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The famed "Custer's Last Stand" at the hands of Native Americans defending their villages is a reminder of the brutality of the US war against the Plains Indians. History tells us that the "heroic" George Armstrong Custer was really the "reckless" Custer who died underestimating his foe.Original article: https://mises.org/mises-wire/little-bighorn-anniversary-remember-custers-crimes
Were stronger central government under the Articles of Confederation and a central bank really necessary to win the American Revolution, as conservative nationalists of the era claimed?Original article: https://mises.org/mises-wire/myth-nationalist-victory-articles-confederation-and-bank-north-america
On this episode of Minor Issues, Mark Thornton opens with a review of John Mearsheimer's Why Do Politicians Lie?, focusing on strategic deception in international affairs, especially in the Middle East, Israel, Vietnam, Iraq, and America's own constitutional history. Mark argues that political lies are not merely moral failures; they are tools for empire, war, and state expansion.On Side B, Thornton joins What The Finance to explain how runaway spending, Fed liquidity, and Austrian business cycle theory reveal the deeper mechanics behind today's markets. He discusses the AI and data-center bubble, the Fed's role in sustaining malinvestment, the pressure on working families, and why gold, silver, and commodities are benefiting from a long era of monetary inflation and political dysfunction.2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Keynes the Man through June 30. 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 insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues
On this episode of Power and Market, Ryan, Connor, and Tho look at the debate over the latest National Defense Authorization Act.
This key decision of the Continental Congress matters because the way a war is fought affects the outcomes; the choice to fight like a state means either losing or winning like a state.Original article: https://mises.org/mises-wire/charles-lee-alternative-george-washington-youve-probably-never-heard
This key decision of the Continental Congress matters because the way a war is fought affects the outcomes; the choice to fight like a state means either losing or winning like a state.Original article: https://mises.org/mises-wire/charles-lee-alternative-george-washington-youve-probably-never-heard
Trump is trapped in a genuinely difficult situation as he tries to reach a deal with Iran. But it is a crisis of his own making. Also, the establishment figures now condemning him should not be allowed to pretend they had nothing to do with it.Read the article here: https://mises.org/mises-wire/trumps-iran-predicament-his-own-fault2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Keynes the Man through June 30. Grab yours today at https://mises.org/gabfreebookBe sure to follow the Guns and Butter podcast at https://Mises.org/GB
Remembering Murray Rothbard on our imperialistic wars: "The true principle of isolationism is that the government should be isolated and people who trade, interchange, and engage in voluntary travel, migration, and so forth should be allowed to peacefully do so."Original article: https://mises.org/mises-wire/murray-rothbard-war-and-isolationism
Remembering Murray Rothbard on our imperialistic wars: "The true principle of isolationism is that the government should be isolated and people who trade, interchange, and engage in voluntary travel, migration, and so forth should be allowed to peacefully do so."Original article: https://mises.org/mises-wire/murray-rothbard-war-and-isolationism
Mark Thornton replays his wide-ranging Kitco News interview with Jeremy Szafron, connecting today's “two economies” to Ludwig von Mises's Austrian business cycle theory. Easy money and credit inflation lift asset owners, big corporations, and government finance, while working families get the bill through higher prices and weaker real wages. They discuss late-cycle signals in tech and AI and broader corporate credit, and how war-driven energy shocks feed into a wider commodity surge. Mark also breaks down Cantillon effects at the kitchen-table level and closes with bottom-up strategies like local resilience, savings, and removing tax barriers to using gold and silver as practical inflation protection.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 insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues
Ryan McMaken takes a look at Rothbard's seminal 1963 essay "War, Peace, and the State." We find that Rothbard was no pacifist, but supported defensive violence against aggressors. Rothbard also maintains war must be limited by respect for neutrals, and avoidance of weapons that target innocent non-combatants. Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbardRadio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off
Ryan McMaken takes a look at Rothbard's seminal 1963 essay "War, Peace, and the State." We find that Rothbard was no pacifist, but supported defensive violence against aggressors. Rothbard also maintains war must be limited by respect for neutrals, and avoidance of weapons that target innocent non-combatants. Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbardRadio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off
On the latest episode of Minor Issues, Mark Thornton opens with a candid assessment of his own prediction record: what he got right, what he got wrong, and why Austrian economics tells you what must come but not when. He then turns to the current landscape: every major valuation metric is flashing red, market concentration exceeds the level on the cusp of the 1987 crash, deficit spending is at World War II levels, and the Fed is injecting $40 billion a month in new liquidity. Yet Wall Street remains unanimously bullish. The second half features an interview with Kaniki Kojo on gold, fiat currencies, and the Austrian school's growing global influence.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 insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues
Bob argues that many Austro-libertarians (himself included, initially) have been too quick to dismiss the Trump administration's foreign and economic policy as mere incompetence or corruption, without grasping the strategic logic behind it. His thesis: the U.S. national security establishment sees China's rise as an existential threat and believes the window to act is closing fast, making the current flurry of aggressive moves less like random chaos and more like a desperate Hail Mary pass.Related:The Charts and Graphs Mentioned in this Episode: Mises.org/HAP549aThe Bob Murphy Show, "LEAKED: Trump's Secret Strategy Briefing": Mises.org/HAP549bCore Insights, "China Quietly Built a 10,400km Railway to Iran — The US is Terrified": Mises.org/HAP549cThe Tom Woods Show, "The Venezuela Propaganda, with David Stockman": Mises.org/HAP549dCelebrate Murray Rothbard's 100th birthday with a free copy of Anatomy of the State. Get yours at Mises.org/HAPodFree
Bob argues that many Austro-libertarians (himself included, initially) have been too quick to dismiss the Trump administration's foreign and economic policy as mere incompetence or corruption, without grasping the strategic logic behind it. His thesis: the U.S. national security establishment sees China's rise as an existential threat and believes the window to act is closing fast, making the current flurry of aggressive moves less like random chaos and more like a desperate Hail Mary pass.Related:The Charts and Graphs Mentioned in this Episode: Mises.org/HAP549aThe Bob Murphy Show, "LEAKED: Trump's Secret Strategy Briefing": Mises.org/HAP549bCore Insights, "China Quietly Built a 10,400km Railway to Iran — The US is Terrified": Mises.org/HAP549cThe Tom Woods Show, "The Venezuela Propaganda, with David Stockman": Mises.org/HAP549dCelebrate Murray Rothbard's 100th birthday with a free copy of Anatomy of the State. Get yours at Mises.org/HAPodFree
In this article from 1950, Murray Rothbard suggests some of the less bad ways of financing military operations. Hint: monetary inflation and taxing savings and investment are among the worst.Original article: https://mises.org/articles-interest/economics-war
In this article from 1950, Murray Rothbard suggests some of the less bad ways of financing military operations. Hint: monetary inflation and taxing savings and investment are among the worst.Original article: https://mises.org/articles-interest/economics-war
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
Of course the president, like everyone, frequently protests his desire for peace. Everyone does this. And I think we may assume he is quite sincere about it.Original article: https://mises.org/mises-daily/president-goes-war2026 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/AudioFree
Of course the president, like everyone, frequently protests his desire for peace. Everyone does this. And I think we may assume he is quite sincere about it.Original article: https://mises.org/mises-daily/president-goes-war2026 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/AudioFree
Francis Fukuyama wrote The End of History more than 30 years ago, believing that the fall of the communist bloc would lead to a more peaceful world. We are still waiting for that moment of peace.Original article: https://mises.org/mises-wire/fukuyama-was-wrong-history-did-not-end
Francis Fukuyama wrote The End of History more than 30 years ago, believing that the fall of the communist bloc would lead to a more peaceful world. We are still waiting for that moment of peace.Original article: https://mises.org/mises-wire/fukuyama-was-wrong-history-did-not-end
In the late 1800s, American finally went in search of empire abroad, taking land by force and subjugating people who simply wanted their captors to leave.Original article: https://mises.org/mises-wire/when-america-chose-empire
As the US is involved in yet another pointless war, we would do well to remember the real costs of war, how it strips us of our liberties, and destroys our futures.Original article: https://mises.org/mises-wire/remembering-costs-war
In the late 1800s, American finally went in search of empire abroad, taking land by force and subjugating people who simply wanted their captors to leave.Original article: https://mises.org/mises-wire/when-america-chose-empire
As the US is involved in yet another pointless war, we would do well to remember the real costs of war, how it strips us of our liberties, and destroys our futures.Original article: https://mises.org/mises-wire/remembering-costs-war
On the latest episode of Minor Issues, Mark Thornton opens with a detailed analysis of the gold correction. Is the three-month decline a sign that inflation is over, or a temporary reallocation driven by war? The answer is in the data: the CRB commodity index continues to climb, the money supply is at an all-time high, and there is no evidence of deflation anywhere in the price structure. The inflation regime remains firmly in place, and the gold correction is a normal feature of bull markets whose real-world zigzags get smoothed away on long-term charts.The second half features a panel interview from VRC Media with Rick Rule, hosted by Darrell Thomas. Rule lays out the case for a decade-long commodity super cycle driven by 30 years of underinvestment in productive capacity. He delivers a sobering calculation: $39 trillion in on-balance-sheet federal debt plus $120 trillion in off-balance-sheet unfunded entitlement promises (a combined $160 trillion against $170 trillion in total private American net worth). The only realistic resolution, Rule argues, is a "dishonest default," inflating away the purchasing power of the dollar, just as happened in the 1970s when the dollar lost 75% of its value. Mark concurs, noting that the money supply is growing at record pace even as Washington insists it's being "restrictive."Mark's "Gold vs CRB Index" graph is available here: https://mises.org/MI175_GraphThe original VRIC interview is online here: https://www.youtube.com/watch?v=3kMiiC08TNo20% 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
This section outlines the two fundamental ways a community can organize the production of security: through monopoly or through free competition. Molinari frames this choice as the central political question that determines whether a society will be free or oppressed.
Rothbard introduces Molinari's essay as a pioneering work that took free-market principles to their logical conclusion by questioning the state's monopoly on defense. He situates Molinari within the French liberal tradition and highlights the essay's enduring relevance to libertarian thought.
Molinari opens by establishing that humans have a fundamental need for security of their persons and property. He frames security as a commodity like any other, one that must be produced and supplied to satisfy this universal demand.
This section lays out the economic principle that all goods and services are best provided through free exchange governed by competition. Molinari argues that the division of labor and voluntary cooperation form the natural basis of social organization.
Molinari applies the general principle of free competition directly to the provision of security services. He contends that, just as with bread or iron, the quality of security improves and its cost decreases when multiple producers compete for consumers.
Molinari confronts the common objection that security is somehow different from other goods and must be exempted from market provision. He systematically challenges the reasoning behind treating defense as a unique case requiring government monopoly.
In his concluding argument, Molinari envisions a society where security is provided by competing private firms chosen voluntarily by consumers. He contends that such a system would deliver better protection at lower cost while preserving individual freedom.
Molinari draws a parallel between monopoly and communism, arguing that both represent departures from the principle of free competition. He shows that a government monopoly on security shares the same economic defects as collectivized production in any other industry.
This section traces how governments historically established and maintained their monopoly over the production of security. Molinari describes how coercive control over defense led to the familiar abuses of taxation, war, and the suppression of individual liberty.
Molinari distinguishes between society, which arises naturally from voluntary human cooperation, and government, which imposes itself through force. He argues that conflating the two leads people to accept unjust authority as a necessary feature of civilized life.
This section critiques the justifications used to legitimize government monopoly, from the divine right of monarchs to the sovereignty of democratic majorities. Molinari argues that majority rule is no more legitimate than royal absolutism when it violates individual rights.
Molinari describes the inevitable consequences of monopolized security: rising costs, declining quality, and the use of force against the very citizens the government claims to protect. He illustrates how monopoly governments tend toward oppression and fiscal exploitation.
There are fuel protests in Ireland, which are not surprising given the havoc Trump's Iran war has caused in oil markets. They also should be protesting against the government policies that make the situation worse.Original article: https://mises.org/mises-wire/fuel-protests-ireland-their-lights-and-shadows
There are fuel protests in Ireland, which are not surprising given the havoc Trump's Iran war has caused in oil markets. They also should be protesting against the government policies that make the situation worse.Original article: https://mises.org/mises-wire/fuel-protests-ireland-their-lights-and-shadows
On World Affairs in Context with Lena Petrova, Ryan McMaken breaks down what the economic data is actually saying beneath the headlines. The money supply has grown by a trillion dollars in seven months, while the Fed insists policy is tight. Q4 GDP was quietly revised down to 0.5%. Consumer confidence is at multi-decade lows. And the stock market keeps hitting new highs.Ryan explains why these aren't contradictions. They're symptoms of the same underlying problem: a bubble economy sustained by continuous liquidity injections since 2009 that the Fed has never unwound and never will. He draws a striking parallel to Britain's 1956 Suez Crisis, when an expensive military operation accelerated the decline of sterling as the global reserve currency, and asks whether the Iran war is doing the same to the dollar.The original interview is available on YouTube.
Under a system of private ownership, in which the government's only function is to protect property rights, it is immaterial where the frontiers of people's country are drawn.Original article: https://mises.org/mises-daily/economic-causes-war
While there is a public uproar about China having access to the work of American scientists, there is a bigger issue at stake: Is science “owned” by “the public”? If not, why are we so worried about the Chinese?Original article: https://mises.org/mises-wire/if-science-public-good-let-china-pay-it
Under a system of private ownership, in which the government's only function is to protect property rights, it is immaterial where the frontiers of people's country are drawn.Original article: https://mises.org/mises-daily/economic-causes-war
While there is a public uproar about China having access to the work of American scientists, there is a bigger issue at stake: Is science “owned” by “the public”? If not, why are we so worried about the Chinese?Original article: https://mises.org/mises-wire/if-science-public-good-let-china-pay-it
Just as, for them, liberty must be the highest political end, peace must be the highest end of foreign policy.Original article: https://mises.org/mises-daily/libertarians-must-never-warm-warfare-state
President Trump is not only angering Iranians and most of Europe. He also is making new enemies in both North and South America. Perhaps it is time for policy reset.Original article: https://mises.org/mises-wire/trumps-foreign-policy-latin-america-and-caribbean-needs-strategic-reset
A foreign policy that seeks to maintain a global empire is entirely incompatible with the laissez-faire, free-market system at home that many hawkish self-described libertarians claim to support.Original article: https://mises.org/mises-wire/rothbard-was-right-libertarians-must-never-warm-warfare-state
In dealing with the question of why the United States, a country founded on liberty, turned into a militaristic behemoth, Ralph Raico looked to the work of historian Arthur Ekirch for answers.Original article: https://mises.org/mises-wire/raico-ekirch-and-tragedy-american-militarism