Mises Institute

Recorded by the Mises Institute in the mid-1980s, The Mises Report provided radio commentary from leading non-interventionists, economists, and political scientists. In this program, we present another part of "Ten Great Economic Myths". This material was prepared by Murray N. Rothbard. In recent decades we always have had federal deficits. The invariable response of the party out of power, whichever it may be, is to denounce those deficits as being the cause of our chronic inflation. And the invariable response of whatever party is in power has been to claim that deficits have nothing to do with inflation. Both opposing statements are myths. Deficits mean that the federal government is spending more than it is taking in in taxes. Those deficits can be financed in two ways. If they are financed by selling Treasury bonds to the public, then the deficits are not inflationary. No new money is created; people and institutions simply draw down their bank deposits to pay for the bonds, and the Treasury spends that money. Money has simply been transferred from the public to the Treasury, and then the money is spent on other members of the public. On the other hand, the deficit may be financed by selling bonds to the banking system. If that occurs, the banks create new money by creating new bank deposits and using them to buy the bonds. The new money, in the form of bank deposits, is then spent by the Treasury, and thereby enters permanently into the spending stream of the economy, raising prices and causing inflation. By a complex process, the Federal Reserve enables the banks to create the new money by generating bank reserves of one-tenth that amount. Thus, if banks are to buy $100 billion of new bonds to finance the deficit, the Fed buys approximately $10 billion of old treasury bonds. This purchase increases bank reserves by $10 billion, allowing the banks to pyramid the creation of new bank deposits or money by ten times that amount. In short, the government and the banking system it controls in effect "print" new money to pay for the federal deficit. Thus, deficits are inflationary to the extent that they are financed by the banking system; they are not inflationary to the extent they are underwritten by the public. Some policymakers point to the 1982–83 period, when deficits were accelerating and inflation was abating, as a statistical "proof" that deficits and inflation have no relation to each other. This is no proof at all. General price changes are determined by two factors: the supply of, and the demand for, money. During 1982–83 the Fed created new money at a very high rate, approximately at 15 percent per annum. Much of this went to finance the expanding deficit. But on the other hand, the severe depression of those two years increased the demand for money (i.e., lowered the desire to spend money on goods), in response to the severe business losses. This temporarily compensating increase in the demand for money does not make deficits any the less inflationary. In fact, as recovery proceeds, spending will pick up and the demand for money will fall, and the spending of the new money will accelerate inflation. For more episodes, visit Mises.org/MisesReport

On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss the role statistics play in promoting the regime. Topics include some interesting differences in recently reported unemployment data, changes to inflation reporting over time, government withholding of various reports — including crime and money supply measures — as well as alternative measures Austrians use to better cut through state propaganda. New Radio Rothbard mugs are now available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off Recommended Reading "Yet Another Month of Questionable Federal Jobs Data as 310,000 Fewer People Report Having Jobs" by Ryan McMaken: https://Mises.org/RR_137_A "The "True" Money Supply: A Measure of the Supply of the Medium of Exchange in the U.S. Economy" by Joseph Salerno: https://Mises.org/RR_137_B "Does GDP Present an Accurate Picture of the Economy? Not Likely" by Frank Shostak: https://Mises.org/RR_137_C "World War I as Fulfillment: Power and the Intellectuals" by Murray Rothbard: https://Mises.org/RR_137_D Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard.

On this first episode of the Fed Watch Podcast, Ryan McMaken and Senior Fellow Alex Pollock talk about how the Federal Reserve has negative cash flow. The Fed will print money to "solve" the problem. Be sure to follow the Fed Watch Podcast at https://Mises.org/FedPod. Recommended Reading "The Fed’s Capital Goes Negative" by Alex J. Pollock: https://Mises.org/FW_01_A "Who Owns Federal Reserve Losses and How Will They Impact Monetary Policy?" by Alex J. Pollock and Paul H. Kupiec: https://Mises.org/FW_01_B "Why the Fed Is Bankrupt and Why That Means More Inflation" by Ryan McMaken: https://Mises.org/FW_01_C

Ryan and Zack look at how China, Iran, and Saudi Arabia are reshaping the Middle East into a region where the United States no longer dominates. This is a good thing for ordinary Americans. Additional Resources "Thanks to Sanctions, the US Is Losing Its Grip on the Middle East" by Ryan McMaken: https://Mises.org/WES_11_A "The Petrodollar-Saudi Axis Is Why Washington Hates Iran" by Gary Richied: https://Mises.org/WES_11_B "Peace is Breaking Out in the Middle East… and Washington is Not Happy!" by Ron Paul: https://Mises.org/WES_11_C "Why the End of the Petrodollar Spells Trouble for the US Regime" by Ryan McMaken: https://Mises.org/WES_11_D "Washington Miffed as China Makes Peace" by Joseph Solis-Mullen: https://Mises.org/WES_11_E Be sure to follow War, Economy, and State at https://Mises.org/WES

While talk of high gas prices is no longer a headline issue, energy economics is still a vitally important aspect of understanding the economy, including the business cycle. Mark explains the basics, tells us where we now stand, and what the major implications are for the near future. "Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma" graph available at https://Mises.org/MI_23_Graph Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Per Bylund joins Bob to discuss his new paper at the QJAE, which points out several flaws in the MMT claim that money is valued in order to pay taxes. Per's QJAE article: https://Mises.org/HAP398a Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ 00:00 Introduction 00:27 Per Bylund vs. Stephanie Kelton 04:04 Reasoning Behind Dollar Value from Taxes 08:55 How Currency Has Purchasing Power 13:05 More Faults in Purchasing Power from Taxes Logic 20:10 Commodity Money and Government Money 25:12 MMT's Backwards Logic Around Money Creation 35:40 Gresham's Law and Legal Tender Laws 41:15 Historical Objections 46:42 What MMT Actually Does 55:42 The Inherent Violence of the Current System

In this episode of Radio Rothbard, Ryan McMaken and Tho Bishop take a revisionist Rothbardian lens to American history. Was the American revolution a good thing? Was Andrew Jackson better than Thomas Jefferson? Does a historical narrative really matter? Tune in for this and more! New Radio Rothbard mugs are now available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard.

Heritage Fellow Peter St. Onge joins Bob to set the record straight on several popular talking points about the debt ceiling. Bob on selling Gov't resources to reduce the National Debt: https://Mises.org/HAP397a Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ 00:00 Introduction 00:28 Current State of Affairs in Washington 02:30 Government Accounting Trickery 05:08 Debt Ceiling and Defaulting on the Debt 10:32 Holding the Population Hostage 14:07 Constitutional Right to More Gov't Debt 21:51 The Missing Connection between Spending & Borrowing 33:55 Practical ways of Reducing the Debt 38:12 Ethics of Defaulting on the Debt 43:12 Hard Truth of Gov't Default

On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop tackle the debt ceiling debate. As negotiations continue in Washington, the corporate financial press is hard at work warning about the potential for disaster. Ryan and Tho cut through the nonsense to look at the real state of America's finances, potential ramifications in the short term, and US defaults of the past and the inevitable future. New Radio Rothbard mugs are now available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off Recommended Reading "Three Lies They're Telling You about the Debt Ceiling" by Ryan McMaken: https://Mises.org/RR_135_A "Yes, the US Government Has Defaulted Before" by Ryan McMaken: https://Mises.org/RR_135_B Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard.

In this week's episode, Mark explains why the market for existing homes has been diverging from the market for new houses. The Fed ZIRP, QE, and Covid bailouts have locked Americans into their mortgages and low payments, reducing the supply of existing homes. This keeps them off the market and home prices high in an economy that is headed for a recession or crisis. Buyers have been diverted to newly constructed homes where builders have more flexibility to sell and there are no existing homeowners locked into mortgages. Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Veteran investigative journalist James Bovard joins Ryan and Tho to talk about the Durham Report and what it tells us about the media and the FBI. New Radio Rothbard mugs are now available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off Recommended Reading "Durham proves that Hillary and the FBI tried to rig the 2016 election" by Jim Bovard (New York Post): https://Mises.org/RR_134_A "Democrats attack FBI whistleblowers — giving cover to the agency’s abuses" by Jim Bovard (New York Post): https://Mises.org/RR_134_A2 "The FBI Vetoed the 2016 Presidential Election" by Jim Bovard: https://Mises.org/RR_134_B "End the FBI" by Ryan McMaken: https://Mises.org/RR_134_C "Yes, the FBI is America’s secret police" by Jim Bovard (The Hill): https://Mises.org/RR_134_D "The FBI’s Forgotten Criminal Record" by Jim Bovard: https://Mises.org/RR_134_E "Why the Worst Get on Top" by F. A. Hayek: https://Mises.org/RR_134_F Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard

Bob originally invited Brian Albrecht (Chief Economist of the International Center for Law & Economics) to discuss the work of Armen Alchian, but on the day of recording, Robert Lucas happened to die. Bob and Brian discuss rational expectations, real business cycle theory, and how Alchian cracked the military's top secrets. Brian on Alchian's famous "Costs and Outputs" paper: https://Mises.org/HAP396a Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ 00:00 Introduction 02:09 Different Schools of Economic Thought 06:22 Real Business Cycle Theory 17:42 Who is Arman Alchian 22:29 Alchian on Price Theory 32:24 Theory of the Firm 45:58 Alchian Stock Market H-Bomb Theory 55:06 Should Austrians read Alchian?

In this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss the cancellation of Tucker Carlson's Fox News show and the similar treatment of Murray Rothbard by Bill Buckley. What does Tucker's cancelation mean for the growing anti-regime trends on the right, and why do "conservative" gatekeepers prefer the company of the left more than their audience? We look at this and more on this episode of Radio Rothbard. New Radio Rothbard mugs are now available at the Mises Store. Get yours at https://Mises.org/RothMug For more on the history of the conservative movement, get your copy of Betrayal of the American Right by Murray Rothbard. Receive 20% off with coupon code RothPod at the Mises Store. Also available as an audiobook. PROMO CODE: RothPod for 20% off Recommended Reading "Murray Rothbard, RIP" by William F. Buckley Jr.: https://Mises.org/RR_132_A "Frank Meyer's Fusionism and the Search for Consensus Among Conservatives" by Paul Gottfried: https://Mises.org/RR_132_B "NotCon 3 Video: The Failure of Fusionism" https://Mises.org/RR_132_C "Why Fox Fired Tucker: BlackRock, Replacement Theory, and the ADL" by Michael Rectenwald https://Mises.org/RR_132_D "Buckley Revealed" by Murray Rothbard https://Mises.org/RR_132_E Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard.

Ryan and Zack talk about some of the details from the recently leaked Pentagon documents. They reveal dysfunctional American foreign policy and just how much contempt the US regime has for its own allies. Additional Resources "What the leaked Pentagon documents reveal — 8 key takeaways" by Paul Adams, Jean Mackenzie, and Antoinette Radford (BBC News): https://Mises.org/WES_10_A "Fact Sheet on U.S. Security Assistance to Ukraine" (U.S. Department of Defense, 19 April 2023): https://Mises.org/WES_10_B "U.S. doubts Ukraine counteroffensive will yield big gains, leaked document says" by Alex Horton, John Hudson, Isabelle Khurshudyan, and Samuel Oakford (Washington Post): https://Mises.org/WES_10_C "Arbitrary Use of Power: Punishing Those Who Expose Not-So-Secret Government Secrets" by Bill Anderson: https://Mises.org/WES_10_D Be sure to follow War, Economy, and State at https://Mises.org/WES

From the Mises Institute's recent event in Birmingham, Alabama dedicated to the global threat of "The Great Reset". Recorded on April 22, 2023. In recent years, Americans have suffered from the horrors of covid tyranny, government-directed corporate censorship, and now our current banking crisis. The global elite have never been more obvious in their intentions for the greater control over society. Their aim is further consolidation of power and wealth into the hands of radical ideologues and to transform almost every aspect of human society. They are not subtle in their ambition. They call it The Great Reset. Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/

Mark discusses something bigger than the Disney layoffs: the Wall Street Journal's April 25 frontpage article on investing in gold. It would seem that the recent rise of the price of gold is the result of tired, dumb, and disillusioned crypto currency investors throwing in the towel to "chase shiny new object—gold." Mark explains that the rational reasons for investing in gold loom larger than the entire Magic Kingdom! Be sure to follow Minor Issues at https://Mises.org/MinorIssues.

Ryan McMaken and Dr. Mark Thornton cover the state of the dollar as global reserve currency, and why employers are laying off more and more of their highest paid workers. PROMO CODE: RothPod for 20% off: https://store.mises.org/Radio-Rothbard-C201.aspx Subscribe to Mark's weekly podcast at https://Mises.org/MinorIssues Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard

Featuring Will Blakely, Bryan Dawson, Allen Mendenhall, and Michael Rectenwald. Recorded in Birmingham, Alabama on April 22, 2023. From the Mises Institute's recent event in Birmingham, Alabama dedicated to the global threat of "The Great Reset". In recent years, Americans have suffered from the horrors of covid tyranny, government-directed corporate censorship, and now our current banking crisis. The global elite have never been more obvious in their intentions for the greater control over society. Their aim is further consolidation of power and wealth into the hands of radical ideologues and to transform almost every aspect of human society. They are not subtle in their ambition. They call it The Great Reset. Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ 00:00 Introduction 00:44 What is the "Great Reset"? 10:41 Defininng "Woke" 13:43 Does DEI (Diversity, Equity, and Inclusion) Work? 18:32 Resisting the Great Reset

Mark looks at the price of Apple stock—one of the best performing stocks over the last quarter century, and one of the largest holdings in stock indexes, mutual funds, and Berkshire Hathaway portfolio. Market watchers have kept a keen eye on Apple as it heads for a new all-time high; but, Mark is concerned that a downturn would have a huge ripple effect on the overall market—possibly equivalent to a tsunami. Be sure to follow Minor Issues at https://Mises.org/MinorIssues.

Professor Per Bylund joins Bob to debunk the worries over AI and to question whether the latest version of chatbots should even be called "intelligent." Per on Robots Taking your Jobs: https://Mises.org/HAP392a Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. Twitter ► https://twitter.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/library/audio-video/ 00:00 Introduction 00:38 Different Types of AI 05:35 How AIs Work 15:18 Actual Machine Intelligence 19:13 Does ChatGPT Pass the Turing Test? 24:32 AI Replacing Human Labor 36:36 The Human Aspect of Labor

On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop look at common American history myths baked into government school curricula. While Republican governors have begun to prioritize removing "critical race theory" and other forms of modern "leftwing indoctrination" from textbooks, there are a number of historical episodes left unchallenged that all lead to a deification of state power and a celebration of progressive politics. PROMO CODE: RothPod for 20% off Recommended Reading "The Meat Packing Myth" by Murray Rothbard: https://Mises.org/RR_130_A "Krugman's Hoover History" by Robert Murphy: https://Mises.org/RR_130_B "Why the 1787 Constitution Did Not Bring Republican Government to America" https://Mises.org/RR_130_C The Progressive Era by Murray Rothbard https://Mises.org/RR_130_D Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard.

Ryan and Zack talk about how wars are not nearly as cheap or economically harmless as many Americans seem to think. Rather, taxpayers must give up enormous amounts of resources to fund wars halfway across the globe that have little to do with actual defense. Americans are still paying interest on the trillions spent on Washington's many lost wars of recent decades. Additional Resources "On Paying for the Costs of War and War Loans" by Ludwig von Mises (1918): https://Mises.org/WES_09_A "The Cross of Iron" by Dwight D. Eisenhower (1953): https://Mises.org/WES_09_B "Fact Sheet on U.S. Security Assistance to Ukraine" (U.S. Department of Defense, 4 April 2023): https://Mises.org/WES_09_C "How the Fed Is Enabling Congress's Trillion-Dollar Deficits" by Ryan McMaken (2021): https://Mises.org/WES_09_D "War and the Money Machine: Concealing the Costs of War beneath the Veil of Inflation" by Joseph T. Salerno (2021): https://Mises.org/WES_09_E "As the Pentagon Fails Another Audit, Congress Wants to Spend Even More on 'Defense'" by Ryan McMaken (2022): https://Mises.org/WES_09_F "Russia and Ukraine named as Europe’s most corrupt countries" by William Nattrass (3 February 2023): https://Mises.org/WES_09_G Be sure to follow War, Economy, and State at https://Mises.org/WES

Mark takes a look at the good news on price inflation and why it is better than reported, but probably short-lived. Other statistics are worsening and, amazingly, even landlords are starting to feel the pain! Be sure to follow Minor Issues at https://Mises.org/MinorIssues

On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss recent reveals about new lows for the FBI. Ryan discusses new reports about the targeting of traditional Catholic churches and the history of the American Stasi, while Tho highlights new evidence about the role of federal agents in escalating January 6. Recommended Reading "The FBI’s Forgotten Criminal Record" by Jim Bovard: https://Mises.org/RR_129_A "Abolish the FBI" by Ryan McMaken: https://Mises.org/RR_129_B Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard