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Socialism and the Battle of Ideas

Socialism and the Battle of Ideas [This article is excerpted from Socialism: An Economic and Sociological Analysis] It is a mistake to think that the lack of success of experiments in Socialism that have been made can help to overcome Socialism. Facts per se can neither prove nor refute anything. Everything is decided by the interpretation […]

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Sen. Rand Paul: The Fed Is Crippling America

Sen. Rand Paul: The Fed Is Crippling America Anadolu Agency—Getty ImagesThe Federal Reserve Building in Washington, D.C., on Oct. 27, 2014.  Rand Paul is a U.S. senator from Kentucky and a Republican presidential candidate. Mark Spitznagel is the chief investment officer of Universa Investments and senior economic adviser to the Paul campaign. The country deserves […]

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Expectations and Business Cycles

Expectations and Business Cycles According to the Austrian Business Cycle Theory (ABCT) the artificial lowering of interest rates by the central bank leads to a misallocation of resources because businesses undertake various capital projects that prior to the lowering of interest rates weren’t considered as viable. This misallocation of resources is commonly described as an […]

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Living a Lie

Living a Lie “Above all, don’t lie to yourself. The man who lies to himself and listens to his own lie comes to a point that he cannot distinguish the truth within him, or around him, and so loses all respect for himself and for others. And having no respect he ceases to love.” – Fyodor […]

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The Essence of Interest Rate Determination

The Essence of Interest Rate Determination According to mainstream thinking the Central Bank is the key factor in determining interest rates. By setting short-term interest rates the Central Bank, it is argued through expectations about the future course of its interest rate policy influences the entire interest rate structure. (According to the expectations theory (ET) […]

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Jackson Hole – Meeting of the Physics Envy Brigade

Jackson Hole – Meeting of the Physics Envy Brigade Planners Meet to Discuss the Impossible The Jackson Hole pow-wow takes place this weekend. A more revolting get-together of actual and armchair central planners (i.e., the advisors to the planners, many of whom see themselves as planners-in-waiting) could hardly be imagined. One has to wonder how […]

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Greece illustrates 150 years of socialist failure in Europe

Greece illustrates 150 years of socialist failure in Europe Greece cannot pay its debts…ever. Nor can several other members of the European Union. That’s why Europe’s elite are loath to place Greece in default. If Greece is allowed to abrogate its debts, why should any of the other debtor members of the EU pay up? […]

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The Government and the Currency

The Government and the Currency [Human Action (1949)] Reprinted from Mises.org Media of exchange and money are market phenomena. What makes a thing a medium of exchange or money is the conduct of parties to market transactions. An occasion for dealing with monetary problems appears to the authorities in the same way in which they concern themselves with […]

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BREAKING BAD (DEBT) – EPISODE THREE

BREAKING BAD (DEBT) – EPISODE THREE In Part One of this three part article I laid out the groundwork of how the Federal Reserve is responsible for the excessive level of debt in our society and how it has warped the thinking of the American people, while creating a tremendous level of mal-investment. In Part Two I focused on […]

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RX For Modern Monetary Madness: Mises Explained Sound Money 80 Years Ago | David Stockman’s Contra Corner

RX For Modern Monetary Madness: Mises Explained Sound Money 80 Years Ago | David Stockman’s Contra Corner. Eighty years ago, in the autumn of 1934, Ludwig von Mises’s The Theory of Money and Credit first appeared in English. It remains one of the most important books on money and inflation penned in the twentieth century, and even […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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