Minor Issues

As central bankers descend on Jackson Hole for their annual gathering, Mark Thornton explores the history, politics, and pageantry of the world’s most exclusive monetary policy conference. From its origins as a small agricultural meeting to a global elite summit shaped by Paul Volcker’s love of fly fishing, the event now serves as a stage for off-the-record conversations, coordinated strategies, and public displays of “confidence.” With the US economy facing stagflation, debt explosions, and political pressure on the Fed, the real drama lies not in the official speeches, but in the private exchanges among the world’s leading “money printers.”See also "About the Jackson Hole Economic Policy Symposium" (Federal Reserve Bank of Kansas City): https://mises.org/MI_133_AThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at https://mises.org/IssuesFreeBe sure to follow Minor Issues at https://Mises.org/MinorIssues

What happens when a society consumes its seed corn? What is capital consumption, and why does it matter? In this episode, Mark Thornton examines how inflation, deficit spending, and distorted market signals quietly erode the productive assets that fuel economic growth. Drawing on Austrian economics and insights from investor Rick Rule, Mark explains how governments and central banks incentivize the misuse of capital, leading to stagnation, underinvestment, and long-term decline. Understanding this unseen destruction is key to making sense of today’s economic malaise.See also "Rick Rule: Shortages In Key Natural Resources To Define Next Decade": https://mises.org/MI_132_ARegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Why do gold and silver coins often cost more than the spot price, and why do those premiums seem to disappear when you try to sell? On this episode, Mark Thornton dives into the misunderstood world of precious metal premiums. Mark explains how market forces—not shady schemes—drive the spread between retail and wholesale prices, and why that spread has shifted dramatically in recent years. From minting costs to shifting demand between retail buyers and institutional giants, Mark unpacks what’s really behind those price tags, and why your shiny coins might be worth less than you think, even as spot prices rise.Register for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25Be sure to follow Minor Issues at https://Mises.org/MinorIssues

On this episode, Mark Thornton gives a crash course on the sleight-of-hand world of inflation, how it really works, why the official story doesn’t add up, and who benefits from the illusion. Drawing on Austrian insights, Mark dissects the politically engineered cycle of government overspending, Treasury bond issuance, and Federal Reserve money creation. You’ll learn how inflation doesn’t just “happen”: it’s a deliberate policy that distorts markets, transfers wealth, and props up an elite few while undermining the productive economy. The Fed’s role isn’t heroic. It’s central to the problem.Additional Resources"What Is Inflation? Clarifying and Justifying Rothbard’s Definition" by Kristoffer Hansen and Jonathan Newman (Quarterly Journal of Austrian Economics): https://mises.org/MI_130_A"Too Much Money Portends High Inflation" by John Greenwood and Steve Hanke (Wall Street Journal): https://mises.org/MI_130_BRegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25Be sure to follow Minor Issues at https://Mises.org/MinorIssues

In this episode, Mark Thornton breaks down the political pressure from Trump, market demands for cheap money, and the Federal Reserve’s real fears: a collapsing dollar, rising inflation, and soaring long-term rates. Mark traces the history of interest rate manipulation, the precarious state of US debt, and why Chairman Powell may be clinging to high rates—not for the public good, but to save face before his 2026 exit. With the dollar weakening and deficits exploding, Mark explains why the next crisis could be just one rate cut away.Additional Resources"Trump Is Wrong about Interest Rates" by Ryan McMaken (Radio Rothbard Podcast): https://mises.org/MI_129_A"Will Fed Cut Rates By 3%? Is Massive Inflation Returning? Economist Steve Hanke Answers": https://mises.org/MI_129_B"Federal Funds Effective Rate": https://mises.org/MI_129_C"Nominal Broad U.S. Dollar Index": https://mises.org/MI_129_D"Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity, Quoted on an Investment Basis": https://mises.org/MI_129_E"Minutes of the Federal Open Market Committee, June 17–18, 2025" (PDF): https://mises.org/MI_129_F"US FOMC Meeting Minutes (June 17-18, 2025)" by Ksenia Bushmeneva: https://mises.org/MI_129_GRegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25Be sure to follow Minor Issues at https://Mises.org/MinorIssues

In the latest episode of Minor Issues, Mark Thornton unpacks a deceptively simple question and follows its answer deep into the heart of economic history and theory. Drawing on insights from Hayek, Cantillon, Menger, and even WWII prisoner-of-war camps, Mark explores how money actually emerged—not from the decrees of kings or bureaucrats, but from the spontaneous actions of everyday people solving real problems in a barter economy. Mark challenges the fable of state-created money and confronts the dangerous logic of Modern Monetary Theory. This is not just a history lesson—it's a blueprint for understanding inflation, fiat failure, and the path to sound money.Additional Resources"Who Really Invented Bitcoin?" (Minor Issues, episode 128): https://mises.org/MI_128An Essay on Economic Theory by Richard Cantillon (see Part 1, Chapter 17, "Metals and Money, and especially of Gold and Silver"): https://mises.org/MI_128_ARegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25Be sure to follow Minor Issues at https://Mises.org/MinorIssues

In this episode of Minor Issues, Mark Thornton revisits a prophetic 1970s address by Nobel laureate F.A. Hayek that laid the intellectual groundwork for Bitcoin. Delivered during the depths of stagflation, Hayek’s “International Money” lecture critiques central bank monopoly, exposes the failure of Keynesian inflationism, and calls for the denationalization of money. Mark unpacks how Hayek’s radical proposal for competing private currencies was decades ahead of its time, and why it matters more than ever in today’s age of government-managed inflation and crypto crackdowns.Additional ResourcesChoice in Currency by F. A. Hayek (based on his address, "International Money"): https://mises.org/MI_127_AThe Denationalisation of Money by F. A. Hayek: https://mises.org/MI_127_B"Hayek Predicting Bitcoin" (excerpted from the May 1, 1984, interview with James Blanchard at the University of Freiburg): https://mises.org/MI_127_C"The Last Days of Satoshi: What Happened When Bitcoin’s Creator Disappeared" by Pete Rizzo (Bitcoin Magazine): https://mises.org/MI_127_D"Bitcoin" (1440): https://mises.org/MI_127_ERegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25Be sure to follow Minor Issues at https://Mises.org/MinorIssues

In this episode of Minor Issues, Mark Thornton features his recent appearance on the Liberty and Finance podcast. Mark pulls back the curtain on the geopolitical theater, exposing how monetary control, regime change, and imperial ambition are driving global conflict. From gold's rising value as a gauge of fear to the erosion of public trust in fiat money and the US government, he argues the real war is economic—and it's already begun.Alongside these dangers, Mark offers hope: an informed public, sound money alternatives, and the growing momentum for a monetary reset built on gold and liberty.Additional Resources"Gold/Silver Ratio Signaling Rapid Reversal and Recession Coming" by Mark Thornton (on the Liberty and Finance podcast): https://mises.org/MI_126_A"The Gold-Silver Ratio" (Minor Issues, Episode 119): https://mises.org/MI_119"Preparing for War" (Minor Issues, Episode 123): https://mises.org/MI_123Register for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25

On this episode of Minor Issues, Mark Thornton unpacks the unfolding economic crisis through the lens of Ludwig von Mises’s “crack-up boom.” With inflation accelerating, deficits ballooning, and the Fed’s credibility fading, Mark outlines how reckless monetary policy and unsustainable government spending are setting the stage for stagflation—or worse. From gold’s surge to the dollar’s decline, he connects today’s market signals to Mises’s dire warnings about monetary collapse, offering a sobering look at what may lie ahead for the US economy.Additional Resources"Trump (Again) Demands More Easy Money To Help Fund Even Bigger Deficits" by Ryan McMaken: https://mises.org/MI_125_A"Interest Rates Rise Again as Treasury Auction Comes Up Short" by Ryan McMaken: https://mises.org/MI_125_B"Powell, Trump, and the Austrian Business Cycle Time Bomb" (Minor Issues, Ep. 118): https://mises.org/MI_118 "Prospects for Hyperinflation" (Minor Issues, Ep. 116):  https://mises.org/MI_116"Are Economic Crises and Crashes Inevitable?" (Minor Issues, Ep. 112): https://mises.org/MI_112"The Precarious State of the American Economy" (Minor Issues, Ep. 111, with Scott Horton): https://mises.org/MI_111How Inflation Destroys Civilization by Guido Hülsmann: https://mises.org/InflationDestroysLudwig von Mises on Money and Inflation, edited by Bettina Bien Greaves: https://mises.org/MI_125_CThe Inflation Crisis and How to Resolve It by Henry Hazlitt: https://mises.org/MI_125_DRegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25

On this episode of Minor Issues, Mark Thornton dives into Murray Rothbard’s theory of interventionism. Mark explores how Rothbard sharply delineates the line between voluntary action in the free market and coercive government intervention. He deconstructs Rothbard’s typology—autistic, binary, and triangular interventions—and explains why only free markets improve utility for everyone, while intervention creates winners and losers. It’s a wake-up call for anyone who still thinks regulation and taxation are harmless.Additional Resources"The Economics of Violent Intervention in the Market" by Murray N. Rothbard (Man, Economy, and State with Power and Market, Chapter 12): https://mises.org/MES"The Greatness of Man, Economy, and State" by Lew Rockwell: https://mises.org/MI_124_ARegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25

In this episode of Minor Issues, Mark Thornton explores how nations quietly prepare for war—and what the corporate media isn’t telling you. From Europe’s military buildup and the global trade war to the hidden toll of economic sanctions, Mark unpacks historical patterns that have repeatedly led societies to disaster.Why is gold at a record high? How does modern mercantilism fuel today’s tensions? Are we all just pawns in a much bigger game? Join Mark as he examines the real risks simmering beneath the headlines, and what history can teach us about the cost of ignoring them.Additional Resources"The World at War—An Essential New Book from Ralph Raico" by Ryan McMaken: https://mises.org/MI_123AAn Anti-War Reading List: https://mises.org/MI_123BThe Costs of War: America's Pyrrhic Victories edited by John V. Denson: https://mises.org/MI_123CAudio and videos recordings of the Mises Institute's May 2025 Revisionist History of War Conference: https://mises.org/MI_123DRegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25

In this episode, Mark Thornton shares his recent Revisionist History of War Conference talk on a lesser-known factor in the American Civil War: the Confederate “impressment” policy and its impact at Vicksburg. While Gettysburg is more famous, Vicksburg was just as pivotal, and the South’s policy of seizing goods at artificially low prices actually helped Grant win.Mark challenges the idea that the Confederacy lost simply because it was outgunned, and he explores what this teaches about how smaller groups fighting for freedom and independence can take on much larger forces.Additional ResourcesTariffs, Blockades, and Inflation: The Economics of the Civil War by Mark Thornton and Robert Ekelund: https://mises.org/MI_122A"The Confederate Blockade of the South" (Quarterly Journal of Austrian Economics, Vol. 4, No. 1) by Mark Thornton and Robert Ekelund: https://mises.org/MI_122B"The Economics of the Civil War" (eight-lecture series) by Mark Thornton: https://mises.org/MI_122CRegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25

In this episode, Mark Thornton discusses The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism, the new book by Senator Phil Gramm and Professor Donald J. Boudreaux.Mark reflects on the persistent misconceptions about capitalism in America and offers up a "Marxist interpretation" of our dilemma. He explores how entrenched ideologies shape the way information is presented, the influence of state actors on education and media, and the ways in which these forces skew perceptions of economic history. Ultimately, Mark argues for a more critical and evidence-based approach to understanding capitalism.Additional Resources"Your Kids Are Already Communists, and College Will Make It Worse" (Minor Issues, Episode 89): Mises.org/MI_89"Political Bias in Academia" (Minor Issues, Episode 95): Mises.org/MI_95Be sure to follow Minor Issues at Mises.org/MinorIssues

On Economics Explored, host Gene Tunny and guest Dr. Mark Thornton discuss the "Skyscraper Curse," the uncanny correlation between constructing the world's tallest buildings and subsequent global economic crises. Mark explains why these architectural achievements often precede financial downturns. With the resurrection of Saudi Arabia's Jeddah Tower project—destined to become the world's tallest building—set for completion around 2027, could another global economic crisis be imminent?Tune in for an eye-opening discussion that connects skyscrapers, economics, and predictions for our financial future.Additional Resources"The Skyscraper Curse and Austrian Economics with Mark Thornton" (Economics Explored Podcast with Gene Tunney): Mises.org/MI_120_AThe Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century by Mark Thornton: Mises.org/CurseAn Essay on Economic Theory by Richard Cantillon (edited by Mark Thornton): Mises.org/MI_120_BBe sure to follow Minor Issues at Mises.org/MinorIssues

In this episode of the Minor Issues Podcast, Mark Thornton unpacks the fascinating world of the gold-silver ratio. Once a key player in bimetallism debates and Gresham’s law, this ratio is now making headlines as it hovers near record highs—over 100 ounces of silver to one ounce of gold.Mark explores the historical context behind these numbers, and explains why these shifts can signal deeper changes in the economy. He also breaks down what the ratio means for different types of investors, how tariffs and trade wars can twist relative prices across the board, and why understanding these shifts is crucial for everyone—not just economists.Additional ResourcesGold-Silver Ratio Charts at Gold Price: Mises.org/MI_119_A"Bring Back Gold!" by Lew Rockwell: Mises.org/MI_119_B"Gold:silver ratio hits 105, but analysts are not giving up on the ‘little’ sibling" by Neils Christensen (Kitco): Mises.org/MI_119_CBe sure to follow Minor Issues at Mises.org/MinorIssues

Is President Trump right about interest rates? Is Fed Chairman Jay Powell making a mistake? Forget the mainstream media talking points. Mark Thornton cuts through the noise to explore the real economic threats facing America. In this episode, Mark dissects how the Fed's monetary policies, not just Trump's tariffs, have created a dangerous Austrian Business Cycle time bomb. Will Powell's rate cuts save the day, or is a recession inevitable? Mark examines key sectors of the S&P 500 to reveal the truth and predict what's coming next.Join us May 15-17, 2025, at the Mises Institute in Auburn, Alabama, for our Revisionist History of War Conference. This is our first history conference in almost thirty years. For more details and to register, visit https://Mises.org/rhw.Be sure to follow Minor Issues at Mises.org/MinorIssues

Why do economists across the spectrum—even Paul Krugman and Karl Marx—support free trade? Mark Thornton explores this surprising consensus. Do tariffs force people to think more like economists, considering long-term ramifications taught by Bastiat and Hazlitt.Is it a true understanding of the Austrian perspective, or just a fleeting moment of clarity? Mark suggests economists often compartmentalize principles, opening the door to conflicting ideologies.Tune in to discover why free trade might be the one issue that forces economists to think straight, and what Austrians can learn from the mainstream.Additional Resources"Why Smart People Are Rightly Confused About Tariffs" (Unanimity, Episode 4): http://mises.org/U4“The Twin Deficits” (Minor Issues, Episode 115): https://mises.org/MI_115"Free Trade in the Twenty-First Century” (Minor Issues, Episode 113): https://mises.org/MI_113"Tariff Increases vs. Tax Cuts" (Minor Issues, Episode 107): https://mises.org/MI_107Join us May 15-17, 2025, at the Mises Institute in Auburn, Alabama, for our Revisionist History of War Conference. This is our first history conference in almost thirty years. For more details and to register, visit https://Mises.org/rhw.Be sure to follow Minor Issues at Mises.org/MinorIssues

In this episode, Mark Thornton explores the looming threat of hyperinflation in the US. With the national debt soaring past $33 trillion and future obligations exceeding $100 trillion, can America avoid a financial crisis where prices skyrocket out of control?Mark examines historical hyperinflations in leading economies like France and Germany, and how excessive government spending and debt played a role. Drawing on the insights of Ludwig von Mises, Mark dissects the three phases of inflation and what happens when the public loses faith in holding money.Is hyperinflation merely an accounting problem, or does it portend economic ruin and societal breakdown? Tune in to find out, and to explore the potential consequences for our future.Additional Resources“Hyperinflation, Money Demand, and the Crack-Up Boom” by Thorsten Polleit: mises.org/MI_116_A"Hyperinflation and the Destruction of Human Personality” by Joseph T. Salerno: mises.org/MI_116_BFurther Readings on Hyperinflation (Oxford University Mises Society): mises.org/MI_116_CEconomic Policy: Thoughts for Today and Tomorrow by Ludwig von Mises: mises.org/MI_116_DThe Theory of Money and Credit by Ludwig von Mises: mises.org/MI_116_EJoin us May 15-17, 2025, at the Mises Institute for our Revisionist History of War Conference. This is our first history conference in almost 30 years. For more details and to register, visit https://Mises.org/rhw.Be sure to follow Minor Issues at Mises.org/MinorIssues

You’ve heard endless debate about the trade deficit, but what about its evil twin, the budget deficit? In this episode, Mark Thornton untangles the truth behind the so-called “twin deficits,” revealing why trade imbalances aren’t necessarily bad, and how government borrowing distorts investment, fuels inflation, and weakens long-term prosperity. Mark cuts through the economic fog and shows what’s really dragging us down.Additional Resources“Trade Deficits and Fiat Currencies” by Robert Murphy: mises.org/MI_115_A“The Evil Twins: U.S. Federal Budget Deficits and U.S. Trade” by Jane L. Johnson: mises.org/MI_115_B“The Twin Deficits” by Gary North: mises.org/MI_115_C"A Dollar as Good as Gold" by Lewis E. Lehrman: mises.org/MI_115_DJoin the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25Be sure to follow Minor Issues at Mises.org/MinorIssues

Is the silver market a victim of price manipulation, or are there other forces at play? Mark Thornton explores the often-misunderstood economics of silver, delving into the theory of "joint supply" to explain why silver prices can sometimes defy conventional wisdom. Mark examines how silver, often a byproduct of other mining operations, can experience a "silver lining" effect during economic downturns, potentially rising in value when other commodities fall. Forget the conspiracy theories for a clear-eyed look at the economic realities that shape the silver market.Be sure to follow Minor Issues at Mises.org/MinorIssues

International trade is the topic du jour. Mark Thornton shares his recent presentation at the Austrian Economics Scholars Conference about a timely and important book featuring many of your favorite authors, Free Trade in the Twenty-First Century: Economic Theory and Political Reality.“Why Smart People Are Rightly Confused About Tariffs” (Unanimity Podcast): Mises.org/U4 "Tariff Increases vs. Tax Cuts" (Minor Issues Podcast): Mises.org/MI_107Free Trade in the Twenty-First Century: Economic Theory and Political Reality, edited by Max Rangeley and Daniel Hannan: Mises.org/MI_113_BookApril 26 in Phoenix, Arizona, Dr. Robert Malone, Tom Woods, and Tom DiLorenzo will discuss the psychological operations in bureaucratic control, the madness of covid-era “public health,” and the corruption and hypocrisy of our federal bureaucracy. Enter for your chance to win a free ticket at https://mises.org/phoenixraffle25. The deadline is April 1. Winners will be announced the week of April 7.Be sure to follow Minor Issues at Mises.org/MinorIssues

Economic crises don’t just happen—they follow a predictable pattern of boom, bubble, and bust. In this episode, Mark Thornton exposes the true cause of economic crashes: government intervention in money and banking. From the Dutch Tulip Bubble to the Great Depression and beyond, Mark traces how central banks, inflationary policies, and reckless government spending set the stage for financial collapses. Mainstream economists blame "animal spirits," psychological instability, or capitalism itself, but what if the real culprits are the very institutions claiming to prevent crises? Tune in to uncover the truth behind booms, busts, and the destructive cycle of intervention.Additional ResourcesPlaying with Fire: Money, Banking, and the Federal Reserve: Mises.org/FireEarly Speculative Bubbles and Increases in the Supply of Money by Doug French: Mises.org/BubblesThe Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century by Mark Thornton: Mises.org/CurseBe sure to follow Minor Issues at Mises.org/MinorIssues

The economy is teetering on the edge, and the Federal Reserve’s reckless policies have only made things worse. In this episode, Mark Thornton joins Scott Horton to break down the boom-bust cycle, why inflation isn’t going away anytime soon, and how the Fed’s interventions set us up for even bigger economic disasters. Are we headed for a deep recession, or is something even worse on the horizon? Mark explains the hard truths about interest rates, government debt, and why the next crisis may be the biggest yet.Catch The Scott Horton Show at https://ScottHorton.orgBe sure to follow Minor Issues at Mises.org/MinorIssues

In this episode, Mark explores the psychology and economics of extractive industries, from mining to energy production. Despite their crucial role in advancing civilization—providing everything from metals to fuel—these industries are now vilified, especially by younger generations influenced by environmentalist ideology. But what are the real economic consequences of restricting resource development? How does political interference in mining and energy affect future supply, prices, and investment opportunities? Tune in as Mark breaks down the myths, the propaganda, and the financial reality behind one of the most misunderstood sectors of the economy.Be sure to follow Minor Issues at Mises.org/MinorIssues

On this episode of Minor Issues, Mark Thornton examines the relentless attacks on Amazon, from labor disputes to environmental concerns. Is Amazon truly exploiting workers, or is the unionization push just a case of economic envy? Mark dissects the claims, debunks myths about wages and working conditions, and explores the economic realities behind one of the world’s biggest employers. Tune in for a straightforward breakdown of Amazon’s labor battles and the broader implications for business and workers alike."Your Kids Are Already Communists, and College Will Make It Worse" (Minor Issues Podcast): Mises.org/MI_89"Criticism of Amazon" (Wikpedia): Mises.org/MI_109_AMurray Rothbard's 99th birthday is March 2. The Mises Institute is celebrating with its "Murray99" campaign. Everyone who donates $26 or more using the Mises.org/Murray99 link will receive a copy of Economic Depressions: Their Cause and Cure and Nations by Consent. The first 26 donors will also receive a Rothbard lapel pin. All donations will fund student scholarships.Be sure to follow Minor Issues at Mises.org/MinorIssues

There are many important twists and turns in human history, but from the long perspective, the history of humans can be seen as a very positive upward sloping trend in all the important standard of living markers. Why don't Austrian economists talk about trends?"The Goose That Laid the Golden Eggs" (Minor Issues Podcast): Mises.org/MI_78"Ludwig von Mises on Trade, Human Development, and Human Progress" by Mark Thornton: Mises.org/MI_78_A"Population" (Unanimity Podcast): Mises.org/U3Enter the raffle to win a ticket to the Mises Institute's April 26 event in Phoenix at Mises.org/phoenixraffle25. The deadline to enter is April 1. Winners will be announced the week of April 7. To learn more about "Our Enemy, The Bureaucracy," visit Mises.org/phoenix25Be sure to follow Minor Issues at Mises.org/MinorIssues

Can tariff increases make up for the future revenue losses from extending the income tax reductions from President Trump’s first term? This latest political hot potato is a false scenario and a dangerous one. It puts our standard of living at a critical crossroads. Mark Thornton identifies the missing road signs.See also "Why Smart People Are Rightly Confused About Tariffs" (Unanimity Podcast): Mises.org/U4 Enter the raffle to win a ticket to the Mises Institute's April 26 event in Phoenix at Mises.org/phoenixraffle25. The deadline to enter is April 1. Winners will be announced the week of April 7. To learn more about "Our Enemy, The Bureaucracy," visit Mises.org/phoenix25Be sure to follow Minor Issues at Mises.org/MinorIssues.

It was not long ago that signs for “Help Wanted” seemed to be in every store window. However, they are now being replaced with “Store Closing” signs. This switcheroo tells us volumes about how people in the economy are adjusting to the Fed’s money printing business.See also, "Profit and Loss" by Ludwig von Mises: https://mises.org/library/book/profit-and-lossEnter the raffle to win a ticket to the April 26 Mises Institute event in Phoenix at Mises.org/phoenixraffle25. The deadline to enter is April 1. Winners will be announced the week of April 7. To learn more about "Our Enemy, The Bureaucracy," visit Mises.org/phoenix25Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFreeBe sure to follow Minor Issues at Mises.org/MinorIssues.

According to a recent Gallup poll, “Americans are far more satisfied with the way things are going in their own life than with the US in general.” Opinion polls and the latest electoral results, however, are at odds with the facts as presented by mainstream media, government statistical offices, and even the stock market. What is going on?Register to attend Educating for Liberty: Mises Circle in Tampa, February 22, 2025, at Mises.org/Tampa25. Use promo code Minor25 for 10% off the ticket price.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFreeBe sure to follow Minor Issues at Mises.org/MinorIssues.

Pundits have labeled piggy banks small change, irrational and wasteful, “just sitting around doing nothing.” As usual, they are wrong.Register to attend Educating for Liberty: Mises Circle in Tampa, February 22, 2025, at Mises.org/Tampa25. Use promo code Minor25 for 10% off the ticket price.Enter the 2025 Bitcoin vs. Gold Prediction Contest at https://mises.org/form/bitcoin-gold--2025-entryOrder a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFreeBe sure to follow Minor Issues at Mises.org/MinorIssues.

In the US, the price of hamburger meat ended 2024 near a record high of $5.60 per pound. Is there a magic wand to solve the problem of high beef prices, as well as high pork and chicken prices? Yes, actually. Mark Thornton explains.Additional Resources"Where’s the Beef?" (Minor Issues Podcast): Mises.org/MI_36"Average Price: Ground Beef" (Federal Reserve Bank of St. Louis): https://fred.stlouisfed.org/series/APU0000703112The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century by Mark Thornton: Mises.org/CurseRegister to attend Educating for Liberty: Mises Circle in Tampa, February 22, 2025, at Mises.org/Tampa25. Use promo code Minor25 for 10% off the ticket price.Enter the 2025 Bitcoin vs. Gold Prediction Contest at https://mises.org/form/bitcoin-gold--2025-entryOrder a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFreeBe sure to follow Minor Issues at Mises.org/MinorIssues.

Cuba was once a famous vacation destination for Americans. Although we can now travel to Cuba, most Americans have been deprived of various forms of trading with the Cuban people. Likewise, Cubans have been deprived of trading with Americans and visiting their American relatives. Does anyone think this situation is good for Americans? Does anyone think this impasse is good for Cubans?Enter the 2025 Bitcoin vs. Gold Prediction Contest at https://mises.org/form/bitcoin-gold--2025-entryOrder a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFreeBe sure to follow Minor Issues at Mises.org/MinorIssues.

Mark Thornton looks forward to 2025—and a little bit backward at 2024—and projects what we might see in the coming new year. He also shares his economic "wish list" for the younger generation in 2025. Enter the 2025 Bitcoin vs. Gold Prediction Contest at https://mises.org/form/bitcoin-gold--2025-entryOrder a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFreeBe sure to follow Minor Issues at Mises.org/MinorIssues.

Will Americans slay our Leviathan government and restore the American dream? Or, will we fail, and continue to allow cronies, fat-cat politicians, and bureaucrats to live off the fruits of our productive labor? Mark Thornton discusses some pertinent lessons from the French Revolution."The Brilliance of Turgot" by Murray N. Rothbard: Mises.org/MI_AThe Turgot Collection: Writings, Speeches, and Letters of Anne Robert Jacques Turgot, Baron de Laune, edited by David Gordon: Mises.org/MI_BDonate $25 or more and receive the December Book Bundle: Mises.org/MinorIssues24Be sure to follow Minor Issues at Mises.org/MinorIssues.

Is the black-market economy immune to inflation? It would seem that the price of illegal pot has been declining or steady for several years while legal pot is higher in price and everything else has increased in price. We have all been suffering from higher prices, lower quality, and poor service. Is marijuana the magic elixir for economic performance and a cure for the Fed’s inflation? Might it help make America great again?Donate $25 or more and receive the December Book Bundle: Mises.org/MinorIssues24Follow Minor Issues at Mises.org/MinorIssues.

Mark Thornton discusses why increased government spending not only explains ongoing wayward increases in the GDP, employment, and stock price numbers, but also why so many people decided to vote against the incumbent in favor of the challenger, Donald Trump. The key variable is that government spending in GDP statistics does not reflect true economic value the way your personal spending does."Federal Government: Current Expenditures" (Federal Reserve Bank of St. Louis): fred.stlouisfed.org/series/FGEXPNDDonate $25 or more and receive the December Book Bundle: Mises.org/MinorIssues24Follow Minor Issues at Mises.org/MinorIssues.

In What Has Government Done to Our Money? Murray Rothbard changes your whole view of the world—not just money. He opens our eyes and clarifies the mysteries of money, banking, and the role of government.See also Economic Depressions: Their Cause and Cure by Murray Rothbard: Mises.org/CureOrder a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

The gold standard hampers the growth of government power, which helps people more effectively fight bad policy—like the disastrous War on Drugs.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

Yes, college professors are 10-to-1 Democrats over Republicans. Mark Thornton reviews some of the technical literature on the political ideology of college professors in the United States."Economics laureates should disclose their political ideologies in policy petitions" by Emre Kuvvet (Economic Affairs, PDF): Mises.org/MI_95_A"Your Kids Are Already Communists, and College Will Make It Worse" (Minor Issues, Episode 89): Mises.org/MI_89Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

Very difficult economic headwinds of the business cycle are coming right at us. Inflation is still a problem, the employment picture is increasingly difficult, the delinquency rate on credit cards for small banks is at an all-time high, auto loan delinquencies are at a thirteen-year-year high, and asset prices are vulnerable to disappointing business activity levels and profits.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

Government's power to control our lives—its power to tax and spend, and the enormous, but largely cloaked power to print money—has created the “great divide” in America. Unfortunately, it has pitted Americans against each other."Main Street Uncertainty Reaches All-Time High" (Small Business Optimism Index, September 2024): Mises.org/Minor_93_AOrder a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

Prohibition is one way the government swings the fist of violence into our daily lives.Mark Thornton presented this talk at the Mises Institute's Supporters Summit in Hilton Head, South Carolina, on October 12, 2024.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

What explains Bitcoin? Why does it exist, and why is “nothing” worth $70,000 a piece? Moreover, there are millions of owners of Bitcoin and other cryptocurrencies and yet few real transactions take place relatively speaking. How does this relate to the coming of a BRICs currency, the reserve status of the petrol-dollar, and the war on cash?Mark Thornton discusses Gresham’s Law, one of the most ancient and impactful principles of modern human society.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

Why do people prep? The mainstream media demeans preppers as irrational and out of touch with reality. From a scientific point of view, however, prepping is rational, efficient, and very normal.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

Children in the US are raised to be communists. Most of the parents are, too, and don’t even know it. It doesn’t matter if you send them to public or private schools, as all degree-granting schools bias the learning process against the competitive, capitalist, “liberal,” open-minded society—even though its benefits are all around us helping to feed, cloth, house, and protect us.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

This Sunday, September 29, marks the birthday of Ludwig von Mises, and all fall campaign donations will be doubled in celebration. Join us! Mises.org/mi5John Maynard Keynes was an English “economist” who spawned a revolution in economic thinking that emerged out of a cesspool of socialist thinking in Britain, creating a tidal wave of anti-economics that overwhelmed and dominated the economics profession worldwide, known as Keynesian economics. His experience as an investor is very instructive of his mindset—and the unfortunate revolution that he brought to the world.Follow Minor Issues at Mises.org/MinorIssues.

This week kicks off the Mises Institute's Fall Campaign. Make a $100+ donation or a recurring donation of $5 or more, and Mark will send you a signed copy of The Skyscraper Curse: mises.org/mi5The hatred and disparagement of gold as money and the gold standard has become standard dogma of and a pillar of the modern State. Mr. Buffet and Mr. Ramsey don’t know what they are talking about and have failed to look at the facts of history—any kind of history—in voicing their opinions. In complete contrast, regular people in society still see gold as an emblem of excellence more than a half century since the last vestige of the gold standard was taken away from us.Follow Minor Issues at Mises.org/MinorIssues.

There is good evidence that the Skyscraper Curse is dead. But what does that mean? Mark Thornton digs down to the foundations to see what the ramifications are. It could mean historical changes are in the works!Download The Skyscraper Curse at Mises.org/Curse.Order a free paperback copy of Per Bylund’s How to Think About the Economy at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

The Federal Reserve seems to have finally publicly committed to its rate-cutting cycle—specifically the federal funds rate or policy rate. The Fed wanted to remain perceived as coming to the economy's rescue, rather than goosing the stock market higher. But the Federal Reserve is playing a confidence game with the general public, and the Fed can't save you. What insights can we learn from Austrian Business Cycle Theory?"10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity" (Federal Reserve Bank of St. Louis): Mises.org/Minor_85Order a free paperback copy of Per Bylund’s How to Think About the Economy at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.

The phrase, old school economics, is often used positively or approvingly by many, but it's rarely explained. What is this school and where is it located? You can be sure that it is not what is taught in most college classrooms today. It's definitely not Keynesian or Marxist economics. But what is it?Order a free paperback copy of Per Bylund’s How to Think About the Economy at Mises.org/IssuesFree.Follow Minor Issues at Mises.org/MinorIssues.