immediate precedent of the Austrian School of Economics, which, precisely for this reason, should be called the Spanish School of Economics. And in fact, these Spanish scholastics were already able to articulate the following ten essential principles which constitute the theoretical foundation of the Austrian School:Firstly, the subjective theory of value developed by the Bishop of Segovia, Diego de Covarrubias, who as early as 1555 clearly explained that, although the objective nature of wheat is the same in Spain as in America, its price was higher in America because there human beings subjectively valued it much more highly; from this follows the correct relationship between prices and costs set out by Luis Sarabia de la Calle, in the sense that it is market prices that determine costs and not the other way around, as equilibrium theorists mistakenly believe; the Scholastics also realized that equilibrium models and prices lack realism and theoretical meaning because they presuppose a degree of knowledge “so complex that only God, and in no case human beings, could ever acquire it” (in latin “pretium iustum mathematicum licet soli Deo notum”), as already explained by the Jesuit cardinals Juan de Salas in 1617 and Juan de Lugo in 1643, more than three hundred years earlier than Hayek could conclude that “a science which assumes knowledge that can never be acquired is not a Science”; also the dynamic concept of competition is fundamental, understood as a process of rivalry among sellers based on the dynamic conception of market processes developed by Jerónimo Castillo de Bobadilla and Luis de Molina in 1589 and 1597, and that has nothing to do with the static model of "perfect competition" of equilibrium theorists; and also the important contributions of the Spanish Scholastics related with capital theory, business cycles, and the effects of fiduciary media generated by banks; so, particular emphasis should be placed on the rediscovery of the principle of time preference by Martín de Azpilcueta, following what Lessines had already stated in 1285; as well as on the fact that bankers commit mortal sin when they operate with fractional reserves, creating bank deposits as a form of virtual money (or chirographis pecuniarium, as Luis de Molina said in latin) that only exists in their accounting books and distorts the structure of relative prices, creating bubbles and deep economic crises that ultimately "bring everything crashing down," as Saravia de la Calle and Tomás de Mercado so vividly explained in the 16th Century; and in short, the Scholastic's idea that it is impossible to organize society through coercive commands due to lack of the information that would be required to give them coordinating content; as well as the discovery that inflation is a hidden and very harmful tax that arises from an act of tyranny, since it is neither known nor accepted by citizens, which would even justify the assassination of the King according to the theory of tyrannicide, a contribution originally made by the Castilian Comuneros eventually defeated by the tyrant King Charles V in 1521, and developed by Father Juan de Mariana almost a century later [in 1610].This entire line of proto-Austrian scholastic thought also spread throughout the Americas, especially in the newly founded universities of San Marcos in Lima and Mexico City in 1551 where brilliant disciples of these Scholastics, who had studied at the University of Salamanca itself, came to occupy prominent academic positions. Thus, for example, we should mention the cases of Bartolomé Frías de Albornoz in Mexico, and above all the great Juan de Matienzo, who became judge and president of the Royal Audiencia of Charcas and Lima from 1560 onwards (Popescu, 1997).Finally, the doctrine of our scholastics did spread even to North America two centuries later through the books of Juan de Mariana, who greatly influenced Thomas Jefferson and the founding fathers of the United States.However, the southern part of the continent ultimately proved unable to neutralize the wave of growing statism and centralization that first came with the arrivals of the Habsburgs in Spain, and which was intensified even further after the arrival of the Bourbons with Philip V at the beginning of the eighteenth century (Martínez Marina, 1820). How different and much more prosperous and libertarian might the historical evolution of Spain and Latin America have been, had the statist centralism of the Habsburgs and the Bourbons not prevailed, and had the far more libertarian, local, and decentralized traditional representative institutions of the kingdoms of Castile instead remained predominant—institutions that were dismantled, together with Europe's first libertarian revolution, beginning with the defeat of the Castilian Comuneros at Villalar on April 23, 1521 (Leonard Liggio, 2025).The most important and far-reaching contributions of economic scienceLet us now turn, in greater detail, to the most important contributions of Economics, as developed by the Austrian School.First, human cooperation takes place spontaneously, without the need for anyone to organize it coercively from outside. This is so because human beings are endowed with an entrepreneurial and creative capacity that continually drives them to discover the multiple opportunities for profit that arise in their environment. Each of these opportunities embodies a previous discoordination in human behavior that remains latent until it is discovered and overcome by the corresponding entrepreneurial act. This entrepreneurial act always arises from a creative tension and interpretation of events of the outside world that is essentially subjective and, therefore, cannot be reproduced by any artificial intelligence algorithm; in other words, the same objective events can be interpreted in multiple ways, even contradictory ones, without it being possible to postulate which is correct until the corresponding entrepreneurial process is completed in the form of a subjective profit. In any case, every entrepreneurial act involves, firstly, the creation of information that did not exist before (regarding the profit opportunity that arose from the previous discoordination that had gone unnoticed); secondly, the transmission of that knowledge (directly to the parties involved in the entrepreneurial act and indirectly through a series of institutions and signals such as market prices); and third and finally, the coordination of the previous maladjustments takes place when the parties involved learn motu proprio, that is, voluntarily and for their own benefit, to discipline their behavior according to the needs of others (for example, when they discover that they achieve their ends more effectively by specializing and trading peacefully the mutual results of their efforts). The discovery of the essence of this pure entrepreneurial act, with its elements of creation and transmission of information and the spontaneous coordination of the previous maladjustments continually generated by human coexistence, constitutes the most important contribution that Economic Science has provided to Humanity, and explains why the spontaneous process of voluntary social cooperation that drives the multiplication of human beings and the expansion of civilization does not require any statist system of institutional coercion.Another essential contribution of Economics is the concept of Dynamic Efficiency, understood as the process of unlimited expansion of human creativity and entrepreneurial coordination that arises only within a specific institutional framework of moral and legal norms. This framework is the one grounded on the ethical principle according to which every human being has a natural right to appropriate the results of his entrepreneurial creativity; that is, a property right over what one has created and which did not previously exist, which is the most obvious and important human right. For this reason, (dynamic) Efficiency and Morality and Justice (properly understood) cannot be separated one from the other; or, as we might say, they are two sides of the same coin in the sense that only Justice and Morality induce and generate efficiency; and at the same time, what is dynamically efficient in economic terms cannot be neither unjust nor immoral. All of which, on the other hand, demonstrates the integrated order that exists in the social universe, and highlights the three levels of research (theoretical, ethical, and historical) that complement and reinforce with each other and are essential in our search for truth (Huerta de Soto, 2000).Finally, another key contribution of Economic Science is to have demonstrated the impossibility of socialism, or better, the impossibility of statism, in the sense that it is impossible for the State to achieve and coordinate what it promises for the following four reasons:First, because of the enormous volume of information required for such coordination, which the State cannot acquire because it is dispersed in the minds of the eight billion human beings who participate and interact in the social process every day. Second, given the tacit and inarticulate character of this information (and therefore its inability to be transmitted in an objective manner). Third, because the information that is generated is not "given," nor is it static, but instead changes continuously as a result of human creativity, making it impossible to transmit today information that will only be created tomorrow, and which is precisely the information that the organs of State intervention and the so-called “experts” would need today in order to direct society to achieve their objectives tomorrow. And fourth, and above all, because the coercive nature of State commands blocks the entrepreneurial activity of creating the very information which the State organization itself would need in order to give its commands a coordinating content. In sum, the State is always and everywhere violence and coercion; coercion blocks the entrepreneurial act of creation, discovery, and adjustment of discoordinated human behavior, while at the same time preventing the creation of the information and the emergence of free market prices that make economic calculation and social coordination possible. For this reason, statism is not only unnecessary but is also scientifically impossible.The impact of these essential contributions of Economics on the course of social evolution has so far been very limitedAll of these scientific contributions have so far achieved only a very partial, imperfect, and limited impact on the inertia of a social and political reality that has for centuries been characterized by the coercive power of States and rulers, and by the more or less resigned servitude of the citizens. And despite the very limited nature of this impact to date, which at best has materialized in a series of naïve and "liberal" revolutions aimed, with as much arrogance as lack of success, toward the impossible objective of trying to separate and limit the powers of states and rulers through political constitutions and "liberal democracies" (Rothbard, 2009); Humanity has been propelled as never before in those places and historical moments where it has managed, despite everything, to at least partially free itself from the State and open up some of the new channels of liberty shown by the teachings of Economics. Beginning with the Industrial Revolution, which was but the first chapter of the never-completed "Revolution of Liberty" inspired by Economics. And although what has been achieved in terms of prosperity and standard of living by the now eight billion human beings seems relatively significant—and indeed it is—we cannot even conceive of the standard of living and population size that could be achieved if Humanity were able to take full advantage of and fully implement the teachings of Economic Science.We can be few and poor in a context of servitude and submission to the State, or many and wealthy in a context of liberty (Hayek, 1988, p. 133). The globe is practically empty of human beings (the Earth's current population would fit into an area equivalent to that of the state of Alaska, with a population density equal to that of Brussels). And we cannot even imagine the prosperity that could be achieved in a free market daily driven by eighty billion, or even eight hundred billion, human beings. Economics explains and demonstrates that the increasing prosperity of an ever-growing population of human beings never results from deliberate and coercive State plans, nor from the egalitarian income redistribution, nor from increases in public spending, nor from subsidies, debt, or inflation, but only arises from the free market of the capitalist system. This consists of the process of voluntary exchanges among all human beings who, endowed with an innate entrepreneurial and creative capacity, are able to detect and assess, through the system of free prices, the relative urgency and necessity of each good and service, overcoming the relative scarcity of each and satisfying, every day and in the best humanly possible way, the desires and needs of billions of consumers. Entrepreneurs who succeed in this never-ending process of profit-seeking accumulate significant resources, which, in turn, are saved and invested in capital goods and new technologies that make human beings increasingly productive, boosting their wages and standards of living; a virtuous process of continuously expanding prosperity and population growth that, if not coerced or hindered by the State, has no limits.Therefore, it is crucially important for the future of Humanity that it be able to take full and maximum advantage of the lessons and essential message in pursuit of human liberty that Economics provides. But this will only be possible if we are able to unmask and carefully analyze the powerful forces of the pseudoscientific and counterrevolutionary reaction that has been mobilized to prevent the advance of the theory of liberty derived from Economic Science. Despite their diverse origins, they all converge on the same objective: to attempt to justify and preserve State coercion at all costs under the appearance of scientific legitimacy. They are driven by the "fatal conceit" (Hayek, 1988) of many visionaries, thinkers, and supposed "experts" who believe themselves to be clever enough to correct the spontaneous market order, of course, using the violence and coercive power of the State. Together with a privileged caste of rulers, bureaucrats and acolytes, they continually manipulate a Humanity that is sadly accustomed to serving the State. For all of them, it is vital that statism be maintained and that the message of liberty provided by Economics never prevail.Next, we will list the main reactionary pseudoscientific currents that have infiltrated Economic Science like a lethal virus and constitute, in Hayek's terminology, "the counter-revolution of science" (Hayek, 1955).Pseudoscientific reactionary currents opposed to Economic Science. The role played as “useful innocents” by many libertarian economists of the counterrevolutionary mainstreamFirst, positivism and scientism as pseudoscience. By "scientism" we must understand the improper application of the methods of the natural sciences to the field of Economic Science. Thus, while the natural sciences study their object of research as something external, measurable, and quantifiable, Economics studies the implications of the voluntary actions of human beings. And given the essentially creative nature of human beings, the supposed empirical "evidence" has, at best, only a superficial, partial, and always historically contingent value. In Bastiat's words, of "what is seen" —or rather, what is believed to have been seen— but not "what is not seen" (Bastiat, 1995); and at worst, it always entails the assumption, that human beings are an object of research that can be manipulated as the matter of the external world studied by the natural sciences. This inevitably introduces the idea that to improve the world, the State and its rulers must use their coercive power to manipulate and change the things they believe they see in their historically contingent "empirical photos." But these "empirical photos" cannot capture the underlying dynamic essence of spontaneous social processes, let alone what is already happening spontaneously to solve and coordinate every problem. Therefore, it is not surprising that from the very first steps of Economic Science promoted by the Austrian School, its most violent opponents were the "socialists of the chair" gathered around the German Historical School, reinforced in France by the empiricists of the school of Saint-Simon, the insane Comte, and Durkheim, who sought to create a new and alternative pseudoscience of society. And their unhealthy positivist and ultra-empirical influence has persisted to the present day, first through American Institutionalism and later through the massive compilation of empirical data, for example, in the work of Wesley C. Mitchell or Henry Schultz, the latter, as shown by Professor Salerno, having gone on to exert a decisive influence on his assistant Milton Friedman and, through him, even on the Chicago School itself (Salerno, 2023).Secondly, the pseudoscience of neoclassical economics is characterized by its claim that only its own approach constitutes true “science,” that is, the approach based on the principles of equilibrium, maximization, and constancy. Moreover, in addition to the lack of realism of its assumptions, it adds the reductionism of a mathematical language that has developed in response to the needs and demands of the natural sciences, but which is alien to Economic Science because it does not allow for the subjective concept of time or entrepreneurial creativity. Neoclassical economists develop their pseudoscience based not on real human beings of flesh and blood, but on "ideal types" that are like "robotic penguins" who, even in their most sophisticated dynamic stochastic general equilibrium models are limited to moving and reacting to events and State coercion as if they were characters of a sort of economic video game ("videogame economics"). Yet neoclassical pseudoscience, despite its apparent and ever-increasing sophistication, is not capable of accounting for the immense complexity of the real world and rebels against the idea of spontaneous market order in two ways that are equally harmful to human liberty: on the one hand, by promoting the coercive "social engineering" of central banks, States, and governments to use "fine tuning" to force reality toward to the mathematical optimum of their models; and, on the other hand, by labeling as "market failures" everything they believe they observe in reality that does not coincide, in their empirical studies, with their ghostly models of “perfect” equilibrium and adjustment (Milei, 2023); failures that, according to them, refute the "benefits" of the spontaneous order of the market and human liberty, and justify their elimination as soon as possible by a coercive State authority. Note also how neoclassical pseudoscience needs, and feeds upon, the empirical work of the previous pseudoscience, positivism, in order to justify its conclusions against human liberty and in favor of State coercion, so that positivists and neoclassicists join hands and end up reinforcing each other in their reactionary agenda.Third, Keynesianism and macroeconomics as pseudoscience. The very “macro” approach already entails, inevitably, an obvious bias in favor of justifying State intervention, aggression, and coercion against the spontaneous order of the market and human liberty. As F. A. Hayek pointed out in his Nobel Prize acceptance speech in 1974 (Hayek, 1978), macroeconomists ignore everything they cannot measure, specifically truly relevant economic processes and theories. At the same time, they believe that certain aggregate concepts—which lack genuine economic meaning—possess a “real” existence, that permits to collect empirical information or evidence that can be manipulated and statistically treated. Once again, macroeconomic pseudoscience goes hand in hand with positivist pseudoscience, and the two reinforce with each other in their counterrevolutionary reaction. Furthermore, Keynesianism is particularly harmful: not only does it flatly deny the coordinating capacity of creative entrepreneurship and the spontaneous market order, but it also builds as an alternative explanation a whole model—of course—of equilibrium with permanent unemployment, to justify the coercive intervention of the State in the lives of human beings in the form of all kinds of fiscal and monetary manipulations. Moreover, the macroeconomic and Keynesian pseudoscience feeds upon, and is reinforced by, the pseudoscientific approach of the Neoclassical School, to the point that, the so-called "neoclassical Keynesian synthesis" became, throughout the twentieth century, the main reactionary movement inside Economics. Keynesians and macroeconomists thus become the champions of that intoxication with statism, manipulation, and political power which constitutes the framework, orchestrated by governments and central banks, to which we have, regrettably, become accustomed and in which we are forced to live. This context repeatedly destabilizes the spontaneous market order, generates serious financial and economic crises and social conflicts, and continually hampers the prosperity and advance of civilization.We have left the quasi-religious mysticism of Marxist pseudoscience for last, because Marxism was scientifically dead even before it was born: in fact, it emerged with—and was theoretically demolished by—the subjectivist revolution led by the Austrian School of Economics. From the beginning, the Austrian School's development of time preference and capital theory revealed the contradictions and grave scientific errors of Marxism, while at the same time exposing its pronounced character as an intellectual fraud (Böhm-Bawerk, 1949). This intellectual fraud was historically illustrated by the collapse of the Soviet Union, and of virtually all other communist countries, after many decades of unspeakable human suffering for a large part of the world's population, all of which was perfectly consistent with the theory on the impossibility of statism developed by the Austrian School beginning with the von Mises of 1920 (Mises, 1936), and which was the final nail that forever sealed the coffin of the corpse of Marxist pseudoscience (Huerta de Soto, 2010).Finally, in this context, we must mention the destructive role played by a number of distinguished economists who, although they defend liberty and the market economy, could be described as a kind of "useful innocents" in Mises' terminology (Mises, 1947). This is so because, even though they officially oppose rampant statism and defend liberty, by accepting—even if only partially—some of the postulates of the reactionary pseudoscientific currents we have described, they ultimately end up, often without intending to and much to their regret, providing additional impetus to the statist reaction within our discipline; for example, when they insist on advising States with proposals aimed at making them more efficient and at helping them do somewhat better things that they should not be doing at all. By way of illustration, we should include in this category of “useful innocents”, for example, thinkers as the Karl Popper of The Open Society and Its Enemies (Popper, 1966, p. 366), who came to admire the “scientific capacity” and even the “humanism” of Karl Marx, and who proposed a statist strategy of “piecemeal social engineering”; or George Stigler, when he claimed that only empirical evidence could determine which economic system, socialism or capitalism, might function (Stigler, 1975, pp. 1-13); and, more generally, the members of the Chicago School, led by Gary Becker and Milton Friedman. Becker when defending that only economics developed within the strict limits of equilibrium, constancy, and maximization, typical of the neoclassical pseudoscience, constitutes true "economic science." And even more serious could be considered the case of Milton Friedman, whose very sincere love of liberty and intense and popular media support for free markets stand in sharp contrast to his pseudoscientific approach based on the aggregate method of economics of Keynesian origin, on positivist empiricism, and on the full acceptance of the unrealism of assumptions. Only in this way it can be explained Friedman's litany of scientific errors which, much to his regret, have invariably ended up reinforcing statist interventionism, to the point that Hayek himself was forced to conclude that after Keynes's The General Theory, the book that has done the greatest harm to Economic Science has been Friedman's Essays in Positive Economics (Hayek, 1994, pp. 145).The failure of democracy and classical liberalism: the triumph of statismAs we see, many classical liberals and advocates of liberal democracy have also acted as "useful innocents." The fatal error of classical liberals lies in the failure to realize that their program is theoretically impossible, because it incorporates within itself the seeds of its own destruction, precisely to the extent that it considers necessary and accepts the existence of a State (even if it is "minimal") understood as the monopolistic agency of institutional coercion. Therefore, the great error of classical liberals is very basic: they believe in a program of political action and economic doctrine that aims to limit the power of the State, while at the same time accepting it and even considering state's existence necessary. However Economic Science has already shown that the State is unnecessary, that statism (even in its minimal form) is theoretically impossible, and that, given human nature, once the State exists, it is impossible to limit its power. On the other hand, liberal democracy is a concept as naïve as it is impossible. Mises already warned us that democracy could only function if all its participants accepted the classical liberal principles, which is impossible because democracy itself encourages and amplifies vote-buying and the partisan use of power. So, the inevitable conclusion is that "liberal democracy" is a contradiction in terms as absurd as speaking (following Anthony de Jasay) of a “square circle,” of “hot snow,” or of a “virgin prostitute” (A. de Jasay, 1990). And even Hayek considered democracy unworkable if it is understood as the exercise of absolute power by majorities (Kratos in classical Greek). It should therefore come as no surprise that democracy once and again tends to be a perverse system based on lying and buying votes with money stolen through taxation.The fact is that the State attracts like a magnet the worst passions and vices of human nature, for instance, when individuals try to obtain rents produced by others using the State's coercive power. Moreover, the combined effect of the privileged groups, the phenomena of governmental myopia and vote-buying, the megalomaniacal character of politicians, and the irresponsibility and blindness of bureaucracies generate a dangerous, unstable and explosive cocktail, continually shaken by social, economic, and political crises which, paradoxically, are always used by the political caste to justify further doses of intervention and statism that, instead of solving problems, further aggravate them. Statism therefore corrupts the entire social body and at the same time blocks the spontaneous and free market solutions of social and economic problems.In fact, the State has become the "idol" that almost everyone turns to and worships. Statolatry is the most serious and dangerous social disease of our time. We are educated to believe that all problems can and must be detected and solved by the State. Our destiny depends on the State, and the politicians who control it are expected to guarantee everything our well-being may require. Human beings remain immature and rebel against their own creative nature, which makes their future always uncertain. They demand a crystal ball that assures them not only knowing what will happen, but also that any problems that arise will be solved for them. This "infantilization" of the masses is encouraged by politicians, as it justifies their own existence and ensures their popularity, position of dominance, and capacity to control. In addition, a whole legion of intellectuals, so-called "experts," and social engineers join in this arrogant intoxication of power. Not even the Church and the most respectable religious denominations have been able to realize that statolatry today constitutes the principal threat to the free, moral, and responsible human being; that the State is a false idol of immense power, worshipped by all, and that does not allow Humanity to be free from its control or have moral or religious loyalties beyond those the state can dominate. Furthermore, it is kept hidden from the public that the state is the true source of social conflicts and evils, and "scapegoats" (such as "capitalism" or private property) are blamed for the problems, and they become the goal of the most serious condemnations, even from moral and religious leaders, almost none of whom have realized the deception or dared to denounce that statolatry is the main threat in the present century to religion, morality, and, therefore, to human civilization.Perhaps the main exception within the Church is included in the brilliant biography of Jesus of Nazareth written by Benedict XVI. That the State and political power constitute the institutional incarnation of the Antichrist should be obvious to anyone with a minimal knowledge of history who reads the former Pope's considerations on the most serious temptation that the Evil One can present to us (and I quote Ratzinger literally): "The tempter is not so crude as to propose to us directly the worship of the devil. He merely proposes that we opt for the rational solution, that we prefer a planned and organized world in which God may have a place as a private spiritual matter, but must not be allowed to interfere in our essential purposes. Soloviev attributes to the Antichrist a book entitled The Open Road to World Peace and Prosperity; it becomes the new Bible, and its core message is the worship of well-being and rational planning," by the state (Ratzinger, 2007). And so, we should not be surprised that, for example, the great author of The Lord of the Rings, J. R. Tolkien, whose Catholic anarchism I fully share, went so far as to say that he would arrest anyone for simply daring to pronounce the word "State." Because the State is, always and everywhere, a reality of violence and systematic coercion against the most intimate essence of the human being, which is his capacity to act freely, creatively, and spontaneously; and so, it is unavoidable to conclude that the State is essentially immoral and that statism constitutes the principal threat to humankind.A theological digression: the dismantling of statism as a logical necessity inseparable from the work of GodAnd almost without realizing it, we can go ahead with a theological digression on how dismantling the State is a logical and moral necessity inseparable from the work of God. I fully understand that referring to God in this conference may come as a shock to many of those present, but I would ask that even those who do not believe in God, at least for dialectical purposes, make an effort of imagination and, for the next few minutes, imagine that God does indeed exist.And what do we mean by God? We must understand God to be a Supreme Being, Creator out of love for all things. And the most important creature that God has created is precisely the human being: in His image and likeness. And if there is a point of connection between God and man, it is precisely in the creative entrepreneurial ability: the capacity to discover, to see, and to create new things, goals and actions. But now I am going to go one step further and attempt to demonstrate that God is not only the Supreme, loving Creator of all things, but that—moreover—God is libertarian.And what does it mean to say that God is libertarian? It means that God, the Lord of all the Universe, has absolute power over it, and yet He chooses not to use force, but always leaves his creatures free. To the point that He gives human beings the freedom to rebel against Him; even though, again and again, God forgives human beings and allows them to rise up and begin anew.God always lets the universe He has created, flow in a spontaneous manner ("laissez faire, laissez passer, le monde va de lui même" could be the motto of our libertarian God). And this despite the fact that human beings tempt God again and again and demand that He manifest His absolute power, that He give us clear and indisputable signs of His existence and supreme power in order for us to believe in Him. But of course, God does not accept our challenge. Why? Because love and liberty are inseparable, and a forced conversion, for example by an evident cataclysm, would be completely contrary to that liberty with which God has created human beings out of love.Moreover, the Kingdom of God is not of this world; Jesus himself says this to a fearful Roman state official, who was also in charge of judging him: "My kingdom is not of this world." Does this mean that there are two types of kingdoms? The kingdoms of this world or States, which would be legitimate at their own level (remember "render unto Caesar the things that are Caesar's"), and the Kingdom of God, of ("render unto God the things that are God's"). That is the standard interpretation that has prevailed until now, but I think is completely wrong. The Kingdom of God—which is the exact opposite of the kingdoms or States of this world—never makes systematic use of violence and coercion: it is a Kingdom that has already come to us and, moreover, has been given to us freely, in an act of immense mercy and love (Deus caritas est). And just as the hateful institution of slavery came to an end, the Kingdom of God will also dismantle the kingdoms of this world, the states of this world, or as St. Paul said, of every principality, power, and glory (Ephesians 1:21-23), because God is libertarian and man is made in the image and likeness of God.Ludwig von Mises, in his book Interventionism, introduced the term "destructionism" to refer to the economic and social effects of statism. If Evil (represented by statist destructionism in Mises' terminology) were to prevail, the human race and civilization would have disappeared long ago. The fact that, despite everything and the immense power of seduction of statism over humankind, the process of social cooperation continues to unfold and even prosper in certain historical periods and geographical areas, is a clear manifestation that God does not abandon the world nor leave libertarians alone in their struggle against the Evil; and that Good, represented by liberty, the principle of non-aggression, the spontaneous order of the market, entrepreneurial creativity and coordination, and above all, moral principles, always with God's help, prevails and is capable of overcoming Evil, represented by the fatal conceit of the statist ideal and the destruction that it produces.And now I will finish with some thoughts on anarcho-capitalism as the only possible system of social cooperation truly compatible with human natureAnd now I will finish with some thoughts on anarcho-capitalism as the only possible system of social cooperation truly compatible with human nature. The most important intellectual and moral event that is taking place nowadays is the full fusion between Christianity and anarcho-capitalism. Because anarcho-capitalism is the only possible system of social cooperation that is truly compatible with human nature. Anarcho-capitalism is the purest representation of the spontaneous market order in which all services, including law, justice, and public order, are provided through a voluntary process of social cooperation. In this system, no area is closed to the drive of human creativity and entrepreneurial coordination; efficiency and justice in the resolution of problems are simultaneously enhanced, while the conflicts, inefficiencies, and discoordinations generated by the State are eradicated at their root.The progressive abolition of States and their gradual replacement by a dynamic network of private agencies different legal systems, and providing all kinds of prevention and defense services, constitutes the most important social transformation that will take place in the twenty first century. Without forgetting that exactly what prevents us from knowing with precision what the future without the state will look like, the creative nature of entrepreneurship, is what gives us the peace of mind of knowing that any problem will tend to be resolved and overcome, once the entrepreneurial effort and creativity of Humanity are devoted to its solution (Kirzner, 1985).Therefore, the revolution against the “Old Régime” carried out in the eighteenth and nineteenth centuries by the old classical liberals, today finds its natural continuation in the anarcho-capitalist revolution of the twenty-first century. The message of anarcho-capitalism is clearly revolutionary. Revolutionary in terms of its goal: the dismantling of the State and its replacement by a competitive market process consisting of a network of private agencies, associations, and organizations. And revolutionary in terms of its means, especially in the scientific, economic-social, and political fields:a) First, Scientific revolution, in the field of Economic Science, which becomes the general theory of spontaneous market order extended to all social areas. And by contrast and opposition, the theory and analysis of the effects of social discoordination generated by statism in any sphere in which it operates, as well as the study of the transition process from the State towards liberty.b) Second, an Economic and social revolution, as we cannot even imagine today the immense human achievements and discoveries that could be made in an entrepreneurial environment totally free from statism. Today, and despite continuous governmental harassment, an unknown civilization is already developing, with a degree of complexity that is beyond the reach and control of the state, and which will achieve unlimited expansion once it manages to completely rid itself of statism. And when human beings become more and more aware of the perverse nature of the State that restricts them, and of the immense possibilities that are frustrated each day when the State blocks the driving force of their entrepreneurial creativity, the social demand to reform and dismantle the State will multiply creating a future that is largely unknown to us but that will elevate human civilization to heights that we cannot even imagine today.c) And finally, a political revolution in which, although day-to-day political struggle is important, it should not be the top priority. It is true that the least interventionist alternatives must always be supported, in clear alliance with the efforts of classical liberals in their long term impossible democratic limitation of the State (including reforms such as those proposed by Hayek in the third volume of Law, Legislation, and Liberty). But the anarcho-capitalist does not stop at this task, for he knows that he can and must do much more. He knows that the ultimate goal is the total dismantling of the State, and this goal leads all his imagination and political action in everyday life. And here we cannot fail to mention the unprecedented impact of our disciple and follower of our Master Program in Austrian Economics in Madrid, the President of Argentina, Javier Milei, who has done more than anyone else before to disseminate the principles of the Austrian School and the anarcho-capitalist ideal. Principles that he never ceases to quote and explain and defend once and again in all his public appearances, from the United Nations to the Davos Forum; and in all his meetings with other Heads of State, universities, and parliaments, to whom he even gives copies of the most important Austrian works by Mises, Hayek and even myself, as he did, for example, with the two popes, Francis and Leo XIV, with the French President Macron, the Italian Prime Minister Meloni, and even with Elon Musk. For us, it is a great honor that Milei has, to a large extent, emerged from the Austrian School of Madrid and that he continually keeps drawing inspiration from us. This is, without a doubt, much more important than incremental political steps in the right direction—which should of course be welcomed—and that should never fall into a political pragmatism that could betray the ultimate goal of achieving the end of the State (Huerta de Soto, 2010).And all this with tireless enthusiasm in the search for scientific and moral truth, an attitude that, inspired by the immortal work of Miguel de Cervantes, we could describe as follows: "It matters not whether they be giants or windmills, when the plume of our helm is stirred by the winds of tenacity and faith." And always creating a future that, although it may seem distant today, may at any moment witness giant steps that will surprise even the most optimistic among us. History has entered into an accelerated process of change which, although it will never stop, will open a whole new chapter when humankind finally succeeds in ridding itself definitively of the State, reducing it to no more than a dark historical relic of tragic memory.Thank you very much.REFERENCESBASTIAT, Frédéric: Selected Essays on Political Economy, Foundation for Economic Education, New York 1995.DE LA BOÉTIE, Étienne: The Politics of Obedience: The Discourse of Voluntary Servitude, Free Life Editions, Nueva York 1975.BÖHM-BAWERK, Eugen von: Karl Marx and the Close of His System, Augustus M. Kelley, Nueva York 1949."The Exploitation Theory," Capital and Interest, Vol. I: History and Critique of Interest Theories, Libertarian Press, South Holland 1959.HAYEK, Friedrich A. von: The Counter-Revolution of Science, Free Press, New York, 1955.Hayek on Hayek: An Autobiographical Dialogue (eds. Stephen Kresge and Leif Wenar), University of Chicago Press, Chicago 1994.Law, Legislation and Liberty, Vol. III: The Political Order of a Free People, Routledge & Kegan Paul, London 1979.The Fatal Conceit: the Errors of Socialism, The University of Chicago Press, Chicago 1988."The Pretence of Knowledge," in New Studies in Philosophy, Politics, Economics and the History of Ideas, University of Chicago Press, Chicago 1978.HUERTA DE SOTO, Jesús: Socialism, Economic Calculation and Entrepreneurship, Edward Elgar, Cheltenham y Northampton 2010."A Hayekian Strategy to Implement Free Market Reforms," in Theory of Dynamic Efficiency, Routledge, Oxfordshire, 2010.Proyecto Docente, Chapter I: "Ciencia y Economía," Rey Juan Carlos University, Madrid 2000.The Austrian School: Market Order and Creative Entrepreneurship, Edward Elgar, Cheltenham y Northampton 2008.DE JASAY, Anthony: Market Socialism: A Scrutiny, published by the Institute of Economic Affairs, Occasional Paper no. 84, 1990.KIRZNER, Israel: "The Perils of Regulation: A Market Process Approach" in Discovery and the Capitalist Process, University of Chicago Press, 1985.LIGGIO, Leonard: "The Hispanic tradition of Liberty," published in Procesos de Mercado: Revista Europea de Economía Política, vol. XXII, nº 1, Summer 2025, pp. 403-420.MARTÍNEZ MARINA, Francisco: Teoría de las cortes o grandes juntas nacionales de los reinos de León y Castilla, Collado, 1820.MILEI, Javier: Capitalism, Socialism, and the Neoclassical Trap, in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume II (editors Howden, D., Bagus, P.), Palgrave Macmillan, Cham, 2023.MISES, Ludwig von: Socialism: An Economic and Sociological Analysis, Jonathan Cape, London 1936.Planned Chaos, Foundation for Economic Education, Irvington-on-Hudson 1947.OPPENHEIMER, Franz: The State, Vanguard Press, Nueva York 1926.POPESCU, Oreste: Studies in the History of Latin American Economic Thought, Routledge, London 1997.POPPER, Karl: The Open Society and its Enemies, Princeton University Press, Princeton 1966.RATZINGER, Joseph. Jesus of Nazareth: From the Baptism in the Jordan to the Transfiguration. Translated by Adrian J. Walker. Doubleday, New York, 2007.ROTHBARD, Murray N.: "New Light on the Prehistory of the Austrian School," in The Foundations of Modern Austrian Economics (editor Edwin G. Dolan), Sheed and Ward, Kansas City 1976, pp. 52–74.Anatomy of the State, Ludwig von Mises Institute, Auburn 2009.SALERNO, Joseph. "Milton Friedman's Views on Method and Money Reconsidered in Light of the Housing Bubble", in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I, (editors Howden, D., Bagus, P.), Palgrave Macmillan, Cham, 2023.STIGLER, George: The Citizen and the State, University of Chicago Press, Chicago, 1975, pp. 1-13.

Ann Pettifor accurately predicted the 2008 credit crisis with her book The Coming First World Debt Crisis. In her new book The Global Casino, Pettifor warns how offshore financial markets, operating without democratic oversight, are gambling with the planet's future. In conversation with economist Ann Pettifor and Follow the Money journalist Thomas Bollen.Trillions of dollars have been placed in the global offshore financial markets. Money on which no taxes are paid and over which there is no democratic control. In her latest book, economist Ann Pettifor explains how this international money market functions like a casino. A shadow-banking world that engages in rampant speculation, propped up by public funds. Is the next crisis only a matter of time?Ann Pettifor (1947) is a leading British economist. She is one of the driving forces behind the Green New Deal, a package of measures aimed at making the economy more sustainable. She advises governments worldwide and is director of Policy Research in Macroeconomics (PRIME), a network of economists researching Keynesian monetary theory and policy.Moderator: Katarina SchulZie het privacybeleid op https://art19.com/privacy en de privacyverklaring van Californië op https://art19.com/privacy#do-not-sell-my-info.

Steve Moore interviews financial expert Rob Arnott to explore the enduring superiority of free-market capitalism over socialist policies. The conversation begins by contrasting the classical wisdom of Adam Smith and Milton Friedman with modern "neo-Keynesian" trends, which the speakers argue lead to unsustainable deficit spending and a bloated government. A central theme of the discussion is the detrimental impact of high taxation, as Arnott explains how aggressive tax rates in states like California and New York trigger an exodus of wealth-creators to more hospitable environments. Shifting toward a global perspective, the duo highlights how private enterprise has historically reduced extreme poverty and improved life expectancy far more effectively than centralized planning. Finally, Arnott offers investment guidance, advising listeners to look past current market volatility and avoid overvalued sectors by betting on a long-term return to economic norms. Learn more about your ad choices. Visit megaphone.fm/adchoices

Steve Moore interviews financial expert Rob Arnott to explore the enduring superiority of free-market capitalism over socialist policies. The conversation begins by contrasting the classical wisdom of Adam Smith and Milton Friedman with modern "neo-Keynesian" trends, which the speakers argue lead to unsustainable deficit spending and a bloated government. A central theme of the discussion is the detrimental impact of high taxation, as Arnott explains how aggressive tax rates in states like California and New York trigger an exodus of wealth-creators to more hospitable environments. Shifting toward a global perspective, the duo highlights how private enterprise has historically reduced extreme poverty and improved life expectancy far more effectively than centralized planning. Finally, Arnott offers investment guidance, advising listeners to look past current market volatility and avoid overvalued sectors by betting on a long-term return to economic norms. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode: 2562 Paul Samuelson and the textbook Economics.  Today, a book that helped educate the world.

On this special episode of Minor Issues, Mark Thornton shares his recent interview with Darrell Thomas on VRIC Media. Mark explains how Keynesian ideas normalized chronic deficits and a debt-financed state. They discuss tariffs and policy volatility, how inflation has been partly masked by cheap imports, and why distorted price signals hit entrepreneurs and small businesses hardest. The conversation also covers rising interest costs, pressure for renewed yield-curve suppression, and what it all implies for gold, silver, and commodities.The original episode is available at https://www.youtube.com/watch?v=eI9Y-lITpnQPurchase a Minor Issues tumbler today! https://mises.org/MinorIssuesTumblerBe sure to follow Minor Issues at https://Mises.org/MinorIssues

Alex Howlett, an independent scholar affiliated with The Greshm Institute, discusses Universal Basic Income (UBI). Beginning with Modern Monetary Theory (MMT), an offshoot of post-Keynesianism, he addresses its key principles: notably Keynes' belief that the Great Depression was caused by a deficiency in aggregate demand, leading to sustained involuntary unemployment that the market could not self-correct. Howlett deflates Keynesian theory that assumes that economic policy aims for full employment, asking, “To what extent actually does it make sense for people to be workers?” while explaining that labour is not the most effective or efficient way to get money to people. Howlett sees UBI as solving this problem of distributing money to people while dispensing with the need to ensure that everyone has a job, dispelling the notion that only if every single person is working can an economy run at full capacity. Assessing some of the major criticisms of UBI—from fiscal feasibility, economic incentives, and social justice—he responds to the fears of inflation, worries that borrowing will lead to reckless fiscal policy and a loss of central bank independence, or that UBI would dismantle already established welfare programmes. Responding to counter-arguments to UBI, such as the claim that the economy will not have the labour pool it requires or that people won't be working as much, Howlett turns these arguments on their head demonstrating how the demand for labour is artificially inflated as a way of getting people jobs, noting the historical overstimulation of the financial sector to encourage firms to borrow so they hire workers. Howlett contends that with UBI, the economy does not have to play into the push and pull of labour supply and demand, stating, “You hear this fear that people aren't going to work as much at the same time that you hear this fear that there aren't going to be enough jobs available, right? It's like, well, wait a minute…. Isn't it good if those things kind of go together?” Get full access to Savage Minds at savageminds.substack.com/subscribe

Welcome back to Impact Theory with Tom Bilyeu. In today's episode, we're joined by economist Peter St-Onge, whose remarkable journey began with early investment success, only to be wiped out in the 2000 dot-com crash and lead him to reinvent himself as a bartender in Japan and eventually earn a PhD in economics. Together, Tom Bilyeu and Peter St-Onge dive deep into the mechanics behind market booms and busts—from dot-com to the rise of AI—exploring how economic forces like Federal Reserve policies, tariffs, regulations, and the ever-controversial debate between Keynesian and Austrian economics shape our financial landscape. You'll hear Peter St-Onge break down why asset holders consistently come out ahead, discuss the looming threats and unlikely contenders to the US dollar as the world's reserve currency, and weigh in on the real impact of government intervention. If you've ever wondered how to invest wisely in today's volatile market, see through the headlines, or navigate a system that seems rigged for the rich, this episode offers rare clarity—and actionable advice—for surviving and thriving in uncertain times. Stay tuned as we untangle the web of economic forces affecting us all and provide the insights you need to make legendary moves. Follow Peter St-Onge:X (Twitter): https://twitter.com/profstongeSubstack: https://profstonge.substack.com What's up, everybody? It's Tom Bilyeu here: If you want my help... STARTING a business: join me here at ZERO TO FOUNDER:  https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show SCALING a business: see if you qualify here.:  https://tombilyeu.com/call Get my battle-tested strategies and insights delivered weekly to your inbox: sign up here.: https://tombilyeu.com/ ********************************************************************** If you're serious about leveling up your life, I urge you to check out my new podcast, Tom Bilyeu's Mindset Playbook —a goldmine of my most impactful episodes on mindset, business, and health. Trust me, your future self will thank you. ********************************************************************** FOLLOW TOM: Instagram: https://www.instagram.com/tombilyeu/ Tik Tok: https://www.tiktok.com/@tombilyeu?lang=en Twitter: https://twitter.com/tombilyeu YouTube: https://www.youtube.com/@TomBilyeu Quince: Free shipping and 365-day returns at https://quince.com/impactpodShopify: Sign up for your one-dollar-per-month trial period at https://shopify.com/impactKetone IQ: Visit https://ketone.com/IMPACT for 30% OFF your subscription orderIncogni: Take your personal data back with Incogni! Use code IMPACT at the link below and get 60% off an annual plan: https://incogni.com/impactBlocktrust IRA: Get up to $2,500 funding bonus to kickstart your account at https://tomcryptoira.comAquaTru: 20% off your purifier with code IMPACT https://aquatru.com Netsuite: Right now, get our free business guide, Demystifying AI, at https://NetSuite.com/TheoryPique: 20% off at https://piquelife.com/impact Cape: 33% off your first 6 months with code IMPACT at https://cape.co/impact Plaud: Get 10% off with code TOM10 at https://plaud.ai/tom AI bubble, dot-com crash, Federal Reserve, interest rates, Austrian economics, Keynesian economics, money printing, inflation, stock market, business cycles, regulation, tariffs, US national debt, global reserve currency, gold standard, BRICS currency, quantitative easing, asset values, K-shaped economy, boom-bust cycle, deglobalization, trade barriers, manufacturing in the US, economic forces, store of value, economic recession, liquidity, federal government spending, bailouts, central banking Learn more about your ad choices. Visit megaphone.fm/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Welcome back to Impact Theory with Tom Bilyeu. In today's episode, we're joined by economist Peter St-Onge, whose remarkable journey began with early investment success, only to be wiped out in the 2000 dot-com crash and lead him to reinvent himself as a bartender in Japan and eventually earn a PhD in economics. Together, Tom Bilyeu and Peter St-Onge dive deep into the mechanics behind market booms and busts—from dot-com to the rise of AI—exploring how economic forces like Federal Reserve policies, tariffs, regulations, and the ever-controversial debate between Keynesian and Austrian economics shape our financial landscape. You'll hear Peter St-Onge break down why asset holders consistently come out ahead, discuss the looming threats and unlikely contenders to the US dollar as the world's reserve currency, and weigh in on the real impact of government intervention. If you've ever wondered how to invest wisely in today's volatile market, see through the headlines, or navigate a system that seems rigged for the rich, this episode offers rare clarity—and actionable advice—for surviving and thriving in uncertain times. Stay tuned as we untangle the web of economic forces affecting us all and provide the insights you need to make legendary moves. Follow Peter St-Onge:X (Twitter): https://twitter.com/profstongeSubstack: https://profstonge.substack.com What's up, everybody? It's Tom Bilyeu here: If you want my help... STARTING a business: join me here at ZERO TO FOUNDER:  https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show SCALING a business: see if you qualify here.:  https://tombilyeu.com/call Get my battle-tested strategies and insights delivered weekly to your inbox: sign up here.: https://tombilyeu.com/ ********************************************************************** If you're serious about leveling up your life, I urge you to check out my new podcast, Tom Bilyeu's Mindset Playbook —a goldmine of my most impactful episodes on mindset, business, and health. Trust me, your future self will thank you. ********************************************************************** FOLLOW TOM: Instagram: https://www.instagram.com/tombilyeu/ Tik Tok: https://www.tiktok.com/@tombilyeu?lang=en Twitter: https://twitter.com/tombilyeu YouTube: https://www.youtube.com/@TomBilyeu Quince: Free shipping and 365-day returns at https://quince.com/impactpodShopify: Sign up for your one-dollar-per-month trial period at https://shopify.com/impactKetone IQ: Visit https://ketone.com/IMPACT for 30% OFF your subscription orderIncogni: Take your personal data back with Incogni! Use code IMPACT at the link below and get 60% off an annual plan: https://incogni.com/impactBlocktrust IRA: Get up to $2,500 funding bonus to kickstart your account at https://tomcryptoira.comAquaTru: 20% off your purifier with code IMPACT https://aquatru.com Netsuite: Right now, get our free business guide, Demystifying AI, at https://NetSuite.com/TheoryPique: 20% off at https://piquelife.com/impact Cape: 33% off your first 6 months with code IMPACT at https://cape.co/impact Plaud: Get 10% off with code TOM10 at https://plaud.ai/tom AI bubble, dot-com crash, Federal Reserve, interest rates, Austrian economics, Keynesian economics, money printing, inflation, stock market, business cycles, regulation, tariffs, US national debt, global reserve currency, gold standard, BRICS currency, quantitative easing, asset values, K-shaped economy, boom-bust cycle, deglobalization, trade barriers, manufacturing in the US, economic forces, store of value, economic recession, liquidity, federal government spending, bailouts, central banking Learn more about your ad choices. Visit megaphone.fm/adchoices

SHOW SCHEDULE 2-13-20261909 BENGAL1.Jeff Bliss discusses Governor Newsom's mixed popularity in California, highlighting failures in housing affordability, rising homelessness, and the costly, delayed high-speed rail project undermining his national ambitions.2.Jeff Bliss reports on Las Vegas's growth as Californians relocate there, the continued success of In-N-Out Burger, and the irony of California's beautiful weather amidst persistent economic troubles.3.Jeff Bliss and Brandon Weichert debate the AI boom, predicting a market correction followed by a second wave where robotics and AI integration fundamentally transform the global economy.4.Conrad Black reflects on former Prime Minister Stephen Harper's conservative achievements and analyzes current leader Pierre Poilievre's similar but more comprehensive vision to rescue Canada's stagnating economy.5.Veronique de Rugy of the Mercatus Center analyzes tensions between the President and the Federal Reserve, warning against fiscal dominance where political pressure regarding debt forces the Fed to lower rates.6.Jim McTague describes Lancaster County's freezing tundra weather, inflation impacting Valentine's Day sales, and a significant financial windfall for local government from a new data center.7.Michael Munger reviews George Selgin's book False Dawn, arguing that regime uncertainty from FDR's arbitrary New Deal policies hindered investment and actually prolonged the Great Depression.8.Michael Munger explains how post-WWII economic recovery defied Keynesian predictions of doom due to the removal of government controls and a massive release of pent-up consumer demand.9.Josh Rogin discusses the trade conflict between the US and India, noting that tariffs were used as leverage regarding Russian oil and Modi's diplomatic de-risking from Washington.10.Josh Rogin analyzes the reopening of trade between Washington and Delhi, suggesting India is returning to a non-aligned strategy despite improved relations and adjusted tariff rates.11.Bill Roggio and Caleb Weiss of the Long War Journal discuss a sophisticated Islamic State drone attack on an airfield in Niger, highlighting security failures by the Russian Africa Corps that replaced US forces.12.Bill Roggio and Caleb Weiss provide updates on Somalia including relative success against Al-Shabaab leadership, while reports confirm Russian deceptive recruitment of Africans for the war in Ukraine.13.Henry Sokolski of the Nonproliferation Policy Education Center analyzes the crumbling Non-Proliferation Treaty, citing Iran's inspection violations and China's nuclear expansion as critical challenges for the upcoming international review conference.14.Henry Sokolski critiques the chaotic government response to a balloon over El Paso, arguing the incident exposes dangerous coordination flaws in America's homeland security apparatus and interagency communication.15.Bob Zimmerman of Behind the Black contrasts SpaceX's routine success with ULA's technical struggles, attributing the booming private space sector and massive investments to a shift toward capitalist models.16.Bob Zimmerman covers ESA's fast-tracked Apophis asteroid mission, a commercial attempt to resÅcue a NASAtelescope, and the contrasting regulatory environments of the UK and New Zealand for space launches.Å

Michael Munger explains how post-WWII economic recovery defied Keynesian predictions of doom due to the removal of government controls and a massive release of pent-up consumer demand.1945 TRUMAN

Last episode, we talked about the brewing conflict between what currently passes for mainstream conservatism and the schizophrenic reactionary Groyper politics of Nick Fuentes. Subscribe on Patreon to support making this show, get premium only episodes, and listen to our entire back catalog. patreon.com/wetwired We wrapped things up with the idea that conservatism has never really bothered to conserve anything. Aside from a few exceptions, most of the time they keep themselves busy fighting culture wars about immigration, civil rights, women's rights, Christianity, and demonizing organized labor. What they keep trying to “conserve” is whatever the status quo power dynamic was when their grandad was a kid.  After the Civil War, they wanted slavery back. Women's suffrage, desegregation—they wanted to get rid of all those things. This isn't the first fight inside conservatism. As part of its periodic reinvention of itself, conservatives have gone back to the political well and dredged up the same slogans more than once. We tied this malleable idea of conservatism in with the evolution of the field of unashamed ideological political economists into what we now think of as the pseudoscience of Economics. At least the political economists were up front about whatever ideological bent they had. If you were a socialist, you'd start with your convictions about socialism being the absolute best way of running society on offer, and they work to come up with an economic theory or plan that made it seem possible. It was honest. By the time the 1800s were wrapping up, that wasn't good enough. Economists wanted to be taken more seriously, so they started dressing the whole thing up like they were doing physics or pure math. They could talk about whatever economic system as if they were describing the laws of nature. That didn't get rid of the ideology, though. It just buried it under metric tons of academic jargon and complicated formulas. After all, what's the difference between modeling a tsunami and a stock market crash? The answer is that the tsunami wasn't caused by Goldman Sachs and JP Morgan. That all brings us around to FDR's New Deal and the era of John Maynard Keynes and what Matt Christman has called his "Keynesian machine for dispensing treats". As many contradictions as Keynes gathered into his economic model, it remains the only proven way to maintain capitalism. To set the tone, David Talbot has a quote in his book The Devil's Chessboard about Bertie Pell, a friend of FDR's who Talbot described as a “full-on traitor to his class”. “I am almost the last capitalist who is willing to be saved by you,” Pell wrote Roosevelt in 1936 in a letter beseeching the president to draft him for the New Deal cause. The following year, Pell wrote again, praising FDR's accomplishments: “Your administration has made possible the continuance of American institutions for at least fifty years. You have done for the government what St. Francis did for the Catholic Church. You have brought it back to the people.” It turns out Pell was eerily correct. Those institutions managed to last just a little longer than 50 years. They are about gone now, though. Our long promised merch is here!! Fly your crypto-leftist flag with our personal love letter to Juan José Arévalo, philosopher and socialist president of Guatemala, and the airline he nationalized. wetwired.printful.me/ Subscribe on Patreon to support making this show, get premium only episodes, and listen to our entire back catalog. patreon.com/wetwired Music:Airglow - Spliff and Wesson (CC-BY)

Thanks for your support! We couldn't do this without you. For more content, early access and the chance to put questions to future guests, join our community on Substack HERE: https://open.substack.com/pub/winstonmarshallIn this episode of The Winston Marshall Show, I sit down with historian and peer Lord Andrew Roberts for a sweeping conversation on Britain after 1945, the defeat of Churchill, and the post-war settlement that shaped the modern world.We begin with why Winston Churchill lost the 1945 general election, despite winning the war, and how promises of state provision, nationalisation, and the Beveridge Report reshaped British politics. Lord Roberts explains how wartime socialism, propaganda, and unrealistic expectations laid the foundations for decades of economic stagnation.The discussion explores Britain's post-war decline, austerity, debt, and the illusion of prosperity created by Lend-Lease, Marshall Plan aid, and Keynesian economics. We examine why Germany and Japan rebuilt faster than Britain, how trade unions and high taxation crippled growth, and why successive governments chose to manage decline rather than confront it.We also discuss immigration, the welfare state, deindustrialisation, and how the failures of the 1945 settlement echo through Brexit, Trump, globalisation, and the collapse of the rules-based international order. Lord Roberts reflects on NATO, the United Nations, American power, and why the West now faces a historic turning point.A wide-ranging and authoritative conversation about history, power, leadership, and whether Britain can rediscover the courage to reverse its long decline.-----------------------------------------------------------------------------------------------------------------------WATCH EXTENDED CONVERSATION HERE: https://open.substack.com/pub/winstonmarshall/p/why-winston-churchill-lost-the-1945?r=18lfab&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true-----------------------------------------------------------------------------------------------------------------------FOLLOW ME ON SOCIAL MEDIA:Substack: https://www.winstonmarshall.co.uk/X: https://twitter.com/mrwinmarshallInsta: https://www.instagram.com/winstonmarshallLinktree: https://linktr.ee/winstonmarshall----------------------------------------------------------------------------------------------------------------------Chapters 00:00 Introduction 02:23 Why did Churchill lose the 1945 Election05:00 Appeasement, Blame & the Conservative Collapse06:34 The Beveridge Report & the Dream of a New Jerusalem10:51 War Socialism, Lend-Lease & National Delusion12:36 Bankruptcy, Austerity & Britain's Financial Reality14:28 Why Germany & Japan Recovered Faster17:24 Keynes, American Loans & Avoiding Collapse22:23 The Marshall Plan & Stopping European Communism24:09 Learning the Wrong Lessons from Victory28:04 Trade Unions, Inflation & the Road to the 1970s33:24 Immigration After the War & Changing Britain39:35 Corelli Barnett & Britain's Long Economic Decline54:43 The Revolt Against the 1945 Settlement1:07:43 Leadership, Thatcher & Britain's Future Hosted on Acast. See acast.com/privacy for more information.

Episode 2740 - NAC is it a miracle? What is Keynesian economics? Who is Nancy Mace? Jelly Rolls weight loss! Don't drink if you're pregnant! Causes of infertility? The war with conservative commentators? Plus much more !

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureThe [CB] are trying to fight back, Trump continues to counter them by using tariffs. They will never learn. Blue states are feeling the economic pain, they are following the globalist plan and they will fail. Trump is changing the economic calculations. Inflation is below 1%. Trump nominates Kevin Warsh to restructure the Fed. The [DS] is panicking. They tried to trap Trump in the Epstein files, that did not work, the other part of the plan is to muddy the waters but this also failed. Trump is now preparing for mass round ups across the country. DHS is purchasing warehouses to hold the illegals. Trump is leading the [DS] down the path of no return. The insurrection is coming and Trump is preparing the counterinsurgency.   Economy   through this very same certification process. If, for any reason, this situation is not immediately corrected, I am going to charge Canada a 50% Tariff on any and all Aircraft sold into the United States of America. Thank you for your attention to this matter! DONALD J. TRUMP PRESIDENT OF THE UNITED STATES OF AMERICA (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/DC_Draino/status/2016988052317409756?s=20   like he did in my First Term. I am confident that Brett has the expertise to QUICKLY fix the long history of issues at the BLS on behalf of the American People. Brett Matsumoto is a Brilliant, Reputable, and Trusted Economist who will restore GREATNESS to the Bureau of Labor Statistics. Congratulations Brett! https://twitter.com/USTradeRep/status/2017747044350280104?s=20      extensive research in the field of Economics and Finance. Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom. Parliament adopted the Report’s recommendations. Kevin Warsh became the youngest Fed Governor, ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve’s Representative to the Group of Twenty (G-20), and as the Board’s Emissary to the Emerging and Advanced Economies in Asia. In addition, he was Administrative Governor, managing and overseeing the Board’s operations, personnel, and financial performance. Prior to his appointment to the Board, from 2002 until 2006, Kevin served as Special Assistant to the President for Economic Policy, and Executive Secretary of the White House National Economic Council. Previously, Kevin was a member of the Mergers & Acquisitions Department at Morgan Stanley & Co., in New York, serving as Vice President and Executive Director. I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is “central casting,” and he will never let you down. Congratulations Kevin! PRESIDENT DONALD J. TRUMP Warsh has compared Bitcoin favorably to gold as a “sustainable store of value,” indicating a positive view of gold’s role in the financial system.  However, his nomination led to sharp declines in gold and silver prices (e.g., silver fell up to 26% in one day), as markets interpreted him as an inflation hawk who might pursue tighter monetary policy, reducing the appeal of precious metals as inflation hedges.  This reaction stemmed from fears of less dovish Fed actions, which had previously driven gold’s rally amid uncertainty over Fed independence.  Warsh’s broader hawkish stance on inflation aligns with “hard money” principles that could indirectly support gold, but his emphasis on shrinking the Fed’s balance sheet and normalizing policy suggests he prioritizes institutional reform over promoting gold as a standard. Is Kevin Warsh Pro-Sound Money?Yes, Warsh is a strong advocate for sound money principles, emphasizing disciplined, anti-inflationary monetary policy. He views inflation as a “monetary phenomenon” and “a choice” driven by excessive government printing and spending.  As a former Fed Governor, he was often the most hawkish voice, opposing aggressive rate cuts during crises due to inflation risks.  He criticizes the Fed’s “mission creep,” oversized balance sheet, and reliance on quantitative easing (QE), arguing these enable fiscal irresponsibility and distort markets. Warsh calls for “regime change” at the Fed, shifting away from Keynesian models toward rules-based policy that incorporates money supply considerations and reduces interventionism. He stresses credibility, clear rules, and accountability to maintain sound money.   In a 2025 Hoover Institution paper, he advocated scrutinizing monetary policy under a framework that could include constitutional measures for prosperity and idea diffusion. Warsh has been vocal against Powell’s leadership, echoing Trump’s frustrations with high interest rates and calling for “regime change” at the Fed. He has moderated his hawkish stance to support lower rates, arguing AI-driven productivity allows growth without inflation. Credibility and Market Reassurance: Warsh is seen as a “traditional” pick with Fed experience, reassuring investors amid fears of a loyalist appointment that could undermine independence. Trump highlighted Warsh’s ability to deliver lower rates and growth, though some economists note Warsh’s independence could lead to tensions if he prioritizes data over demands. Analysts suggest the pick balances Trump’s desire for cuts with a credible figure. Political/Rights https://twitter.com/EndWokeness/status/2017774819823984722?s=20 Trump Administration Begins Suing Illegal Migrants Who Have Not Self-Deported The Trump administration has begun suing individual illegal migrants for ignoring removal orders and refusing to self-deport back to their home countries, a report says. The administration has filed suit against an illegal migrant living in Virginia, and is seeking $941,114 plus interest, alleging that Marta Alicia Ramirez Veliz has remained in the country despite being told her request for admittance was rejected by a Justice Department appeals panel in 2022, Politico reported. The filing notes that Veliz has refused to pay a $998 per-day fine for the 943 days since she was told to return to her home country, and reveals that Immigration and Customs Enforcement sent her an official notice of her total fine in April. The lawsuit describes Veliz as “an individual and noncitizen residing in Chesterfield County, Virginia,” and does not identify her nationality. source: breitbart.com https://twitter.com/KanekoaTheGreat/status/2017404446230323358?s=20 BREAKING: Disturbing photos in the Epstein files appear to show Prince Andrew on all fours over a woman lying on the ground. https://twitter.com/HansMahncke/status/2017792445979791448?s=20   for everyone, or is connected through some opaque web of professional and personal ties. A supposedly random figure from the squalor of Uganda rises all the way to mayor of New York, only for it to later emerge that his mother is deeply embedded in elite circles. The same pattern shows up again and again. James Comey's daughter just happened to be a lead federal prosecutor on the Epstein case. The judge who presided over the trial of Hillary Clinton's lawyer, the one who helped seed the Russiagate hoax, is married to Lisa Page's lawyer. Page, of course, was involved with Peter Strzok, who is one of the central figures in that same hoax. And to complete the circle, Merrick Garland officiated their wedding. None of this requires conspiracy theories. It requires only acknowledging how small, closed, and self-protecting these elite worlds are. Fix elite incestuousness, and a lot of other problems will disappear on their own. https://twitter.com/KanekoaTheGreat/status/2017734119334232544?s=20 https://twitter.com/KanekoaTheGreat/status/2017474860700877105?s=20   https://twitter.com/CynicalPublius/status/2017762585878069630?s=20 https://twitter.com/KanekoaTheGreat/status/2017694490614763591?s=20   written from Nikolic's perspective. At the time, Nikolic was Gates's top scientific investment advisor. The emails suggest Gates was firing Nikolic in response to marital problems with Melinda. In June 2013, Nikolic emailed Gates and asked if he wanted to go to the “legendary Crazy Horse in Paris” an erotic show, while they were in France. Gates declined, saying he would be too tired and didn't want to take the risk, adding that he might have done it when he was younger. On July 1, 2013, Gates emailed Nikolic: “We should meet on Wednesday to discuss your job. There is going to have to be a transition. I feel very bad about it but I don’t see a way around it.” Nikolic shared these emails with Epstein. Epstein later commented on the Paris erotic show email, writing: “This is pretty bad and might have been the cause of her bad mail in paris.”—apparently referring to Melinda. Nikolic appeared unhappy about being fired while potentially being used as a scapegoat, and he sought greater financial compensation as he prepared to leave and launch his own investment fund. In these emails, Epstein—writing as Nikolic—references alleged knowledge of Gates's extramarital affairs, STDs allegedly contracted from Russian women, and drug use as justification for why Nikolic deserved more money. Taken together, it appears Jeffrey Epstein was drafting or shaping a message for Boris Nikolic that effectively functioned as blackmail, pressuring Bill Gates for financial compensation. It remains unclear whether Nikolic ultimately sent these messages to Gates. However, later emails suggest Gates helped Nikolic launch his next investment fund and maintained a working relationship with him afterward. Epstein later listed Nikolic as a backup executor of his will, indicating the two were close confidants. https://twitter.com/Breaking911/status/2017769194159210784?s=20 Billionaire Reid Hoffman, Who Bankrolled the E. Jean Carroll Lawsuit Against Trump, Is Featured Extensively in the New Epstein Files, Visiting Zorro Ranch and Pedophile Island  Hoffman went to the Island. A man who used his fortune to bankroll a lawsuit against President Donald J. Trump is now featured extensively in the new DOJ-released Jeffrey Epstein documents. The three and a half million documents from the latest – and apparently last – have been released by the DOJ following the approval of the House Resolution 4405, the Epstein Files Transparency Act. Documents from this massive release show the close ties between LinkedIn co-founder Reid Hoffman and the late pedophile. The pair ‘discusses visits to Epstein's infamous private island, his New Mexico ranch, and his New York apartment'. The New York Post reported: “'Reid will spend the night at 71st', according to one email from Hoffman's team included in the latest Justice Department dump of Epstein files, in reference to his Upper East Side townhouse.”   A 2014 memo states that Epstein hosted will have (venture capitalist) Joi Ito and Reid Hoffman on the infamous Zorro Ranch for a weekend. “An email Epstein penned to his assistant Saida Sapieva under the heading ‘Trip to the Island' states: ‘Reid will take a Virgin America Flight from SFO to Fort Lauderdale, departing at 8:20 am, landing at 4:40 pm'. In 2023, Hoffman visited to Epstein's former Caribbean private island, Little St. James, also known as ‘pedophile island', The Post previously reported.” Source: thegatewaypundit.com https://twitter.com/elonmusk/status/2017106848311366064?s=20 https://twitter.com/MikeBenzCyber/status/2017789344103145647?s=20   https://twitter.com/MikeBenzCyber/status/2017772724093849926?s=20     https://twitter.com/elonmusk/status/2017930408650772495?s=20 https://twitter.com/Cernovich/status/2017329765863039432?s=20       Israel had Trump by the balls so much that… Epstein was arrested? Ghislaine Maxwell was arrested? Jean Luc Brunel was arrested? Les Wexner stepped down? NXIVM sex cult ended? And now we're getting those files? These people don't think very hard https://twitter.com/JD_Cashless/status/2017349780922408973?s=20 https://twitter.com/TaraBunner2/status/2017619821634977889?s=20 https://twitter.com/Jordan_Sather_/status/2017399510809645263?s=20 https://twitter.com/TheStormRedux/status/2017789280693735748?s=20 politically. “I didn't see it myself but I was told by some very important people that not only does it absolve me, it's the opposite of what people were hoping – you know, the radical left. Wolff, who's a 3rd rate writer, was conspiring with Jeffrey Epstein to hurt me politically or otherwise…” Don't fall for all the clickbait doomers pushing the anti-Trump narratives. It's all bullshit. Lots of people not looking good though after today's release. Will be interesting to see how this plays out. To muddy the waters is an idiom that means to make a situation, issue, or discussion more confusing, unclear, or complicated—often deliberately. For example: “The politician’s vague statements only muddied the waters during the debate.” It originates from the idea of stirring up mud in water, making it murky and hard to see through. DOGE Geopolitical War/Peace Iran Hits Back At EU: Designates European Armies As ‘Terrorist Entities’ Iran is saying two can play at the West’s game: on Friday the secretary of Iran’s Supreme National Security Council blasted the EU’s decision to designate the Islamic Revolutionary Guard Corps (IRGC) as a “terrorist organization,” warning that Europe’s own militaries would now be viewed through the same lens. “The European Union certainly knows that… the armies of countries that have participated in the European Union’s recent resolution against the Islamic Revolutionary Guard Corps are considered terrorist entities,” Ali Larijani wrote in a post on X. He added bluntly: “Therefore, the consequences of that shall be borne by the European countries that undertook such an action.” However, there’s probably nothing in the way of European military assets for the Islamic Republic to sanction, so this ‘action’ by Tehran will remain largely symbolic. Iran does have assets held in various places of Europe though. EU foreign ministers agreed on Thursday to formally classify the IRGC as a “terrorist organization” and urged member states to implement the designation without delay – after a few longtime holdouts flipped. source: zerohedge.com [DS] Agenda https://twitter.com/rhodeislander/status/2017361344018739231?s=20 https://twitter.com/nicksortor/status/2017331445195211254?s=20   at Place of Worship COUNT 2: 18 U.S.C. § 248(a) (b), § §2(a) – FACE Act: Injure, Intimidate, and Interfere with Exercise of Right of Religious Freedom at a Place of Worship. Full indictment in replies. https://twitter.com/amuse/status/2017755569097003394?s=20 https://twitter.com/RapidResponse47/status/2017426372860190991?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2017426372860190991%7Ctwgr%5Efafd5c6b893c0c4815868b0fd8490482712f780e%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.breitbart.com%2Ft%2Fassets%2Fhtml%2Ftweet-5.html2017426372860190991 Maxine Waters Incites Violent Leftist Rioters in Los Angeles – Threatens ICE, “We're Going to Fight You Every Inch of the Way” (VIDEOS) Far-left Rep. Maxine Waters (D-CA) was in Los Angeles on Friday, inciting her radical left followers to riot against law enforcement before several were arrested.  Rioters were seen hurling objects at shielded federal agents who pushed back with pepper balls and nonlethal munitions. Via ABC 7: Anti-ICE Rioters Clash with Federal Agents and Local Police Outside Los Angeles ICE Facility Eventually, the rioters moved a dumpster toward the entrance of the ICE detention facility and set it ablaze. Over 100 Los Angeles Police officers reportedly responded in riot gear to quell the violence. Multiple videos circulating on social media show Maxine Waters at the front lines of the riot as leftists were told to disperse for surrounding the federal building, trespassing on federal property, and later assaulting federal officers. After pepper spray was deployed, Waters returned to the front of the riot with a mask and continued leading the insurrection. Waters was seen pulling up to the scene early in the day in a black SUV before stepping out to rally her troops, flailing her arms and leading chants of “ICE Out of LA.” Source: thegatewaypundit.com https://twitter.com/DOGEai_tx/status/2017736355665641700?s=20   Martinez's gang alliance pitch isn't just reckless; it's a calculated distraction from ICE's indiscriminate sweeps that tear families apart over paperwork. Federal law requires deportation for specific crimes, yet bureaucrats weaponize broad mandates to meet quotas. The solution? Enforce existing laws precisely, stop manufacturing crises, and end the performative politics that put both officers and communities at risk. President Trump's Plan https://twitter.com/EricLDaugh/status/2017769322723082564?s=20   constitutional dike, It is so ORDERED” – “Feb. 31” doesn’t exist – LinkedIn shows he liked a TDS post about ICE today – Includes a photo of the kid in the order – Unprofessionally antagonistic language WTF?! This is a JUDGE?! @ElonMusk and @NayibBukele were right all along. We can’t have a saved republic until we mass impeach the courts. H/t @BillMelugin_ https://twitter.com/ElectionWiz/status/2017574838143959310?s=20 https://twitter.com/nicksortor/status/2017636699157811696?s=20       one of the safest cities in America – Likewise, numerous other once very dangerous cities! Republicans, don't let these Crooked Democrats, who are stealing Billions of Dollars from Minnesota, and other Cities and States from all over the Country, push you around. They are using this aggressive protest SCAM to obfuscate, camouflage, and hide their CRIMINAL ACTS of theft and insurrection. They should all be in jail. I was elected on Strong Borders, and Law and Order, among many other things. Thank you to Secretary Kristi Noem. Remember, ELECTIONS HAVE CONSEQUENCES!!! PRESIDENT DONALD J. TRUMP     Federal Government Property. There will be no spitting in the faces of our Officers, there will be no punching or kicking the headlights of our cars, and there will be no rock or brick throwing at our vehicles, or at our Patriot Warriors. If there is, those people will suffer an equal, or more, consequence. In the meantime, by copy of this Statement, I am informing Local Governments, as I did in Los Angeles when they were rioting at the end of the Biden Term, that you must protect your own State and Local Property. In addition, it is your obligation to also protect our Federal Property, Buildings, Parks, and everything else. We are there to protect Federal Property, only as a back up, in that it is Local and State Responsibility to do so. Last night in Eugene, Oregon, these criminals broke into a Federal Building, and did great damage, also scaring and harassing the hardworking employees. Local Police did nothing in order to stop it. We will not let that happen anymore! If Local Governments are unable to handle the Insurrectionists, Agitators, and Anarchists, we will immediately go to the location where such help is requested, and take care of the situation very easily and methodically, just as we did the Los Angeles Riots one year ago, where the Police Chief said that, “We couldn't have done it without the help of the Federal Government.” Therefore, to all complaining Local Governments, Governors, and Mayors, let us know when you are ready, and we will be there — But, before we do so, you must use the word, “PLEASE.” Remember that I stated, in the strongest of language, to BEWARE — ICE, Border Patrol or, if necessary, our Military, will be extremely powerful and tough in the protection of our Federal Property. We will not allow our Courthouses, Federal Buildings, or anything else under our protection, to be damaged in any way, shape, or form. I was elected on a Policy of Border Control (which has now been perfected!), National Security, and LAW AND ORDER — That's what America wants, and that's what America is getting! Thank you for your attention to this matter.   PRESIDENT DONALD J. TRUMP he will use DHS/ICE and, if necessary, the US MIL to protect federal property. It sounds like Trump knows something is coming. It sounds like the Dems want DHS/ICE to get caught up in policing these riots, hoping more of their deranged followers take it too far and get shot. Trump is instead going to hold and force local Democrat politicians to police their own riots, or agree to work with him. And if the Dems choose to not police these riots, they will force Trump to use the US MIL to suppress the chaos.  https://twitter.com/unseen1_unseen/status/2017334056292143173?s=20 https://twitter.com/StephenM/status/2017585812599087241?s=20   EXCLUSIVE: Atlanta Field Office Special Agent in Charge Allegedly Removed For Slow-Walking Election Fraud Investigation  Reports are emerging on social media that Paul Brown, the FBI Special Agent in Charge at the Atlanta Field Office, was “forced out of that job earlier this month,” according to MSNOW's Ken Dilanian. According to MSNOW, Brown “was forced out this month after questioning the Justice Department's renewed push to probe Fulton County's role in the 2020 election” after “expressing concern” about “unsubstantiated allegations of voter fraud” in Fulton County. Source: thegatewaypundit.com https://twitter.com/TheStormRedux/status/2017632517596045581?s=20      of evidence that the judge authorized us to collect. And what we're gonna do next is go through the voluminous amounts of information collected and continue our investigation. At this point there's not much more I can say publicly because we have to go through a lot more material. But it was predicated on a finding of probable cause by a judge in Georgia.” Time for people to go to jail! We all watched it stolen in real time, and we're all still pissed off about it! https://twitter.com/TheStormRedux/status/2017201516768026738?s=20  the election safe, and she's done a very good job. And as you know, they got into the votes. You've got a signed judges order in Georgia and you're gonna see some interesting things happening.” We've waited a long time for this. Let's get it. https://twitter.com/JoeLang51440671/status/2017668286196932654?s=20 https://twitter.com/Rasmussen_Poll/status/2017631484908024035?s=20     (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");

On the latest episode of Minor Issues, Mark Thornton shares an in-depth interview with Jeremy McKeown of In the Company of Mavericks on the long rivalry between Austrian and Keynesian economics, and why Austrian ideas may be gaining new traction today. They trace how Austrian economics moved from a small academic outpost to a wider public audience, touching on the Mises Institute's role, the influence of figures like Roger Garrison and Ron Paul, and the ways online media and “alternative finance” have helped spread Austrian perspectives.We're entering the final week to enter the 2026 Stocks vs. Manure Prediction Contest at https://mises.org/form/stocks-vs-manure-2026Join us for the Mises Institute's first event of 2026, featuring Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell: "Entrepreneurship Beyond Politics: Mises Circle in Oklahoma City." Register today at https://mises.org/okcOrder a Minor Issues tumbler today! https://mises.org/MinorIssuesTumblerBe sure to follow Minor Issues at https://Mises.org/MinorIssues

In this special in-person interview, Jim Rickards breaks down why the Trump administration is far more strategic than the media portrays, explaining the "flood the zone" tactic and Scott Bessent's "Three Arrows" approach to bringing down the debt-to-GDP ratio. Jim dismantles the popular "debasement trade" narrative, revealing that foreign central banks are not dumping Treasuries and that the real risk lies in the Eurodollar market and the $1 quadrillion derivatives system underpinning global finance. He warns that stablecoins are quietly hoarding Treasury bills needed for collateral — and the risk of fraud waiting to blow up. On gold, Jim explains why $5,000 is just the beginning, making the case for $10,000 to $25,000 based on historical precedent from the 1970s when the dollar lost 94% of its value measured in gold. He also offers a bold prediction: the potential breakup of NATO as geopolitical alliances fracture under pressure. More about Rickards: Rickards is a New York Times bestselling author of Currency Wars: The Making of the Next Global Crisis and several other best-sellers, including The New Great Depression, Aftermath, The Road to Ruin, Death of Money, The New Case for Gold, Sold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy, and his newest book MoneyGPT: AI and the Threat to the Global Economy. An investment advisor, lawyer, inventor, and economist, Rickards has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. He is also the Editor of Strategic Intelligence, a widely-read financial newsletter. Links:  http://www.jamesrickardsproject.com/ https://x.com/RealJimRickardsTimestamps: 0:00 Intro 2:33 Why the second Trump term is different from the first 5:25 The Heritage Foundation and Project 2025 6:45 Executive orders and legislative wins 8:20 Federal courts and the Supreme Court battles 9:49 The economy: Is it really chaos? 11:32 The national debt: Why $39 trillion isn't the number to watch 13:45 The debt-to-GDP ratio explained 15:30 The Keynesian multiplier and diminishing returns 17:38 How we fixed the debt ratio after WWII (1945-1980) 18:36 Scott Bessent's "Three Arrows" strategy 19:19 The debasement trade: Why it's a false narrative 21:15 Are foreign central banks dumping Treasuries? (No) 23:15 What triggers a financial panic 24:45 How the Fed actually "prints money" 26:30 The Eurodollar market: Where real money comes from 28:00 The $1 quadrillion derivatives market 30:15 Stablecoins: The hidden risk in crypto 33:24 Tether's commercial paper problem 35:37 Gold: Why it's really moving 37:45 The Russian asset freeze and its unintended consequences 42:26 Gold does well in deflation too 45:48 The first Pentagon financial war game (2009) 49:54 Gold's trajectory: $10,000 to $25,000 or higher 51:45 The 1970s: When gold went up 2,700% 55:30 Anchoring bias and why $1,000 jumps get easier 56:33 Jim Rogers on the 50% retracement rule 58:49 Silver: Precious metal meets industrial input 63:21 Bold prediction: The potential breakup of NATO 67:34 Parting thoughts: True diversification

Henrik Zeberg, head macro economist at SwissBlock and author of The Monetary House of Cards, warns that despite stock markets hitting all-time highs, the real economy is sinking fast - private job creation has fallen below recessionary levels seen in 2007, and 90% of US consumers are now worse off than going into both the 2008 financial crisis and the 1929 depression. Using his Titanic metaphor, he explains first class passengers (top 10%) are still at the bar while third class is already in the water. Zeberg predicts a blow-off top with the S&P potentially hitting 8,200 before a crash worse than 2008, driven by central bank hubris that will trigger stagflation when the Fed inevitably intervenes. He's long-term bullish on gold and silver but warns of a short-term pullback as the dollar spikes to 120+ on the DXY during the deflationary bust, and explains why there's no easy way out this time - we've exhausted the free lunch of money printing.This episode is brought to you by VanEck. Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXJuliaLinks: X: https://x.com/HenrikZebergSubstack: https://henrikzeberg.substack.com/Book: https://buy.stripe.com/aFacN62DQdYFbZt9APaR201TEDx: https://youtu.be/DAmoawIOMbs?si=Infb0cLi8YPxdX4H00:00 Intro and welcome Henrik Zeberg01:22 Macro view, the real economy is about job creation, not financial markets04:13 90% of consumers worse off than going into 2008 and 192905:58 Titanic metaphor: First class denying while third class already in water06:56 Chart: ADP private job creation declining to recessionary levels08:26 Illusion of stability: Stock market disconnect from economy09:07 Stock market doesn't predict recessions - look at unemployment11:15 Zeberg business cycle model pointing to recession14:55  Bond market sniffing out problems - yield curve signals20:02 Central banks and the Fed: The hubris problem23:02 2020 changed everything - inflation is back as a factor25:26 Gold and silver starting to show end game signs26:20 If Fed intervenes with more stimulus, it creates stagflation28:03 Henrik's views on gold and silver clarified30:55 Dollar regime coming - DXY could spike32:12 Long-term bullish gold/silver but short-term pullback expected35:35 Navigating different regimes as an investor38:19 Strong dollar implications39:06 Current regime still risk-on, riding the blow off top43:29 Why this recession will be worse than 200848:21 No easy way out - we're at the end of the Keynesian curve49:12 Can we get back to sound money? Only through pain51:41 Under the radar trend: Realization of how bad consumer really is53:55 AI won't save us short-term - actually reduces jobs needed54:25 Wrap up: Think for yourself, do your own research

The great John Maynard Keynes explained it a century ago. In his 1930 essay, "Economic Possibilities for our Grandchildren," Keynes predicted that the future would be defined by economic abundance rather than scarcity. But such a cornucopian future, Keynes warned, would create societies teetering perpetually on the brink of a nervous breakdown. Keynes' vision has been updated by Niskanen Center SVP Brink Lindsey in his new book, The Permanent Problem. Today's societies, the Thailand-based Lindsey observes, are all on the verge of nervous breakdowns triggered by economic prosperity rather than poverty. So the challenge today, he notes with his own Keynesian flourish, is transforming this mass plenty into mass human flourishing. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

Jamie Merchant, the author of Endgame, joins us to talk about the current chaos. Start with the spectacle and you miss the structure. We step past the daily outrage to map Trumpism as a regime built by a new insurgent fraction of capital—tech oligarchs, private equity, and venture investors—who are eager to smash norms, rewrite rules, and route public money through tariffs, defense contracts, and boutique industrial policy. Their rise squeezes out the old asset-management establishment, pushes it toward the Democrats, and locks the opposition into a politics of “normality” that cannot mobilize the base or contest power.We trace the media's role in this shift: a long slide from public-service reporting to algorithmic engagement that rewards emotional spikes and partisan framing. Biden's term tried to stabilize the system with CHIPS, infrastructure, and managed globalization, but even light-touch AI regulation, the SVB collapse, and worker pushback inside tech drove Valley elites rightward. Meanwhile, the stock market's euphoria masks a real economy straining under a profitability crisis. AI's massive data-center build may juice capex and energy demand, but unless it raises productivity broadly, we're sitting on a bubble that deepens monopoly dynamics without delivering shared growth.Zooming out, we argue we're living through a new state-capitalist era with less capacity: the government takes bigger stakes, centralizes power in the executive, and leans on tariffs as revenue, even as planning expertise and administrative muscle erode. The postwar managerial state—Keynesian levers, technocratic confidence, public legitimacy—is gone. That's why policy-first left populism keeps hitting a wall. Without a living, rooted class subject, electoral surges can't endure. We sketch a different route: rebuild working-class civil society—mutual aid, cultural institutions, education, and cross-sector networks that bridge immigrants, service workers, industrial remnants, and professionals. Strategy begins where the regime is weakest: in the social substrate it can't manage or monetize.Hear candid takes on the investor realignment behind Trumpism, the AI bubble loop, why Democrats are structurally stuck, and how to make organizing matter when the state can't—or won't—govern for the whole. If this resonates, share it with a friend, subscribe, and leave a review to help others find the show.Send us a text Musis by Bitterlake, Used with Permission, all rights to BitterlakeSupport the showCrew:Host: C. Derick VarnIntro and Outro Music by Bitter Lake.Intro Video Design: Jason MylesArt Design: Corn and C. Derick VarnLinks and Social Media:twitter: @varnvlogblue sky: @varnvlog.bsky.socialYou can find the additional streams on YoutubeCurrent Patreon at the Sponsor Tier: Jordan Sheldon, Mark J. Matthews, Lindsay Kimbrough, RedWolf, DRV, Kenneth McKee, JY Chan, Matthew Monahan, Parzival, Adriel Mixon, Buddy Roark, Daniel Petrovic,Julian

FF: You Can't Live in a Keynesian Economy Without Being an Investor Many investors are "default" investors, who did not start with the goal or knowledge of investing. In a Keynesian economy, which is based on debt, investing is a necessity. We talk about goals, direct benefit vs direct contribution retirement, interest rates, and much more. Anything you do in investing can make you go broke...including doing nothing. You need to plan your life, or you'll only get what life decides to give you. Join us to learn more about investing, so you can start your goal list for next year and make your world a better place! Sponsors: American Gold Exchange Our dealer for precious metals & the exclusive dealer of Real Power Family silver rounds (which we finally got in!!!). Get your first, or next bullion order from American Gold Exchange like we do. Tell them the Real Power Family sent you! Click on this link to get a FREE Starters Guide. Or Click Here to order our new Real Power Family silver rounds. 1 Troy Oz 99.99% Fine Silver Abolish Property Taxes in Ohio: www.AxOHTax.com  Get more information about abolishing all property taxes in Ohio. Our Links: www.RealPowerFamily.com Info@ClearSkyTrainer.com 833-Be-Do-Have (833-233-6428)

Stijn Schmitz welcomes Dr. Mark Thornton to the show. Dr. Mark Thornton is Economist and Senior Fellow at the Mises Institute. The discussion centers on the current state of precious metals, monetary policy, and economic systems, with a particular focus on gold and silver’s role in the global financial landscape. Thornton argues that gold is fundamentally money, and governments have only recently forced their way into replacing commodity money with fiat currency. He suggests that the current precious metals market is still in its early stages, with central bank buying and distrust in the US dollar driving significant interest. The gold and silver markets are experiencing growing pains, with increasing investor attention and potential for further price appreciation. The conversation delves into the fundamental differences between Austrian and Keynesian economics. Thornton criticizes Keynesian economics as a state-controlled ideology that promotes government spending and manipulates interest rates, whereas Austrian economics advocates for market-driven monetary systems and private property rights. He highlights how central bank policies create economic bubbles and exacerbate wealth inequality by favoring asset-rich individuals. Thornton sees potential for a significant monetary transformation, potentially triggered by the current precious metals bull market. He believes the collision between Western and Eastern financial markets, coupled with the rise of cryptocurrencies, could lead to a fundamental restructuring of monetary systems. The possibility of a return to a gold standard or a gold-backed settlement currency is discussed as a potential future scenario. The economist also warns about potential economic bubbles in artificial intelligence and private equity, arguing that the Federal Reserve’s monetary policies have created unsustainable conditions across various sectors. He believes that while central banks have been able to temporarily extend economic cycles, their power is not infinite, and a significant market correction is inevitable. Thornton concludes by emphasizing the importance of understanding Austrian economic principles and encourages listeners to explore the works of economists like Friedrich Hayek to gain deeper insights into monetary systems and economic dynamics. Timestamps: 00:00:00 – Introduction 00:01:19 – Gold as Money 00:04:21 – Central Bank Distrust 00:05:52 – Bull Run Early Stages 00:09:35 – Historical Parallels 1980s 00:14:15 – Return to Gold Standard 00:18:16 – Bond Markets Unraveling 00:24:07 – Austrian vs Keynesian Economics 00:31:19 – Flexible Inflation Targeting 00:33:53 – Silver Monetary Role 00:45:46 – AI Private Equity Bubbles 00:51:11 – Future Recession Outlook 00:55:41 – Concluding Thoughts Guest Links: Website: https://mises.org X: https://x.com/DrMarkThornton E-Mail: mailto:mthornton@mises.org YouTube: https://www.youtube.com/results?search_query=mark+thornton+minor+issues Book-Hayek: https://mises.org/library/book/hayek-21st-century-essays-political-economy Dr. Mark Thornton is a Senior Fellow at the Mises Institute and formerly held the Peterson-Luddy Chair in Austrian Economics. He hosts the podcasts Minor Issues and Unanimity and is Book Review Editor of the Quarterly Journal of Austrian Economics. His books include The Economics of Prohibition, Tariffs, Blockades, and Inflation, The Bastiat Collection, and The Skyscraper Curse. He has served on multiple editorial boards, taught economics at several universities, and worked as Assistant Superintendent of Banking and adviser to Alabama Governor Fob James. He holds degrees from St. Bonaventure University and Auburn University and has debated the “War on Drugs” at the Oxford Union. Dr. Thornton has been featured in major outlets such as The Economist, Forbes, New York Times, Wall Street Journal, and USA Today, along with numerous international and regional newspapers. His commentary appears regularly on the Mises Institute's platforms and on programs such as Boom-Bust, the Tom Woods Show, and the Scott Horton Show.

Today's episode opens with a quiet charge, Murphy & Keen circling the walls of money to see what's solid and what's only painted there. Our two very different economists argue over whether banks summon credit from nothing or simply pass along what was saved, each holding a different candle to the same dark machinery. As the conversation rolls, the familiar ghosts of failed forecasts and brittle theories drift about, reminding us how easily economics slips away from the world it tries to explain. By the end, it feels like a steady march through the uneasy heart of the financial system. Still human, still searching, still trying to make sense of the noise. Stay tuned for part two in the coming weeks...PATREON https://www.patreon.com/c/demystifysciPARADIGM DRIFThttps://demystifysci.com/paradigm-drift-showHOMEBREW MUSIC - Check out our new album!Hard Copies (Vinyl): FREE SHIPPING https://demystifysci-shop.fourthwall.com/products/vinyl-lp-secretary-of-nature-everything-is-so-good-hereStreaming:https://secretaryofnature.bandcamp.com/album/everything-is-so-good-here00:00 Go! 00:07:00 Understanding Heterodox Economics00:11:00 Austrian Economics vs. Neoclassical Approaches00:15:00 The Concept of Equilibrium in Economics00:19:00 Complexity Theory & Economic Modeling00:20:12 Critique of Neoclassical Economics00:22:43 Historical Context of Economic Predictions00:25:03 Keynesian vs. Post-Keynesian Economics00:30:12 Influence of Economists in Power Dynamics00:36:40 Economic Models & Crisis Predictions00:38:20 Economic Interests in Crises00:39:56 The Religion of Economic Theories00:44:49 Consequences of Economic Beliefs00:50:10 The Oversight of Banks in Economic Models00:54:32 Challenges of Economic Experimentation00:56:13 Rival Schools of Economic Thought00:57:00 Cycles in Economic Systems01:00:01 Dynamics of Boom and Bust01:02:15 Role of Interest Rates & Money Creation01:05:32 Understanding Fractional Reserve Banking01:11:28 Complexity of Banking & Reserves01:15:03 Dynamics of Banking & Credit Management01:17:50 Critique of Central Banking & the Role of Reserves01:19:54 Reevaluating Economic Models & Banking01:20:50 The Importance of Reserves in Financial Discussions #economics, #macroeconomics, #banking, #economiccrisis , #austrianeconomics , #keynesianeconomics , #complexitytheory, #financialmarkets , #economicpolicy, #monetarypolicy , #financialsystem, #physicspodcast #philosophypodcast MERCH: Rock some DemystifySci gear : https://demystifysci-shop.fourthwall.com/AMAZON: Do your shopping through this link: https://amzn.to/3YyoT98DONATE: https://bit.ly/3wkPqaDSUBSTACK: https://substack.com/@UCqV4_7i9h1_V7hY48eZZSLw@demystifysci RSS: https://anchor.fm/s/2be66934/podcast/rssMAILING LIST: https://bit.ly/3v3kz2S SOCIAL: - Discord: https://discord.gg/MJzKT8CQub- Facebook: https://www.facebook.com/groups/DemystifySci- Instagram: https://www.instagram.com/DemystifySci/- Twitter: https://twitter.com/DemystifySciMUSIC: -Shilo Delay: https://g.co/kgs/oty671

As the economy worsens, expect to see more articles from legacy media about how saving money is actually bad for the economy. It's an old Keynesian myth.Be sure to follow the Loot and Lobby podcast at Mises.org/LL

The Bitcoin Boomers Ep. 02: Fiat's Final Days & AI Job Apocalypse | Larry Lepard, Dr. Bob Murphy, Bob Burnett, Gary LelandDr. Bob Murphy (NYU PhD, Mises Institute Senior Fellow, former Contra Krugman host) joins Bob Burnett, Larry Lepard, and Gary Leland for the most explosive Bitcoin Boomers episode yet. From the very first minutes the gloves come off: fiat's 100-year Keynesian experiment is mathematically doomed, AI is already wiping out entry-level jobs overnight, robots are on track to rival nation-states, and deflationary technology just made debt-based money impossible to sustain. Larry drops the hammer (“the whole experiment is about to blow the fuck up — and it deserves to”), Bob Murphy calmly explains why Bitcoin proves you don't need the state to have money, and the crew debates UBI inevitability, spend-and-replace adoption strategies, and why BlackRock & nation-states are suddenly begging for Bitcoin.This is the red-pill episode you send to every boomer, uncle, or normie who still thinks the dollar is fine. If you want the intellectual ammo to orange-pill anyone over the holidays, this is it.Key Topics:Why fiat is now mathematically unsustainableAI silently killing entry-level hiring todayRobots rivaling nation-states in powerDeflationary tech destroying debt-based moneyBitcoin proves you don't need government to issue moneyThe regression theorem tragedy that cost Austrians millionsUBI is politically unstoppableGreenspan's private confession: being Fed Chair was “absolutely intoxicating”Spend-and-replace vs pure HODL debateBlackRock begging for Bitcoin — Bob's biggest 2025 shock20% Bitcoin discount at the CrossFit gym storyWhy the next 100 M users could arrive in monthsChapters:00:00:00 Cold Open – The end of fiat has begun00:01:11 Welcome Dr. Bob Murphy & Bob Burnett00:03:20 Why economics has warring schools00:12:17 MMT exposed00:19:16 Larry: “It's about to blow the fuck up — and it deserves to”00:26:26 AI already killing entry-level jobs00:33:46 UBI is coming — politically impossible to stop00:39:50 Robots will rival nation-states00:43:10 Deflation just killed debt-based money00:46:48 “Bitcoin proved you don't need the state to issue money”00:52:31 The regression theorem tragedy00:55:21 Spend-and-replace debate01:00:41 Real-world Bitcoin adoption stories01:04:38 BlackRock begging for Bitcoin01:10:57 “I cannot believe we got here this fast”Guest : Dr. Robert Murphy (@BobMurphyEcon) – NYU PhD, Mises Institute Senior Fellow, Chief Economist at InfinitoWebsite: https://www.bobmurphyshow.com/Hosts:Lawrence Lepard (@LawrenceLepard): Sound money advocate, fund manager, author of "The Big Print" Bob Burnett (@boomer_btc): Bitcoin evangelist, Founder/CEO of Barefoot Mining, former CTO at Gateway Inc. Board member at Ocean with over 40 years in tech and mining.Gary Leland (@GaryLeland): Founder of Bit Block Boom Bitcoin Conference.Supported By:Blockstream Jade: Easy, open-source Bitcoin-only cold storage. Get 10% off with code BOOMERS at blockstream.com.Unchained Signature: Premium custody for serious holders. 10% off first year with code BOOMERS10 at unchained.com/btcboomersAbundant Mines: Fully managed Bitcoin mining. Learn more at abundantmines.comBITCOIN WELL is the best place to buy Bitcoin in Canada and the USA.Visit BITCOINWELL.COM/BTCSESSIONSBook Private Sessions: Master Bitcoin with experts at bitcoinmentor.io. Check Out the Previous Episode w George Bodine: https://youtu.be/vO6J_JEDxKc#bitcoin #bitcoinboomers #fiatcollapse #bobmurphy #bobburnett #larrylepard #austrianeconomics #bitcoin2025 #ai #deflation #bitcoinadoption #soundmoney #btc

There is growing and widespread dissatisfaction with capitalism worldwide. Economic models that dominated the post-Word War Two decades — Keynesian social democracy and later neoliberal globalization — are seen as having run aground. The system today is failing to meet the basic needs of working class people. This crisis has fuelled both right and left populist movements. Economic nationalism, authoritarianism and inequality are resurgent. It is with this background that John Cassidy explores, in a timely fashion, the critics of capitalism and the alternatives they advocate in Capitalism and its Critics – A Battle of Ideas In The Modern World. TU Senan and Niall Mulholland discuss Cassidy's book and where his analysis differs from that of the CWI.

SHOW 11-13-25 CBS EYE ON THE WORLD WITH JOHN BATCHELOR THE SHOW BEGINS IN THE DOUBTS ABOUT BUNDESTAG COHESION AND  STABILITY. FIRST HOUR 9-915 1/2 Anatol Lieven discusses the war in Ukraine, noting the new Russian unit RubiKon hunting drone operators and the slow Russian advance on Pakovsk, aided by both innovation and old factors like fog. The conversation also covers Germany's military rearmament plans and the significant, rising influence of the populist right AFD party in German politics, which is strongly anti-immigrant and largely anti-rearmament. Guest: Anatol Lieven. 1/2 915-930 2/2 Anatol Lieven details UK Prime Minister Starmer's genuine political troubles concerning domestic policy drift and significant potential losses in upcoming regional elections. Starmer maintains prestige supporting Ukraine, though funding remains a question. A back channel to Moscow has been opened by Jonathan Powell to discuss peace, dropping the prior insistence on a ceasefire, indicating a shift in London. Guest: Anatol Lieven. 2/2 930-945 Chris Riegel, CEO of SCALA.com, states that Chinese claims of matching Nvidia's high-end chip success are largely propaganda, though China mandates domestic chip use. The US holds the AI "pole position." AI is a genuine profit driver, worth trillions to GDP, with material workforce impact expected by 2026. Guest: Chris Riegel 945-1000 Mary Anastasia O'grady reports on the assassination of Mayor Carlos Monzo in Michoacán, killed after leaving President Sheinbaum's Morena party and aggressively confronting cartels and their agricultural extortion. Sheinbaum has cooperated smartly with the US, allowing surveillance flights, and hired credible security chief García Haruch. The main challenge is whether Sheinbaum has the political will to confront the cartels, especially given the widespread belief in Morena's complicity. Guest: Mary Anastasia O'Grady. SECOND HOUR 10-1015 Cliff May discusses severe Christian persecution in Nigeria, which President Tinubu claims guarantees religious liberty. Attacks are carried out by Boko Haram, ISWAP, and powerful Fulani militias. May suggests jihadism acts as theological justification for Fulani nomadic herders to seize land from Christian farmers. The US could provide assistance, training, and advice to the Nigerian military to protect communities. Guest: Cliff May. 1015-1030 Sadanand Dhume examines the shift in US foreign policy, where President Trump now favors Pakistan and its military chief, General Munir. This followed intense combat between India and Pakistan after a horrific terrorist attack. When the US mediated a ceasefire, Trump took credit, which embarrassed Indian Prime Minister Modi. Pakistan cleverly thanked Trump and nominated him for a Nobel Peace Prize, securing his favor over India. India now needs a trade deal. Guest: Sadanand Dhume. 1030-1045 Professor Matthew Graham discusses the most powerful black hole flare ever recorded, which shone like 10 trillion suns from an Active Galactic Nucleus (AGN). Material falling into the supermassive black hole forms an accretion disc, releasing intense radiation. This 10-billion-year-old event was detected using computer cameras. Graham explains that these black holes are ancient "seeds" of galaxies, acting as cosmic vacuum cleaners, such as when a large star gets shredded. Guest: Professor Matthew Graham. 1/2 1045-1100 Professor Matthew Graham details his needs for future black hole research, prioritizing a network of space telescopes with large fields of view, like the Roman space telescope, for perpetual, multi-wavelength monitoring of the sky. This "audit of the cosmos" will improve detection speed and timing. Graham encourages students to pursue black hole work, noting it is a vibrant growth area, viewing black holes as the enduring future product of the universe. Guest: Professor Matthew Graham.2/2 THIRD HOUR 1100-1115 Veronique de Rugy discusses the cost of living, critiquing the administration's claims that Thanksgiving dinner is cheaper, citing the use of shrinkflation and item removal. She criticizes the proposal to send $2,000 checks, noting this Keynesian approach boosts demand, which, without increased supply, risks raising prices further. De Rugy advocates for deregulation and the elimination of tariffs (which she confirms are a tax) as the necessary supply-side solution to the affordability crisis. Guest: Veronique de Rugy. 1115-1130 Conrad Black assesses Canadian Prime Minister Mark Carney's new budget as anti-climactic, failing to deliver promised growth or definitive decisions on controversial policies like pipelines. However, the budget was sensible and conciliatory, avoiding conflict with the opposition, Washington, and Alberta. Carney, adopting a diplomatic style akin to a central banker, did offer serious encouragements to alleviate the housing shortage. Guest: Conrad Black. 1130-1145 Scott Winship analyzes 50 years of US median earnings, preferring the MACPI to accurately adjust for cost of living. He finds that the middle class is better off: women's earnings are up 120%, and men's are up 40–50%. Winship disputes populist theories that income inequality or the China shock are the main villains, noting that the worst period for young men was 1973–1989, predating those factors. Guest: Scott Winship.1/2 1145-1200 Scott Winship investigates the mystery of the decline in young men's earnings between 1973 and 1989. He concludes this period was not caused by accelerated immigration or women entering the workforce, as men's earnings continued to rise. The actual explanation is the unique economic combination of stagflation—high unemployment and very high inflation—that occurred until the early 1980s recession. This severe economic dynamic has not been matched since 1989. Guest: Scott Winship. FOURTH HOUR 12-1215 The arrival of the US carrier Gerald Ford signals an escalating commitment to possible military solutions against Maduro's regime in Venezuela. Maduro has ordered a Cuban-style guerrilla defense, but analysts worry more about "anarchization"—wreaking havoc—if he falls. Removing Maduro and lifting sanctions could lead to necessary refinancing of Venezuela's $170 billion debt. Guest: Evan Ellis. 1/4 1215-1230 Peru faces severe political instability, evidenced by six presidents in two years and detentions for corruption. Transitional leader José Heresi is tackling rising organized crime, including a 36% jump in homicides, through a state of emergency. Meanwhile, China maintains deep-seated influence, controlling key sectors like mining, oil, and the deep-water port of Chancay. Guest: Evan Ellis.2/4 1230-1245 Honduras is holding a high-stakes, single-round election where the outcome could determine if the country returns to alignment with Taiwan or shifts to China. Election observers noted improper pressure and concerns about meddling by the ruling Libre Party. Separately, Argentina's economy under Milei is strengthening, backed by a significant US currency swap and political support. Guest: Evan Ellis. 3/4 1245-100 AM COP 30 is largely "political theater" with commitments insufficient to address climate change. Estimates suggest the crucial 1.5-degree global temperature increase will be reached by 2030. While there is increased international attention, funding remains inadequate; Brazil secured only $5.5 billion toward its $125 billion forest preservation goal. The plight of Amazonian indigenous peoples continues unaddressed. Guest: Evan Ellis.4/4 | 

Veronique de Rugy discusses the cost of living, critiquing the administration's claims that Thanksgiving dinner is cheaper, citing the use of shrinkflation and item removal. She criticizes the proposal to send $2,000 checks, noting this Keynesian approach boosts demand, which, without increased supply, risks raising prices further. De Rugy advocates for deregulation and the elimination of tariffs (which she confirms are a tax) as the necessary supply-side solution to the affordability crisis. Guest: Veronique de Rugy.

Deficits DO Matter! There is a difference between debt and deficits. We discuss how our deficit has gone down even though the debt has gone over 38 trillion. We also go over the difference between Keynesian economics and Austrian economics. We talk about the 6 richest counties in the nation, which probably aren't located where you think they would be. Foreigners and the major central banks have already realized that holding treasuries is not the best idea, so they are now holding more and more gold. What are we doing to store value? Buying more hard assets faster! Keynes vs Hayek (parts 1 & 2) Quantitative Easing Explained Sponsors: American Gold Exchange Our dealer for precious metals & the exclusive dealer of Real Power Family silver rounds (which we finally got in!!!). Get your first, or next bullion order from American Gold Exchange like we do. Tell them the Real Power Family sent you! Click on this link to get a FREE Starters Guide. Or Click Here to order our new Real Power Family silver rounds. 1 Troy Oz 99.99% Fine Silver Abolish Property Taxes in Ohio: www.AxOHTax.com  Get more information about abolishing all property taxes in Ohio. Our Links: www.RealPowerFamily.com Info@ClearSkyTrainer.com 833-Be-Do-Have (833-233-6428)

Silicon Bites Ep262 - Day 1,346 - 2025-10-31 | Russia's War Economy Is Eating Itself. The Kremlin's “military-Keynesian” sugar high is fading. The budget is creaking, sovereign reserves are thin, taxes are going up, and Russia's elites are grumbling – but are they plotting? Given the risks of being found out, and the unfortunate consequences of that, probably not. As one economist put it: the state is pouring money into things “destined to be burned on the battlefield.” We ask: is the crunch now worse—politically, if not statistically—than the 1990s? And how long can Putin keep the elites onside while the economy consumes itself?----------SOURCES: Carnegie Politika — Alexandra Prokopenko, “New Budget Confirms the Russian Public Is Paying for the War,” Oct 1, 2025Reuters — “Russian finance ministry proposes raising VAT…” Sept 24, 2025Financial Times — “Russia to raise value added tax rate to 22%…” Sept 2025Reuters — “Russia's budget deficit… Jan–May 2025 1.5% of GDP,” June 10, 2025Reuters — Central bank rate cut 50 bps to 16.5%, Oct 24, 2025Meduza — “Raising the pressure: Trump is hitting Russia with sanctions…,” Oct 28, 2025Meduza — “We expected the war to end” (elite attitudes), Jan 9, 2025The Moscow Times — “Russia's Labor Shortage Persists…,” July 31, 2025The Moscow Times (wire/Reuters) — “Russia plans debut sovereign yuan bond,” Oct 31, 2025----------SILICON CURTAIN FILM FUNDRAISERA project to make a documentary film in Ukraine, to raise awareness of Ukraine's struggle and in supporting a team running aid convoys to Ukraine's front-line towns.https://buymeacoffee.com/siliconcurtain/extras----------This is super important. There are so many Battalions in Ukraine, fighting to defend our freedoms, but lack basics such as vehicles. These are destroyed on a regular basis, and lack of transport is costs lives, and Ukrainian territory. Autumn Harvest: Silicon Curtain (Goal€22,000)https://car4ukraine.com/campaigns/autumn-harvest-silicon-curtain----------SILICON CURTAIN LIVE EVENTS - FUNDRAISER CAMPAIGN Events in 2025 - Advocacy for a Ukrainian victory with Silicon Curtainhttps://buymeacoffee.com/siliconcurtain/extrasOur events of the first half of the year in Lviv, Kyiv and Odesa were a huge success. Now we need to maintain this momentum, and change the tide towards a Ukrainian victory. The Silicon Curtain Roadshow is an ambitious campaign to run a minimum of 12 events in 2025, and potentially many more. Any support you can provide for the fundraising campaign would be gratefully appreciated. https://buymeacoffee.com/siliconcurtain/extrasWe need to scale up our support for Ukraine, and these events are designed to have a major impact. Your support in making it happen is greatly appreciated. All events will be recorded professionally and published for free on the Silicon Curtain channel. Where possible, we will also live-stream events.https://buymeacoffee.com/siliconcurtain/extras----------SUPPORT THE CHANNEL:https://www.buymeacoffee.com/siliconcurtainhttps://www.patreon.com/siliconcurtain----------TRUSTED CHARITIES ON THE GROUND:Car4Ukraine - Providing 4x4 vehicles to Ukrainian warriors https://car4ukraine.com/campaignsSave Ukrainehttps://www.saveukraineua.org/Superhumans - Hospital for war traumashttps://superhumans.com/en/UNBROKEN - Treatment. Prosthesis. Rehabilitation for Ukrainians in Ukrainehttps://unbroken.org.ua/Come Back Alivehttps://savelife.in.ua/en/Volunteer-run, US non-profit and UK charity supporting survival and recovery of Ukrainehttps://www.ukrainianaction.com/Chefs For Ukraine - World Central Kitchenhttps://wck.org/relief/activation-chefs-for-ukraineUNITED24 - An initiative of President Zelenskyyhttps://u24.gov.ua/Serhiy Prytula Charity Foundationhttps://prytulafoundation.orgNGO “Herojam Slava”https://heroiamslava.org/-----------

State intervention or private interest? Public investment or private? More taxation or less? More regulation or less regulation? We are often asked to comment on these questions because, in popular perception at least, they are the 'central' concerns of left-leaning economists. But, as we will discover in this episode, while these may be essential concerns (particularly for Keynesian economists), Marxian economists and thinkers have provided an alternative way of thinking about the project that goes beyond these naive binaries. In this episode, the dialectic goes to work with the world's leading Marxian economist, Professor Richard Wolff, to make sense of the differences and similarities between Keynesian and Marxian thinkers. About The Dialectic at Work is a podcast hosted by Professor Shahram Azhar & Professor Richard Wolff. The show is dedicated to exploring Marxian theory. It utilizes the dialectical mode of reasoning, that is the method developed over the millennia by Plato and Aristotle, and continues to explore new dimensions of theory and praxis via a dialogue. The Marxist dialectic is a revolutionary dialectic that not only seeks to understand the world but rather to change it. In our discussions, the dialectic goes to work intending to solve the urgent life crises that we face as a global community. Follow us on social media: X: @DialecticAtWork Instagram: @DialecticAtWork Tiktok: @DialecticAtWork Website: www.DemocracyAtWork.info Patreon: www.patreon.com/democracyatwork

Trump The Keynesian: Bails Out Argentina While U.S. Farmers Suffer by Ron Paul Liberty Report

Summary In this episode of the Thank God for Bitcoin podcast, Jordan interviews Philip Pilkington, an economist and author, to discuss his book 'The Reformation In Economics, and the failures of the economics profession. They explore the differences between Keynesian and Austrian economics, the role of central banking, and the philosophical underpinnings of economic theories. The conversation delves into the challenges of knowledge in economics, the intersection of economics and theology, and critiques of GDP as a measure of success. They also discuss the impact of technocracy on society and the current state of late liberal capitalism. In this conversation, Jordan Bush and Phil discuss the deeper societal issues related to money, gambling, and the need for moral critiques in the face of technological innovations. They explore the implications of vice laws, the role of money in human flourishing, and the historical context of economic exploitation. The discussion also touches on the future of living standards, cultural conflicts arising from immigration, and the evolving nature of Bitcoin as a financial instrument. Throughout the conversation, they emphasize the importance of moral judgments in business practices and the necessity of regulations to prevent economic degradation.

In most of the world, inflation is no longer an exception, it is the rule. Official inflation targets of 4 percent, 5 percent, or even 6 percent per year have become normalized.Original article: https://mises.org/power-market/inflation-design-how-keynesian-dogma-undermines-capitalism

Thanks for modern Keynesian economics, most people believe money gains its value from the government that issues it. Money's value, however, is historically tied to the value of the commodity from which money was derived.Original article: https://mises.org/mises-wire/how-does-money-acquire-its-value

Former Senator Phil Gramm joins to defend capitalism's record, arguing that the Industrial Revolution improved lives, the New Deal prolonged the Depression, and modern welfare undermines work. He supports Keynesian stimulus in theory—but only if governments also run surpluses, which he says they never do. Plus, Gaza aid failures, Macron's recognition of Palestine, and why peace requires clear-eyed power dynamics, not symbolic gestures. And in The Spiel: Benjamin Crump returns to the spotlight in a viral police beating case, and renewed concern over noose reports reveals our reflex to dramatize the ambiguous. Produced by Corey Wara Production Coordinator Ashley Khan Email us at ⁠⁠⁠⁠thegist@mikepesca.com⁠⁠⁠⁠ To advertise on the show, contact ⁠⁠⁠⁠ad-sales@libsyn.com⁠⁠⁠⁠ or visit ⁠⁠⁠⁠https://advertising.libsyn.com/TheGist⁠⁠⁠⁠ Subscribe to The Gist: ⁠⁠⁠⁠https://subscribe.mikepesca.com/⁠⁠⁠⁠ Subscribe to The Gist Youtube Page: ⁠⁠⁠⁠https://www.youtube.com/channel/UC4_bh0wHgk2YfpKf4rg40_g⁠⁠⁠⁠ Subscribe to The Gist Instagram Page: ⁠⁠⁠⁠GIST INSTAGRAM⁠⁠⁠⁠ Follow The Gist List at: ⁠⁠⁠⁠Pesca⁠⁠⁠⁠ ⁠⁠⁠⁠Profundities | Mike Pesca | Substack

The discussion centered on the concept of "deficit delusion," where Kerry Lutz and John Tamny argued that the perceived crisis of government debt is a misinterpretation, attributing the real issue to excessive government resource consumption. John highlighted that government spending limits societal advancement, while Kerry pointed out that the current system facilitates easy borrowing through excessive revenue collection. They characterized the situation as a form of theft through taxation, emphasizing that high levels of government intervention lead to economic inefficiencies and lost opportunities for taxpayers. They suggested that maintaining government spending at historical levels could have significantly enhanced national wealth. The conversation also explored the relationship between personal mental states and economic perceptions, with John asserting that savings drive economic growth more than consumption. They discussed the importance of individual economic freedom and the detrimental effects of policies that restrict wealth and trade. Kerry advocated for improved economic education, drawing parallels to successful public health campaigns, while John critiqued the dominance of Keynesian thought in economic education. They further examined the implications of currency stability on economic health, criticizing past administrations for dollar devaluation. The discussion concluded with reflections on the significance of John's upcoming book, "The Deficit Delusion." Find John here: https://x.com/johntamny Find Kerry here: http://financialsurvivalnetwork.com/ and here: https://inflation.cafe Kerry's New Book “The World According to Martin Armstrong – Conversations with the Master Forecaster” is now a #1 Best Seller on Amazon. . Get your copy here: https://amzn.to/4kuC5p5  

Why are corporations turning to Bitcoin as a strategic asset—and how will Bitcoin treasury companies reshape the financial system over the next 20 years?In episode 7 of the Bitcoin for Corporations, host Pierre Rochard sits down with Jesse Myers, Bitcoin Strategy Advisor at UTXO Management (a sister company of Bitcoin Magazine), to break down the emerging playbook behind Bitcoin treasury companies like MicroStrategy, MetaPlanet, and Smarter Web. From intelligent leverage to the rise of perpetual preferreds, Jesse shares why these firms may soon rival sovereigns in BTC holdings—and why institutional capital is now pouring in.Whether you're a corporate CFO, a macro investor, or a Bitcoiner curious about the next big shift in capital markets, this deep-dive unpacks how Bitcoin-native financial infrastructure is being built in real time.⭐ This episode of the Bitcoin for Corporations Show is sponsored by Ledn, a leading provider of Bitcoin-backed loans.

In this episode of the Trading Justice podcast, Matt Justice takes us on a powerful journey through economic history to reveal how we've become Addicted to Debt. From the roots of Keynesian economics to the evolution of today's financial system, Matt explores how policy choices and structural shifts have created an economy that disproportionately rewards the top while leaving others behind. This isn't about blaming parties or politicians—it's about putting the system itself on trial. What are the market consequences of this debt addiction? And more importantly, what are the potential solutions? Plus, in this week's Stock It or Drop It, Matt gives his sharp take on nearly a dozen popular stocks—including Amazon, Nvidia, Broadcom, DraftKings, and more—breaking down which ones are worth a place in your portfolio.

“I saw and approached the hungry and desperate mother, as if drawn by a magnet.” This is the story of FDR's first term after facing down the initial emergency.  100 days down, about 1,300 more to go—for this term at least. After the whirlwind of new bills and “alphabet agencies” (AAA, CCC, etc.), the nation is adjusting to and examining FDR's New Deal. As they do, the NIRA is upsetting both ends of the spectrum: company owners don't love the Blue Eagle and regulations while workers are frustrated that their employers aren't eager to see unionization in accordance with section 7(a).  Meanwhile, back at the farm, devastating dust storms like “Black Sunday” are hammering the Great Plains and forcing many to flee to other states. Some migrants end up in California, where unionized dock workers and police are duking it out in San Francisco's “Bloody Thursday.” The president tries to set an example as a “Good Neighbor” in the Caribbean even as people erect signs that read, “Okie, go back. We don't want you.”  More time and a “Second” New Deal that is more progressive and Keynesian raises more serious questions: Is this really the correct economic course for recovery? And are some of these presidential actions even Constitutional? But despite the detractors, the decisive 1936 election proves that FDR is here to stay.  ____ Connect with us on HTDSpodcast.com and go deep into episode bibliographies and book recommendations join discussions in our Facebook community get news and discounts from The HTDS Gazette  come see a live show get HTDS merch or become an HTDS premium member for bonus episodes and other perks. HTDS is part of the Airwave Media Network.  Interested in advertising on the History That Doesn't Suck? Email us at advertising@airwavemedia.com To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Jonah Goldberg is joined by author and research analyst Ross Benes to discuss his new book, 1999: The Year Low Culture Conquered America and Kickstarted Our Bizarre Times. Jonah and Ross discuss beanie babies as a precursor to crypto, the political triumph of the WWE, and the age of media deregulation. Plus: the phenomenology of moral panics and the bourgeois-ification of transgressive culture. Show Notes: —1999: The Year Low Culture Conquered America and Kickstarted Our Bizarre Times The Remnant is a production of The Dispatch, a digital media company covering politics, policy, and culture from a non-partisan, conservative perspective. To access all of The Dispatch's offerings—including Jonah's G-File newsletter, regular livestreams, and other members-only content—click here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jennifer Burns is a historian of ideas, focusing on the evolution of economic, political, and social ideas in the United States in the 20th century. She wrote two biographies, one on Milton Friedman, and the other on Ayn Rand. Thank you for listening ❤ Check out our sponsors: https://lexfridman.com/sponsors/ep457-sc See below for timestamps, and to give feedback, submit questions, contact Lex, etc. CONTACT LEX: Feedback - give feedback to Lex: https://lexfridman.com/survey AMA - submit questions, videos or call-in: https://lexfridman.com/ama Hiring - join our team: https://lexfridman.com/hiring Other - other ways to get in touch: https://lexfridman.com/contact EPISODE LINKS: Jennifer's X: https://x.com/profburns Jennifer's Website: https://www.jenniferburns.org Jennifer's Books: Milton Friedman biography: https://amzn.to/4hfy1HO Ayn Rand biography: https://amzn.to/4afr3A0 SPONSORS: To support this podcast, check out our sponsors & get discounts: Brain.fm: Music for focus. Go to https://brain.fm/lex GitHub: Developer platform and AI code editor. Go to https://gh.io/copilot LMNT: Zero-sugar electrolyte drink mix. Go to https://drinkLMNT.com/lex Shopify: Sell stuff online. Go to https://shopify.com/lex AG1: All-in-one daily nutrition drinks. Go to https://drinkag1.com/lex OUTLINE: (00:00) - Introduction (10:05) - Milton Friedman (24:58) - The Great Depression (39:15) - Schools of economic thought (50:22) - Keynesian economics (58:10) - Laissez-faire (1:06:00) - Friedrich Hayek (1:11:18) - Money and monetarism (1:26:03) - Stagflation (1:30:56) - Moral case for capitalism (1:34:53) - Freedom (1:39:51) - Ethics of competition (1:43:37) - Win-win solutions (1:45:26) - Corruption (1:47:51) - Government intervention (1:54:10) - Conservatism (2:00:33) - Donald Trump (2:03:09) - Inflation (2:07:38) - DOGE (2:12:58) - Javier Milei (2:18:03) - Richard Nixon (2:25:17) - Ronald Reagan (2:28:24) - Cryptocurrency (2:43:40) - Ayn Rand (2:51:18) - The Fountainhead (3:02:58) - Sex and power dynamics (3:19:04) - Evolution of ideas in history (3:26:32) - Postmodernism (3:37:33) - Advice to students (3:45:50) - Lex reflects on Volodymyr Zelenskyy interview PODCAST LINKS: - Podcast Website: https://lexfridman.com/podcast - Apple Podcasts: https://apple.co/2lwqZIr - Spotify: https://spoti.fi/2nEwCF8 - RSS: https://lexfridman.com/feed/podcast/ - Podcast Playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOdP_8GztsuKi9nrraNbKKp4 - Clips Channel: https://www.youtube.com/lexclips