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Mihai Macovei



Articles by Mihai Macovei

Heavy Sanctions against Russia Could Usher in a Wider Economic War

April 19, 2022

The sanctions against Russia have the potential to spiral into something much larger. Indeed, many governments are using the current conflict as an opportunity to further push “green energy,” rearmament, and other big-spending schemes. Original Article: “Heavy Sanctions against Russia Could Usher in a Wider Economic War” This Audio Mises Wire is generously sponsored by …

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Heavy Sanctions against Russia Could Usher in a Wider Economic War

April 9, 2022

Vladimir Putin’s invasion of Ukraine was met with unprecedented economic sanctions by the United States and its allies in order to cripple Russia’s capacity to wage war. Never before in post–World War II history has an economy of Russia’s size been reprimanded with such force. Moreover, the sanctions could remain in place after the war …

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China Needs to Pop Its Property Bubble

March 5, 2022

The financial woes of the giant real estate developer Evergrande, which carries an estimated debt of $300 billion, have rekindled global fears that China’s property bubble is about to burst. Such predictions have occurred repeatedly in the past, in particular since 2010, and have been fueled by the rapid rise of property prices, construction volumes, …

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The Growing Pile of Public Debt Shows that Inflation Is Here to Stay

February 9, 2022

After more than a decade of subdued consumer price inflation despite gigantic monetary and fiscal stimuli, last year’s surge in consumer prices took most central banks by surprise. First, they tried to dismiss it as “transitory” and caused by pandemic-related supply bottlenecks. Within a few months, when wages started rising strongly, Fed chairman Jerome Powell …

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Will Europe’s Politicians Ever Get their Coveted Universal Vaccination?

January 22, 2022

Several countries have introduced mandatory “health passes” and made Covid-19 vaccination compulsory since last summer. The vaccination mandates represent a massive infringement of human rights and their medical justification has dwindled over time. Yet, governments are doubling down on their resolution to vaccinate everybody. But, will people accept this abuse and should they let governments …

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Those Pushing Monetary Stimulus Are Misled by Japan’s Low Price Inflation

December 10, 2021

Until very recently, the hefty monetary and fiscal relaxation unleashed by governments to stimulate the economic recovery at the onset of the global financial crisis has not had major inflationary repercussions, in particular as the main benchmark has been the benign consumer price inflation, rather than the rapidly growing real-estate and stock-exchange prices. At the same …

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Cronyism, Not Welfare, Is China’s Big Problem

November 16, 2021

In an economy where the ruling party controls enormous portions of the economy, attempts to redistribute some of that state-owned wealth isn’t necessarily a move against the private sector. Original Article: “Cronyism, Not Welfare, Is China’s Big Problem​” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

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Cronyism, Not Welfare, Is China’s Big Problem

November 9, 2021

After three decades of promarket reforms, extreme poverty in China has been virtually eradicated. So President Xi Jinping now has the leverage to shift his attention to reducing the wealth gap in Chinese society. In a speech to the Chinese Communist Party in August, Xi touted “common prosperity” for all Chinese as an essential requirement …

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“Shortages” Aren’t Causing Inflation. Money Creation Is.

October 12, 2021

The current surge in inflation is not due to a shortage of supply as central banks want us to believe. It is primarily due to soaring consumer demand fueled by monetary creation. Original Article: “‘Shortages’ Aren’t Causing Inflation. Money Creation Is.” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

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“Shortages” Aren’t Causing Inflation. Money Creation Is.

October 7, 2021

For central bankers and mainstream analysts the recent inflation outburst is only a transitory phenomenon which has nothing or very little to do with the massive monetary and fiscal stimuli unleashed during the pandemic. Although the Fed has recently conceded that price pressures are persisting longer than expected, the surge of inflation is allegedly due …

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From Diseases to Recessions, Government Failure Is Endemic

September 23, 2021

As with economic policy to “cure” recessions, the authorities’ health response is good at crippling markets, but never delivers what is promised. Original Article: “From Diseases to Recessions, Government Failure Is Endemic” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

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From Diseases to Recessions, Government Failure Is Endemic

September 20, 2021

Massive government intervention in the aftermath of the global financial crisis has not prevented the Great Recession, but had actually deepened and prolonged it until the covid-19 pandemic and government lockdowns sent the economy into a tailspin in 2020. Larger monetary and fiscal growth stimuli followed, exacerbating previous economic distortions. In the same way that …

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The Case Against the New “Secular Stagnation Hypothesis”

August 11, 2021

Abstract: The new “secular stagnation hypothesis” developed by Lawrence H. Summers attempts to justify why the demand stimulus applied in the aftermath of the global financial crisis failed to revive growth in a satisfactory manner. Building on previous ideas of Keynes, Hansen, and Bernanke, Summers claims that excess savings together with feeble investment drove the …

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Forced Vaccinations in France Bring Both Repression and Protest

August 7, 2021

Macron says vaccines are not compulsory for the general public for now, but they are essentially required for anyone who wants to live a normal life. Original Article: “Forced Vaccinations in France Bring Both Repression and Protest” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

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If the US Wants to Beat China, Why Is It Copying China’s Socialism?

July 29, 2021

If the US wants to strengthen its economic and geostrategic position versus China, it needs to apply the same free market principles that made it prosperous and powerful in the first place.  Original Article: “If the US Wants to Beat China, Why Is It Copying China’s Socialism?” This Audio Mises Wire is generously sponsored by …

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Forced Vaccinations in France Bring Both Repression and Protest

July 22, 2021

In a speech to the nation just ahead of Bastille Day on July 14 celebrating the French Revolution, President Emmanuel Macron delivered a paradoxical blow to the Republic’s famous slogan: Liberté, égalité, fraternité. He announced a series of measures to speed up the pace of covid-19 vaccinations which undermine individual liberties and threaten a strong …

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If the US Wants to Beat China, Why Is It Copying China’s Socialism?

July 12, 2021

Under the Biden administration the US continued escalating the economic and geopolitical frictions with China. At the recent G7 Summit in Carbis Bay, President Biden sought to rally a “united front” against China with traditional G7 allies and new ones such as Australia, India, South Korea, and South Africa and rebuked China on economic policies, …

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Thanks to Federal Megaspending, the Trade Deficit Has Only Gotten Worse

July 9, 2021

The chronic US trade deficit is a direct result of the dollar’s status as the world’s main reserve currency and unabated monetary increases in government spending. More tariffs won’t change that.  Original Article: “Thanks to Federal Megaspending, the Trade Deficit Has Only Gotten Worse” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated …

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Thanks to Federal Megaspending, the Trade Deficit Has Only Gotten Worse

June 16, 2021

President Trump’s protectionist trade measures against China and other external partners have not caused a reduction of the total US trade deficit. The latter actually grew further as China’s exports found indirect ways into the US and massive domestic spending schemes were expanded during the pandemic. Almost three years after the Trump administration unleashed the trade war …

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Monetary and Fiscal “Stimulus” Is Undermining the Global Recovery

May 22, 2021

Expansionary monetary and fiscal policies have gone into overdrive all over the world since the beginning of the pandemic. This raises the obvious question of how long they can last before another crash follows. In its latest World Economic Outlook, from April 2021, the International Monetary Fund (IMF) is also concerned about rising macroeconomic vulnerabilities, noting …

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Lockdowns Are More Economically Devastating Than Voluntary Social Distancing

April 6, 2021

Lockdowns advocates claim fear of the virus is really what kept people home—and has thus led to the economic destruction of the past year. But they also claim that without forced lockdowns, people will quickly go back to normal. Both can’t be true.  Original Article: “Lockdowns Are More Economically Devastating Than Voluntary Social Distancing” This …

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Lockdowns Are More Economically Devastating Than Voluntary Social Distancing

March 29, 2021

Once again, several European countries have extended and tightened lockdowns, despite the continent having been under recurrent strict confinement measures since the beginning of the pandemic. The population watched in disbelief how new restrictions were added to the already heavily curtailed access to restaurants, bars, cultural gatherings, sport events and international travel. The authorities are …

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Capital and Labor Both Suffer under Minimum Wage Mandates

March 13, 2021

Rising unemployment is just one outcome of minimum wage mandates. Capital accumulation and labor productivity will also be hurt.  Original Article: “Capital and Labor Both Suffer under Minimum Wage Mandates” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.  

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Capital and Labor Both Suffer under Minimum Wage Mandates

March 8, 2021

President Biden and the Democratic Party have pushed hard to more than double the national minimum wage from $7.25 per hour to $15 per hour over the next four years. This aggressive intervention in the functioning of labor markets has been heavily criticized, including in two recent Mises Wire articles. Resorting to both theoretical arguments …

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China Needs More Economic Freedom—Not a Bigger Welfare State

February 23, 2021

Mainstream economists claim China needs more consumption and a bigger welfare state. They think China’s high savings rate is a bad thing. These economists are wrong.  Original Article: “China Needs More Economic Freedom—Not a Bigger Welfare State” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.  

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China Needs More Economic Freedom—Not a Bigger Welfare State

February 18, 2021

China has not been spared heavy criticism about its growth mode since it joined the World Trade Organization (WTO) in 2001. Leading the choir of discontent, the International Monetary Fund (IMF) claimed that “high savings are at the heart of China’s external and internal imbalances.” Other mainstream pundits also believe that China’s mercantilist policy was …

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There Are No Winners in the US-China “Tech War”

July 28, 2020

After unleashing a disruptive trade conflict with China, the Trump administration has also escalated the lingering “cold tech war” between the two rival powers. Over the last two years, the US has passed new rules limiting China’s investments in the US, restricting bilateral information and communications technology (ICT) trade and controlling exports of sensitive and emerging technology …

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Facing Economic Disaster, France Turns against Globalism

May 5, 2020

Listen to the Audio Mises Wire version of this article. Since mid-March, the French people have been coping with one of the strictest lockdowns in Europe. Large gatherings have been banned, and schools, bars, restaurants, and all shops (except for grocery stores) have been closed. Only “essential” trips outside home are allowed, and most businesses …

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Facing Economic Disaster, France Turns against Globalism

May 5, 2020

France faces a future of spiraling debt and declining economic growth. So Emmanuel Macron has now embraced economic nationalism as a way out. It’s not likely to work. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “Facing Economic Disaster, France Turns against Globalism”

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While the West Panicked, Some Asian Regimes Took a Different Path

April 9, 2020

More and more voices are questioning the rationale for the general lockdown imposed in most of Europe and the US in response to the coronavirus epidemic. Such unprecedented suppression of civil and economic liberties during peace continue to strike many as hardly justified. Whether from a legal, ethical, or economic standpoint, we may soon find that …

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