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Bob uses U.S. economic history, centering on the greenback era, to work through some subtle but important distinctions in Austrian monetary theory. He also addresses whether free-market economies have a natural tendency toward price deflation under a commodity standard, why the stock-versus-flow distinction matters for understanding gold production and the price level, and how to distinguish "bad" policy-induced monetary deflation from the "good" price deflation that accompanies genuine productivity growth.Related:Patrick Newman, "The Depression of 1873-1879: An Austrian Perspective": Mises.org/HAP558aClarence Long, "The Course of Money Wages during 1860-1890": Mises.org/HAP558bBob's Understanding Money Mechanics: Mises.org/HAP558cBob's Article, "Hayek's Plan for Private Money": Mises.org/HAP558dThe Charts Shown in this Episode: Mises.org/HAP558e
Bob uses U.S. economic history, centering on the greenback era, to work through some subtle but important distinctions in Austrian monetary theory. He also addresses whether free-market economies have a natural tendency toward price deflation under a commodity standard, why the stock-versus-flow distinction matters for understanding gold production and the price level, and how to distinguish "bad" policy-induced monetary deflation from the "good" price deflation that accompanies genuine productivity growth.Related:Patrick Newman, "The Depression of 1873-1879: An Austrian Perspective": Mises.org/HAP558aClarence Long, "The Course of Money Wages during 1860-1890": Mises.org/HAP558bBob's Understanding Money Mechanics: Mises.org/HAP558cBob's Article, "Hayek's Plan for Private Money": Mises.org/HAP558dThe Charts Shown in this Episode: Mises.org/HAP558e
The dangers posed by a paper fiat currency were well-known even in the early days of the U.S. republic.Original article: https://mises.org/mises-wire/patriotism-shouldnt-apply-debauched-dollar
The dangers posed by a paper fiat currency were well-known even in the early days of the U.S. republic.Original article: https://mises.org/mises-wire/patriotism-shouldnt-apply-debauched-dollar
While Bitcoin in its early days promised freedom from the tyranny of fiat currency, those days are gone. Instead, Bitcoin owners are now satisfied if its value goes up against the dollar.Original article: https://mises.org/mises-wire/bitcoin-not-freedom-delusion-digital-escape
While Bitcoin in its early days promised freedom from the tyranny of fiat currency, those days are gone. Instead, Bitcoin owners are now satisfied if its value goes up against the dollar.Original article: https://mises.org/mises-wire/bitcoin-not-freedom-delusion-digital-escape
Why the nation's big banks grew dissatisfied with the post–Civil War National Banking System: an inflationary but rigid structure that lacked an “elastic currency” and pyramided credit on Wall Street, fueling the search for a central bank to coordinate inflation.
Enter Charles A. Conant, theorist of “surplus capital.” Rothbard shows how Conant's claim that mature economies must export capital abroad linked banking reform to economic imperialism—a theory that traveled from pro-imperialists to Wilshire, Hobson, and Lenin.
The first organized big-business push for banking reform. Rothbard recounts how the 1896–97 Indianapolis Monetary Convention, backed by Morgan- and Rockefeller-tied elites, enlisted economists to press for the gold standard and a centralized, more “elastic” banking system.
The reformers' first victory—the Gold Standard Act of 1900—and the maneuvering that followed, as Treasury secretaries Lyman Gage and Leslie Shaw used government deposits to aid the banks and inch the country toward central banking.
Rothbard's summation: the Federal Reserve was a government-sanctioned cartel engineered by the Morgan, Rockefeller, and Kuhn, Loeb interests to enable coordinated inflation—achieved only with the legitimizing support of technocratic experts and academics.
With the Democrats ascendant under Wilson, the reformers repackage the Aldrich Plan as the ostensibly decentralized, government-supervised Federal Reserve—essentially the same central bank under a new name, with Morgan-allied interests securing control.
The Panic of 1907 becomes the catalyst. Rothbard traces the response—the Aldrich-Vreeland Act and the Aldrich-led National Monetary Commission—as elites studied European central banks and mobilized expert and business opinion toward a central bank.
Around 1906, Jacob Schiff of Kuhn, Loeb and his relative Paul Warburg launch the explicit campaign for a US central bank, rallying the American Bankers Association and its leading commercial bankers behind banking reform.
The theory put into practice: imposing the gold-exchange standard on U.S. dependencies and client states—Puerto Rico, the Philippines, Mexico, and others—administered by a cadre of economists and academics and tying client currencies to the dollar.
On the day Greenspan died, this 2001 essay by Joseph T. Salerno deserves a second life. It documented what the mainstream refused to see: that Greenspan replaced economic theory with intuition, replaced analysis with data-worship, and called his guesswork a science.Original article: https://mises.org/mises-daily/greenspans-empty-talk
On the day Greenspan died, this 2001 essay by Joseph T. Salerno deserves a second life. It documented what the mainstream refused to see: that Greenspan replaced economic theory with intuition, replaced analysis with data-worship, and called his guesswork a science.Original article: https://mises.org/mises-daily/greenspans-empty-talk
Bob sits down with economist Emmanuel Maggiori to discuss his new book If You Can Just Print Money, Why Do I Pay Taxes?, a carefully researched, point-by-point critique of Modern Monetary Theory that engages MMT on its own terms, drawing on the MMTers' own textbook, papers, and responses to critics.Related:If You Can Just Print Money, Why Do I Pay Taxes?: Mises.org/HAP552aBob's Mises Daily Article, "The Upside-Down World of MMT": Mises.org/HAP552bJonathan Newman and Bob's MisesU Lecture on MMT: Mises.org/HAP552c
Bob sits down with economist Emmanuel Maggiori to discuss his new book If You Can Just Print Money, Why Do I Pay Taxes?, a carefully researched, point-by-point critique of Modern Monetary Theory that engages MMT on its own terms, drawing on the MMTers' own textbook, papers, and responses to critics.Related:If You Can Just Print Money, Why Do I Pay Taxes?: Mises.org/HAP552aBob's Mises Daily Article, "The Upside-Down World of MMT": Mises.org/HAP552bJonathan Newman and Bob's MisesU Lecture on MMT: Mises.org/HAP552c
There is no shortfall of liquidity in financial markets. In fact, there is so much that inflation has become a way of life for market participants. This is not a good thing.Original article: https://mises.org/mises-wire/artificial-liquidity-brings-inflation-shocks
When the Massachusetts colony issued its own unredeemable paper money in 1690, it was with the promise that it would soon be redeemable in specie. Like all paper money issued by government, it lost value and the confidence of the people.Original article: https://mises.org/mises-wire/massachusetts-1690-first-western-fiat-experiment
When the Massachusetts colony issued its own unredeemable paper money in 1690, it was with the promise that it would soon be redeemable in specie. Like all paper money issued by government, it lost value and the confidence of the people.Original article: https://mises.org/mises-wire/massachusetts-1690-first-western-fiat-experiment
Bob responds to James Rickards' recent tweet on record U.S. gold exports driving an improved trade balance, walking through the official data on non-monetary gold, Trump-era tariff uncertainty, and the broader question of what chronic trade deficits really mean in a post-gold-standard world. Related:The Charts Used in this Episode: Mises.org/HAP535aPoliticians don't build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/HAHCThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree
Bob responds to James Rickards' recent tweet on record U.S. gold exports driving an improved trade balance, walking through the official data on non-monetary gold, Trump-era tariff uncertainty, and the broader question of what chronic trade deficits really mean in a post-gold-standard world. Related:The Charts Used in this Episode: Mises.org/HAP535aBob's Recent Talk on Trade Deficits: Mises.org/HAP535bBob's Econlib Article on Oil Prices: Mises.org/HAP535cPoliticians don't build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/HAHCThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree
Bob uses three recent controversies–Richard Murphy's “Christmas all year” claim, Elon Musk's net worth, and Ron DeSantis on the Great Depression–to clear up common economic fallacies about work, wealth, and wartime spending.The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree
Bob uses three recent controversies–Richard Murphy's “Christmas all year” claim, Elon Musk's net worth, and Ron DeSantis on the Great Depression–to clear up common economic fallacies about work, wealth, and wartime spending.The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree
This week, Bob walks through two related debates: Hoppe's criticism of Argentina's President Milei for not immediately closing Argentina's central bank, and the follow-up exchange between Guido Hülsmann and Philipp Bagus on Mises.org over dollarization and the peso. Along the way, he reviews Mises's distinctions among commodity, credit, and fiat money, the concepts of money substitutes and fiduciary media, and the interesting structure of Argentina's short-term central bank debtGuido Hülsmann and Philipp Bagus' Debate on Mises.org: Mises.org/HAP529aThe Human Action Podcast Episode with Nicolás Cachanosky: Mises.org/HAP529bBob's Study Guide to The Theory of Money and Credit: Mises.org/HAP529cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree
This week, Bob walks through two related debates: Hoppe's criticism of Argentina's President Milei for not immediately closing Argentina's central bank, and the follow-up exchange between Guido Hülsmann and Philipp Bagus on Mises.org over dollarization and the peso. Along the way, he reviews Mises's distinctions among commodity, credit, and fiat money, the concepts of money substitutes and fiduciary media, and the interesting structure of Argentina's short-term central bank debtGuido Hülsmann and Philipp Bagus' Debate on Mises.org: Mises.org/HAP529aThe Human Action Podcast Episode with Nicolás Cachanosky: Mises.org/HAP529bBob's Study Guide to The Theory of Money and Credit: Mises.org/HAP529cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree
On this marathon episode of Minor Issues, Mark stitches together four recent interviews for a fast-moving tour of today's economy: why gold spiked while precious metals whipsawed, how ballooning US debt and rising servicing costs tilt policy toward monetization, and what that means for inflation, markets, and families. Along the way Mark explains the Austrian lens behind his calls and why using it beats siloed, headline-driven takes.Highlights include: the recent precious metals pullback and what to watch next; the mechanics of debt monetization; distributional effects that favor asset holders over wage earners; and why hyperinflation risk is slow… until it's fast.Additional Resources"Dollar Demise and the New Era for Gold & Silver" (The Freedom Report), November 7, 2025: https://Mises.org/MI_146_A"GOLD: You Will NOT Get A Second Warning!" (Soar Financially), October 28, 2025: https://Mises.org/MI_146_B"Gold Ringing Alarm Bells, Silver Setting Up to Skyrocket" (Investing News), October 28, 2025: https://Mises.org/MI_146_C"The Fed and Runaway Government Debt Undermine the Very Basis of Civilisation" (maneco64), November 1, 2025: https://Mises.org/MI_146_DBe sure to follow Minor Issues at https://Mises.org/MinorIssues
Is silver “manipulated,” or are fundamentals doing the work? Mark Thornton sifts the evidence and finds a simpler story. Big players have gamed markets before, but the long arc of silver prices reflects structural forces: the 1960s demonetization that pushed vast coin hoards into private stockpiles, decades of shifting industrial demand, and the rise of by-product mining. Add environmental compliance and hard-to-recycle “green” uses that sequester silver, and the result is stubbornly low real prices.Be sure to follow Minor Issues at https://Mises.org/MinorIssues
Bob is joined by Dr. Peter Klein to take a look at the Mises Institute's new book, Hayek for the 21st Century. The discussion highlights Hayek's insights on tacit knowledge, why markets outperform central planners, the dangers of political power, and how monetary freedom could stop inflation. Along the way, Bob and Peter connect these timeless ideas to today's debates over technology, government control, and economic liberty. The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree
Bob is joined by Dr. Peter Klein to take a look at the Mises Institute's new book, Hayek for the 21st Century. The discussion highlights Hayek's insights on tacit knowledge, why markets outperform central planners, the dangers of political power, and how monetary freedom could stop inflation. Along the way, Bob and Peter connect these timeless ideas to today's debates over technology, government control, and economic liberty. The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree
In his underappreciated work The Mystery of Banking, Murray Rothbard first explained how a regime of "free banking" would put strict limits on the ability of the private commercial banks to reduce their reserve ratios and inflate the money supply. Then Rothbard showed that the textbook operation of a central bank systematically neutralized the market's safeguards, and paved the way for credit expansion by a cartel of privileged private banks.The Mystery of Banking by Murray N. Rothbard: https://mises.org/HAP514a"How Private Banks Can Create Money, But Not Like the Fed Can" (Human Action Podcast): https://mises.org/HAP514bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century Get your free copy at https://Mises.org/HAPodFree21st Century Get your free copy at Mises.org/HAPodFree
In his underappreciated work The Mystery of Banking, Murray Rothbard first explained how a regime of "free banking" would put strict limits on the ability of the private commercial banks to reduce their reserve ratios and inflate the money supply. Then Rothbard showed that the textbook operation of a central bank systematically neutralized the market's safeguards, and paved the way for credit expansion by a cartel of privileged private banks.The Mystery of Banking by Murray N. Rothbard: https://mises.org/HAP514a"How Private Banks Can Create Money, But Not Like the Fed Can" (Human Action Podcast): https://mises.org/HAP514bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century Get your free copy at https://Mises.org/HAPodFree21st Century Get your free copy at Mises.org/HAPodFree
Bob explains the mechanics of modern banking and how liabilities and assets on bank balance sheets differ from popular assumptions. He shows how interest rates and central bank policy shape lending and deposit behavior, and why private companies move money differently than commercial banks. Bob also critiques the perspectives of Richard Werner, Steve Keen, and George Selgin, showing where their explanations align or fall short.Bob's Infineo Article, "A Biz vs. a Bank vs. the Fed": Mises.org/HAP513aThe Charts Used in this Episode: Mises.org/HAP513bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century Get your free copy at Mises.org/HAPodFree
Bob explains the mechanics of modern banking and how liabilities and assets on bank balance sheets differ from popular assumptions. He shows how interest rates and central bank policy shape lending and deposit behavior, and why private companies move money differently than commercial banks. Bob also critiques the perspectives of Richard Werner, Steve Keen, and George Selgin, showing where their explanations align or fall short.Bob's Infineo Article, "A Biz vs. a Bank vs. the Fed": Mises.org/HAP513aThe Charts Used in this Episode: Mises.org/HAP513bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century Get your free copy at Mises.org/HAPodFree
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
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
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
Bob and Jonathan Newman respond in detail to Richard Werner's highly discussed interview with Tucker Carlson. They examine Werner's claims about credit creation theory, fractional reserve banking, and money mechanics. Murphy and Newman also discuss Werner's recommendations for banking reform, highlighting differences with Mises's monetary insights and Austrian business cycle theory.The Tucker Carlson Show Episode with Richard Werner: Mises.org/HAP511aPlaying with Fire: Money, Banking, and the Federal Reserve: Mises.org/HAP511bBob's "Anatomy of the Fed" Mises Academy Course: Mises.org/HAP511cThe Federal Reserve Bank of Chicago "Modern Money Mechanics" Workbook: Mises.org/HAP511dBob's Book, Understanding Money Mechanics: Mises.org/HAP511eThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree
Abraham Lincoln is best known for his role as a wartime president, but his economic policies were a precursor to the New Deal. From railroad subsidies to a national banking system, Lincoln paved the way to the Progressive Era and beyond.Original article: https://mises.org/mises-wire/lincolns-new-deal
The Federal Reserve is not the only central bank in the world doing monetary and economic damage. Portugal's central bank, working as a branch of the European Central Bank, has been undermining sound money and economic prosperity in that country.Original article: https://mises.org/mises-wire/axe-bank-portugal-it-does-more-harm
Recorded live at the 2025 Mises University, Bob talks to PhD student Jason Priddle to understand the Genius Act—a landmark piece of legislation aimed at regulating stablecoins. They examine the broader implications of the Genius Act for monetary stability, fractional reserve banking, and the future of financial privacy.Understanding Money Mechanics: Mises.org/HAP510aThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree
Even when MMT advocates are correct that colonial governments at times burned money after receiving it for tax revenues, they still manage to get both the history and the causes wrong. Original article: https://mises.org/mises-wire/mmters-love-when-governments-burn-money
Dr. DiLorenzo has some words for Secretary Bessent about the true role of the Fed and its record in this open letter.Original article: https://mises.org/mises-wire/open-letter-treasury-secretary-bessent
This week, Bob returns to the topic of how the United States could practically abolish the Federal Reserve and transition to a stable monetary system backed by gold. He clarifies common misconceptions about the consequences of ending the Fed, provides historical context for America's monetary systems, and lays out a realistic path forward for monetary reform.Bob's Mises Article, "Putting the Country Back on Gold": Mises.org/HAP509aUnderstanding Money Mechanics: Mises.org/HAP509bThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree
Bob goes solo to make a comprehensive case for abolishing the Federal Reserve and explains what life afterward would look like. He dives into the Fed's marked history, its questionable track record, and the secrecy surrounding its creation and ongoing operations. Bob also outlines a practical, step-by-step approach for transitioning away from the Fed, returning monetary control to a gold standard, and restoring economic stability and transparency.Bob's Recent ZeroHedge Debate,"Should We End the Fed?": Mises.org/HAP508aUnderstanding Money Mechanics: Mises.org/HAP508bThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree
Twentieth and twenty-first century monetary history shows us how our government, step-by-step, removed the monetary gold standard and introduced their fiat paper currency dollar to fund their increasing political power.Original article: https://mises.org/power-market/what-if-we-were-gold-standard
Monetarists have long believed that the Fed should pursue policies of low inflation in order to counter the effects of lower prices through enhanced productivity. Thus, they reason, overall prices will remain stable. Such policies actually promote economic instability.Original article: https://mises.org/mises-wire/futility-price-stability-policies
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