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Mises Institute

The Mises Institute, founded in 1982, teaches the scholarship of Austrian economics, freedom, and peace. The liberal intellectual tradition of Ludwig von Mises (1881-1973) and Murray N. Rothbard (1926-1995) guides us. Accordingly, we seek a profound and radical shift in the intellectual climate: away from statism and toward a private property order.

Articles by Mises Institute

A la izquierda: dejen de quejarse de los dos míseros votos del senado de Wyoming

9 hours ago

By: Ryan McMaken
En un artículo del 14 de enero para Vox, Ian Millhiser discute una nueva propuesta en el Harvard Law Review diseñada para lograr cuatro cosas:

(1) una transferencia del poder del Senado a un órgano que represente a los ciudadanos por igual; (2) una expansión de la Cámara de Representantes para que todos los ciudadanos estén representados en distritos de igual tamaño; (3) una sustitución del Colegio Electoral por el voto popular; y (4) una modificación del proceso de enmienda de la Constitución que garantice que las futuras enmiendas sean ratificadas por los estados que representan a la mayoría de los estadounidenses.

 El esquema consiste en dividir el Distrito de Columbia en más de cien nuevos estados diminutos para aumentar drásticamente el número de estados

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To the Left: Stop Whining About Wyoming’s Two Measly Senate Votes

1 day ago

By: Ryan McMaken
In  a January 14 article for Vox, Ian Millhiser discusses a new proposal in the Harvard Law Review designed to accomplish four things:

(1) a transfer of the Senate’s power to a body that represents citizens equally; (2) an expansion of the House so that all citizens are represented in equal-sized districts; (3) a replacement of the Electoral College with a popular vote; and (4) a modification of the Constitution’s amendment process that would ensure future amendments are ratified by states representing most Americans.

 The scheme consists of dividing up the District of Columbia into more than 100 new tiny states so as to drastically increase the number of leftist controlled states so as to push through a wide variety of new Constitutional amendments.1 

Milhiser is

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How Expansive Is FBI Spying?

2 days ago

By: Ron Paul
Cato Institute research fellow Patrick Eddington recently filed several Freedom of Information Act (FOIA) requests to find out if the Federal Bureau of Investigation ever conducted surveillance of several organizations dealing with government policy, including my Campaign for Liberty. Based on the FBI’s response, Campaign for Liberty and other organizations, including the Cato institute and the Reason Foundation, may have been subjected to FBI surveillance or other data collection.

I say “may have been,” because the FBI gave Mr. Eddington a “Glomar response” to his FOIA requests pertaining to these organizations. A Glomar response is where an agency says it can “neither confirm nor deny” involvement in a particular activity. Glomar was a salvage ship that the Central

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What Crypto “Token Velocity Theorists” Can Learn From Austrian Economics

2 days ago

By: Stephan Livera
In the “Crypto” world, there are theorists mistakenly applying Irving Fisher’s Equation of Exchange without knowledge of Austrian critiques of the idea. Understanding why Austrian economists are critical of MV = PT might help these theorists avoid these errors in reasoning. (These theorists include Kyle Samani , Chris Burniske , Vitalik Buterin , among others, hereafter referred to as “Crypto Velocity Theorists.”)

Quick Overview of terms in the Fisher Equation of Exchange

In the equation, M = ​the money supply, V = ​the velocity of money, or the average number of times a currency unit changes hands per year, ​P = the average price level of goods during the year, and T = an index of the real value of aggregate transactions​. In the MV = PQ formulation, note Q =

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Yes, College Professors Are Almost All Left-Wing

2 days ago

By: Jeff Deist
Sean Stevens of Heterodox Academy and Professor Mitchell Langbert of Brooklyn College have a new article published by the National Association of Scholars. They examined professors’ self-identified political views, party affiliation, voter registrations, and FEC (Federal Election Commission) records of political donations. Their research appears to confirm that college professors in fact skew overwhelmingly left-wing in their political views, even more than many of us thought. If they are even mostly correct, the socialist professor stereotype is absolutely grounded in reality rather than caricature. 

Professor Langbert writes:

Sean Stevens and I have been working on a study of 12,372 professors in the two leading private and two leading public colleges in 31 states

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Virginia is Only the Beginning

3 days ago

By: Tho Bishop
Despite smears and scare tactics from the Virginia law enforcement and the corporate press, thousands of protestors have landed in the capital of Old Dominion in response to an anti-gun agenda being pushed by the new solid-blue state government. While large protests aren’t particularly unique in American politics, this particular event has captured the media’s imaginations in no small part due to the fact it consists of their favorite sort of villain: largely white, Trump-supporting, armed men. They can’t help but salivate at the idea of it descending into the tragic chaos that occurred in Charlottesville in 2017.

To a certain degree, the showdown in Virginia is really only superficially about guns. It also represents the valid anxiety that has arisen when a state’s rural

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Jan 20th, 2020: Three Links, Three Tweets

4 days ago

By: Tho Bishop
Three Links

While we’re assured by the financial press that the Fed is full of Very Serious People, it’s alarming how clueless some members of the Fed seem to be about the current operations of the central bank. The latest example Neel Kashkari’s take that the injections into the repo market have no impact on equity pricing.

EconomicPolicyJournal: Stunning: Minneapolis Fed President Put Out Tweet Indicating He Doesn’t Know How the Fed Creates Money

Will Not-QE Soon Become QE4? Danielle DiMartino Booth thinks so. “The Fed will tell you it’s all technical in nature,” she said. “In their last minutes, they said that if they had to move into [longer] coupons, they would. So the table has been set.”

MarketWatch: The Federal Reserve is stuck in quantitative-easing hell

A

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Could Trump’s Next Fed Chair Be A “Goldbug?”

6 days ago

By: Tho Bishop
This week, Donald Trump formally nominated Judy Shelton and Christopher Waller for vacant governorships on the Federal Reserve. Waller, the Vice President of the Richmond Fed, is widely viewed as a standard Fed nominee with the reputation of being a “dove” who has criticized recent interest rate hikes.

It is Judy Shelton who is particularly interesting.

A former campaign adviser for Trump, Shelton has been a vocal Fed critic who has praised the gold standard in the past. While she has recently advocated for lower interest rates, she has also been a critic of the Fed’s policy of paying interest on excess reserves that has become a key policy tool since 2008. Shelton’s nomination is also interesting  due to her background standing in stark contrast to most of her

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EEUU a Irak: «voten todo lo que quieran, no nos vamos a ir».

7 days ago

By: Ron Paul
La decisión del Presidente Trump a principios de este mes de asesinar al principal general militar de Irán en suelo iraquí (por la objeción del gobierno iraquí) ha dañado la relación de los Estados Unidos con su «aliado» Irak y ha puesto a la región al borde de la guerra. La respuesta mesurada de Irán, unos pocos misiles disparados sobre una base iraquí después de que se diera la advertencia previa, es la única razón por la que EEUU no se ve envuelto en otra guerra de Oriente Medio.

Trump dijo que su decisión de asesinar al general Qassim Soleimani tenía la intención de prevenir una guerra, no de empezar una guerra. Pero nadie en su sano juicio pensaría que matar al principal líder militar de otro país no dejaría a ese país molesto, por decir lo menos. Los senadores Mike Lee

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US to Iraq: ‘Vote All You Want, We’re Not Leaving!’

9 days ago

By: Ron Paul
President Trump’s decision earlier this month to assassinate Iran’s top military general on Iraqi soil – over the objection of the Iraqi government – has damaged the US relationship with its “ally” Iraq and set the region on the brink of war. Iran’s measured response – a few missiles fired on an Iraqi base after advance warning was given – is the only reason the US is not mired in another Middle East war.

Trump said his decision to assassinate Gen. Qassim Soleimani was intended to prevent a war, not start a war. But no one in his right mind would think that killing another country’s top military leader would not leave that country annoyed, to say the least. Senators Mike Lee (R-UT) and Rand Paul (R-KY) said the Trump Administration’s briefing to Congress on its evidence to

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Un asesinato político sin ley

9 days ago

By: Judge Andrew P. Napolitano
«Los Estados Unidos… no van al extranjero en busca de monstruos para destruir.»

– Presidente John Quincy Adams (1767-1848)

La semana pasada, el presidente Donald Trump ordenó al ejército estadounidense que invadiera un país entonces amigo sin el conocimiento o consentimiento de su gobierno y asesinara a un funcionario de un gobierno extranjero que se encontraba de visita. La víctima era el jefe del ejército y la inteligencia de Irán. El antiguo país amigo es Irak. El asesinato del general y sus compañeros se llevó a cabo mediante el uso de un dron no tripulado. El general no participó en ningún acto de violencia en el momento de su muerte, ni tampoco ninguno de sus compañeros. Estaban conduciendo por una carretera pública en una furgoneta.

Los partidarios

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President’s Impact Report — Fourth Quarter 2019

13 days ago

Faculty, Associated Scholars, and More Mises Institute Senior Fellow Hans-Hermann Hoppe received the Roland Baader Award at the Palais Coburg in Vienna, Austria, at an even commenorating the 70th anniversary of the publication of Mises’s Human Action.Patrick Newman received the George F. Koether Free-Market Writing Award for his work editing Conceived in Liberty, Volume V.Dr. …

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Cómo los EEUU hacen la guerra para sostener el dólar

13 days ago

By: Ryan McMaken
En Counterpunch, Michael Hudson ha escrito un importante artículo que describe las importantes conexiones entre la política exterior de los Estados Unidos, el petróleo y el dólar estadounidense.

En resumen, la política exterior de los Estados Unidos está orientada en gran medida hacia el control de los recursos petroleros como parte de una estrategia más amplia para apuntalar el dólar estadounidense. Hudson escribe:

El asesinato tenía como objetivo aumentar la presencia de Estados Unidos en Irak para mantener el control de las reservas de petróleo de la región, y respaldar a las tropas wahabíes de Arabia Saudita (Isis, Al Quaeda en Irak, Al Nusra y otras divisiones de lo que en realidad son la legión extranjera de Estados Unidos) para apoyar el control estadounidense

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A Lawless Political Assassination

14 days ago

By: Judge Andrew P. Napolitano
“America … goes not abroad in search of monsters to destroy.” 

– President John Quincy Adams (1767–1848)

Last week, President Donald Trump ordered the US military to invade a then friendly country without the knowledge or consent of its government and assassinate a visiting foreign government official. The victim was the head of Iran’s military and intelligence. The formerly friendly country is Iraq. The killing of the general and his companions was carried out by the use of an unmanned drone. The general was not engaged in an act of violence at the time he was killed, nor were any of his companions. They were driving on a public highway in a van.

The president’s supporters have argued that the general’s death was revenge for Americans and others killed by

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How the US Wages War to Prop Up the Dollar

15 days ago

By: Ryan McMaken
At Counterpunch, Michael Hudson has penned an important article that outlines the important connections between US foreign policy, oil, and the US dollar.

In short US foreign policy is geared very much toward controlling oil resources as part of a larger strategy to prop up the US dollar. Hudson writes:

The assassination was intended to escalate America’s presence in Iraq to keep control of the region’s oil reserves, and to back Saudi Arabia’s Wahabi troops (Isis, Al Quaeda in Iraq, Al Nusra and other divisions of what are actually America’s foreign legion) to support U.S. control of Near Eastern oil as a buttress of the U.S. dollar. That remains the key to understanding this policy, and why it is in the process of escalating, not dying down.

The actual context for

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Oil Prices Surge, but That’s Fine for Some US Interest Groups

16 days ago

By: Ryan McMaken
Oil prices surged Tuesday night following the Iranian government’s missile attack launched in response to the US US’s killing of Iranian general Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis.

According to CNBC , U.S. West Texas Intermediate (WTI) crude futures surged 4.5%, or $2.83, to $65.53, its highest level since April.

In dollars per barrel (WTI), the oil price has hovered around 55 dollars per barrel over the past year, with the exception of a spike above 60 dollars per barrel in May 2019.

In inflation-adjusted terms, oil prices ended 2019 under 60 dollars per barrel, and remained well below oil prices experienced from 2005 to 2014 (WTI):

The 2005 surge was due in part to the US’s 2003 invasion of Iraq. The oil price exceeded 150

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La guerra se ha convertido en otro frívolo tema partidario

16 days ago

By: Tho Bishop
El mundo continúa procesando el ataque con misiles de la semana pasada que mató al general iraní Qassem Soleimani, mientras el presidente Donald Trump continúa haciendo sonar su sable favorito, Twitter, contra las amenazas de represalias iraníes. La respuesta internacional a la escalada militar de Trump, una decisión calificada como «la respuesta más extrema» por los oficiales militares estadounidenses, ya ha sido fuerte. Después de esto, los miembros del parlamento iraquí han pedido que el ejército estadounidense sea expulsado del país, mientras que Europa y otros aliados tradicionales de Estados Unidos han advertido contra una mayor escalada de los Estados Unidos.

En casa, la respuesta doméstica ha sido predecible. Las acciones de Trump han sido defendidas en gran medida

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War Has Become Another Frivolous Partisan Issue

17 days ago

By: Tho Bishop
The world continues to process last week’s missile strike killing Iranian General Qassem Soleimani as President Donald Trump continues to rattle his favorite saber, Twitter, against threats of Iranian retaliation. Already the international response to Trump’s military escalation, a decision categorized as “the most extreme response” by American military officials, has been strong. In its aftermath, members of the Iraqi parliament have called for the American military to be evicted from the country, while Europe and other traditional American allies have cautioned against any further escalation from the US.

Back at home, the domestic response has been predictable. Trump’s actions have been largely defended from his party, criticized by his opposition, and a series of

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Why I Don’t Trust Trump on Iran

17 days ago

By: Ron Paul
President Trump and his Secretary of State Mike Pompeo told us the US had to assassinate Maj. Gen. Qassim Soleimani last week because he was planning “Imminent attacks” on US citizens. I don’t believe them.

Why not? Because Trump and the neocons – like Pompeo – have been lying about Iran for the past three years in an effort to whip up enough support for a US attack. From the phony justification to get out of the Iran nuclear deal, to blaming Yemen on Iran, to blaming Iran for an attack on Saudi oil facilities, the US Administration has fed us a steady stream of lies for three years because they are obsessed with Iran.

And before Trump’s obsession with attacking Iran, the past four US Administrations lied ceaselessly to bring about wars on Iraq, Afghanistan, Syria, Libya,

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“Closing the Gender Gap” at Any Cost Threatens the Academic Integrity of STEM Education

17 days ago

By: Atilla Sulker
The National Bureau of Economic Research recently published a study which concluded that the grading policies for STEM classes contribute to the gender gap in the STEM field.

The study finds that STEM classes, on average, assign lower grades compared to non-STEM classes and that this tends to deter women enrolling. Women — who value higher grades more than men — are apparently put off by the lower average grades in STEM subjects. This is despite the fact that “women have higher grades in both STEM and non-STEM classes,” according to the study.

The study also shows that women are more likely to switch out of STEM than men. To increase female participation, the authors propose curving all courses to around a B. They estimate that this would increase female enrollment by

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Three Bad Arguments for the Minimum Wage

20 days ago

The case for market wages is simple. If employers and employees voluntarily agree to a certain wage, then that exchange will necessarily be mutually beneficial, otherwise it wouldn’t have happened. Creating a minimum wage will simply disemploy the lowest-skilled among us, whose productivity is below the legal minimum wage. Why would a business hire a worker if the business has to pay the worker more than the worker can contribute to its revenue?
Supporters of the minimum wage respond that the minimum wage can actually raise wages while also increasing employment, because:
1. Higher wages will speed up the economy by putting money in the hands of workers who will spend it.
2. Higher wages boost worker morale and productivity.
3. Studies have shown that the minimum wage doesn’t always reduce

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¿Deberían los racistas recibir atención médica?

20 days ago

By: Ron Paul
La corrección política tomó recientemente un peligroso giro en el Reino Unido cuando el North Bristol National Health Service Trust anunció que los pacientes de los hospitales que usan un lenguaje ofensivo, racista o sexista dejarán de recibir atención médica tan pronto como sea seguro terminar su tratamiento.

La condición de que el tratamiento no se retirará hasta que sea seguro parece implicar que nadie sufrirá realmente de esta política. Sin embargo, los proveedores de atención médica tienen gran discreción para determinar cuándo es «seguro» retener el tratamiento. Por lo tanto, los pacientes podrían quedar con dolor crónico o se les podría negar ciertos procedimientos que podrían mejorar su salud pero que no son necesarios para hacerlos «seguros». Los pacientes acusados

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Why It’s Important to Know Something About Foreign Affairs

20 days ago

By: Ryan McMaken
During the 2016 race, presidential candidate Gary Johnson was asked what action he would take in response to the refugee problem created by the destruction of the Syrian city of Aleppo.

In response, Johnson asked “what is Aleppo?” Once prompted with enough reminders, Johnson was finally able to answer the question.

The exchange in itself, of course, was not sufficient to prove Johnson didn’t know anything about the situation in Syria. In fact, Johnson gave a reasonably coherent answer about the Syrian situation once he figured out Aleppo is a Syrian city that at the time was central to the civil war in Syria.

Johnson’s critics, however, used the gaffe to claim Johnson was clueless on foreign policy and ought to be disqualified as a viable candidate.

Johnson was never

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The US’s Latest Bombing Shows the US Lost the Iraq War

20 days ago

The US government tells us that Iraq is harboring anti-US Iranian forces and must be bombed. Yesterday, the US bombed Baghdad International Airport, killing seven people, including an Iranian general and two Iraqi politicians. Meanwhile, US marines invaded Iraqi sovereign territory — in a move euphemistically called “arrest raids” — in an effort to capture an Iraqi member of parliament and a militia leader.
But how is it that Iraq is so full of anti-US politicians and militia leaders working with Iranian forces?
Wasn’t the 2003 invasion of Iraq supposed to turn Iraq into a Western-style democracy and a friendly outpost for US forces in the Islamic world?
That, at least is what we were promised at the time. But those, like the other reasons given for the war, were the usual lies we’ve come

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Why the US Wants to Lower Germans’ Real Wages

21 days ago

On December 20, 2019, President Trump authorized sanctions against companies and individuals who are participating in building Nord Stream Two, a pipeline under the Baltic Sea that will bring Russian natural gas to western Europe, principally Germany. The pipeline is more than 80 percent completed. The sanctions were included in the 2020 National Defense Authorization Act, which funds America’s huge military and will be difficult to overturn. Already a pipeline-laying company has suspended its operations. Germany, the main beneficiary of this huge project, has denounced the US sanctions. These sanctions are wrong on two fronts and are very likely to backfire against US long-term interests.
The Economic Case for Nord Stream Two
The economic case in favor of completing Nord Stream Two

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Defending the Miser

21 days ago

[Excerpted from Defending the Undefendable]
The miser has never recovered from Charles Dickens’s attack on him in A Christmas Carol. Although the miser had been sternly criticized before Dickens, the depiction of Ebenezer Scrooge has become definitive and has passed into the folklore of our time. Indeed, the attitude pervades even in freshman economics textbooks. There the miser is roundly condemned and blamed for unemployment, changes in the business cycle, and economic depressions and recessions.
In the famous — or rather infamous — “paradox of savings,” young students of economics are taught that, although saving may be sensible for an individual or a family, it may be folly for the economy as a whole. The prevalent Keynesian doctrine holds that the more saving in an economy, the less

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Why the Minimum Wage Is so Bad for Young Workers

21 days ago

In today’s political discourse, the minimum wage is frequently mentioned by the more progressive members of Congress. On a basic level, raising the minimum wage appears to be a sympathetic policy for low-income wage earners. Often kept out of the conversation, however, are the downstream effects of this proposal. The consensus among economists has always been that a price floor on “low-skilled labor” leads to unemployment “among the very people minimum wage legislation allegedly helps.” Surely those who retain their employment will reap the higher hourly pay but not without consequence to the rest of the “low-skilled” labor market.
Government-mandated minimum wage increases directly result in a higher price floor for hourly labor. The more indirect consequences include reductions in hours

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Should Racists Get Healthcare?

21 days ago

By: Ron Paul
Political correctness recently took a dangerous turn in the United Kingdom when the North Bristol National Health Service Trust announced that hospital patients who use offensive, racist, or sexist language will cease receiving medical care as soon as it is safe to end their treatment.

The condition that treatment will not be withdrawn until doing so is safe seems to imply that no one will actually suffer from this policy. However, healthcare providers have great discretion to determine when it is “safe” to withhold treatment. So, patients could be left with chronic pain or be denied certain procedures that could improve their health but are not necessary to make them “safe.” Patients accused of racism or sexism could also find themselves at the bottom of the NHS’s infamous

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