Minor Issues

Mark Thornton reviews Philip Duffy's book about the mysterious Irish banker Richard Cantillon (1680–1734). Many crucial Austrian insights have been found in the economics of Cantillon and his lone surviving publication, Essai sur la Nature du Commerce en General. Indeed, the origins of economic theory itself can be traced to CantilIon.Purchase A Tale of Four Cities: From Invisible Hand to Cancel Culture by Philip G. Duffy at Mises.org/DuffyBook.Download An Essay on Economic Theory by Richard Cantillon (edited by Mark Thornton) at Mises.org/Essai.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.

The great reckoning seems to be following the course that Mark Thornton has been charting by guesswork. In other words, the great train wreck seems to be happening. Mark shares his current outlook.What the Fed does, what the stock market does, and what the economy does cannot be predicted in the same sense that the mechanical and physical sciences can predict simple relationships of physical bodies and forces."10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity" (Federal Reserve Bank of St. Louis): Mises.org/MI_79_GraphDownload The Skyscraper Curse by Mark Thornton at Mises.org/Curse.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.

Trade is under tremendous threat from both major political parties in the United States and their presidential candidates. In this episode, Mark Thornton discusses his new paper, "Ludwig von Mises on Trade, Human Development, and Human Progress," explains how Mises examined trade holistically and integrated it into a powerful social theory. Ideologically, the commitment to free trade must be understood and sustained in order for us to continue to receive the benefits of trade in the international division of labor.Download Dr. Thornton's paper, "Ludwig von Mises on Trade, Human Development, and Human Progress" at Mises.org/MI_78_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. 

This 4th of July holiday, take a moment to re-declare independence from your government and commit yourself to being a more appreciative member of your voluntary society—and for the people upon which you depend.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. 

Mark Thornton looks at the potential for everyone to run for the exits in the financial markets. In the absence of a gold monetary system and full reserve deposit banking, only the Fed can engineer economy-wide liquidity crises or fundamental crises.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. 

Oklahoma City recently approved the construction of the Legends Tower at a record-setting height of 1,907 feet. Is this the skyscraper curse in the making? Or, could it be an indication of a global stock market boom?Download The Skyscraper Curse at Mises.org/Curse.Follow Minor Issues at Mises.org/MinorIssues.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.

Mark Thornton joins Ryan McMaken and Tho Bishop on Radio Rothbard to discuss the current state of the economy and what to expect as we near the election.Be sure to follow Minor Issues at Mises.org/MinorIssues.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.

As the world heads further down the road to trade protectionism and war, Mark takes a look at what Ludwig von Mises dubbed the "Montaigne Fallacy." This fallacy is based on the illogical idea that with voluntary exchange, one person's benefits come at the expense of the other, or what we call "zero sum thinking." Mark shows exactly why the idea is wrong and explains that Montaigne's other ideas are also wrongheaded. Be sure to follow Minor Issues at Mises.org/MinorIssues.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.

In this week's episode, Mark reviews several ways to fight the Fed's price inflation. Adopting these strategies proactively can improve our lives economically and psychologically—and even improve our health. They can make your family less vulnerable and improve your self-confidence.Register for the 2024 Mises Institute Supporters Summit in Hilton Head, South Carolina, at Mises.org/SS24Join the Mises Institute at Freedom Fest 2024! Mises.org/FreedomFest24Be sure to follow Minor Issues at Mises.org/MinorIssues.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/Money.

In this week's episode, Mark analyzes the record high price of copper. He explains why Wall Street focuses on the price of copper and why this crucial economic indicator seems at odds with the weak global economy. This has serious implications for our economic future. Get a free copy of Mark's book, The Skyscraper Curse, for the rest of the story: Mises.org/Curse.Be sure to follow Minor Issues at Mises.org/MinorIssues.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/Money.

In this week's episode, Mark looks at the current state of the commercial real estate market, especially the problematic refinancing requirement in an environment of lower prices and a declining tenant base. Combined with a higher interest rate, this market faces difficult financing over the next three years. This is another negative manifestation of the Fed's control over interest rates in our economy.Be sure to follow Minor Issues at Mises.org/MinorIssues.Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/Money.

In this episode, Mark Thornton discusses Consumer Confidence as a reliable indicator of the current economy. Individual components of the index are declining, but do not yet indicate a looming crisis or recession. Mark thinks that it does indicate, along with other economic statistics, of a clear worsening in the economy and his predictions for 2024.Be sure to follow Minor Issues at Mises.org/MinorIssues.Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In this week's episode, Mark examines the Chocolate Crisis of 2024.  Cocoa prices have skyrocketed. The media is trying to paint this as another example of the ravages of Climate Change, but the market is making all of its typical adjustments to ensure that chocolate products continue to flow to consumers, and also making adjustments to improve the long-term conditions.Be sure to follow Minor Issues at Mises.org/MinorIssues.Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In this week's episode, Mark takes another look at the Producer Price Index. As suggested in an episode from September 2023 (see Mises.org/MI_35), the PPI has indeed leveled off and is no longer "contributing" to the Federal Reserve's "Immaculate Disinflation." Mark points out that wholesale price increases are already in the long PPI "pipeline" and will likely make the Fed's announced plans fall apart.Additional ResourcesPPI at Fred: Mises.org/MI_67APPI 2022: "The Producer Price Index" at Mises.org/MI_35CPI: "Where’s the Beef?" at Mises.org/MI_36"The Fed's Immaculate Disinflation" at Mises.org/MI_03Be sure to follow Minor Issues at Mises.org/MinorIssues.Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

The inflation news from the Federal Reserve is once again disappointing. All the measures were up and higher than predicted by the experts. Mark recaps this news and compares his guesses about the economy to the forecasts of the Federal Reserve and Wall Street economists. Mark also reiterates his predictions about rate cuts and the economy. Be sure to follow Minor Issues at Mises.org/MinorIssues.Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

What happens when war shuts down the Strait of Hormuz? Mark looks at the economics and causes of a growing list of problems with the "chokepoints" of international trade: the Panama Canal, the Suez Canal, and Baltimore harbor. Will these chokepoints become scapegoats for the Federal Reserve, and could war closing the Strait of Hormuz become a genuine world crisis?Be sure to follow Minor Issues at Mises.org/MinorIssues.Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In this week’s episode, Mark links the Global Climate change agenda to the old “Population Bomb” of the 1970s. He shows that climate alarmists are really de-populationists in environmentalist clothing—both of which run counter to science and promote personal, irrational agendas.Be sure to follow Minor Issues at Mises.org/MinorIssues.Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In this episode, Mark shares the latest video in the Mises Institute's The Costs of the Progressives series, "The Drug War," which cites Mark's research on the economics of prohibition."The Costs of the Progressives" is a historical series that focuses on great leaps in Washington's consolidation of power on a variety of issues that affect our day-to-day lives, and the costs we pay with our taxes and our liberty: Mises.org/ProgressivismBe sure to follow Minor Issues at Mises.org/MinorIssues.Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In this week's episode, Mark looks at the opportunities ahead of us for significant reforms and dismantling the State. Increasingly, more people realize that the government has been lying to them and working against their interests. Many also realize that Austrian economists, in contrast with Mainstream economists, have been presenting the true picture of the State. The political landscape has already shifted—and continues to shift—beneath the State, like an earthquake under a teetering third world building. The foundations of the World Economic Forum agenda are now in tatters.Be sure to follow Minor Issues at Mises.org/MinorIssues.Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In this week's episode, Mark examines Ludwig von Mises's important contributions to free trade theory. Free trade is more important than people think, and most government intervention is protectionist—or aids the promoters of protectionism.Trade causes civilization to come about. Protectionism is the greatest threat to our way of life, and a danger to human life, itself.Be sure to follow Minor Issues at Mises.org/MinorIssues.Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In this week's episode, Mark examines the increasing prospects of global warfare and the catastrophic results. Even if such a war can be averted, it might open an opportunity for the global elites to impose their agenda of enslaving humanity.Be sure to follow Minor Issues at Mises.org/MinorIssues.Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In this week's episode, Mark looks at the type information that investors need, but do not have. These anti-wild cards are going to appear in the economy, but no one really knows what, where, or when. Mark looks back at some historical examples. See also Surprised Again! The Covid Crisis and the New Market Bubble by Alex Pollock and Howard Adler: Mises.org/MI_59A Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In the old days, the Federal Reserve operated in obscurity "behind the curtain". Today, they are front-and-center for the stock market. Total credit card debt in the US is now over $1.1 Trillion. In this episode, Mark looks at the disconnect between the Fed, the stock market (featured in the last episode), and the Real Economy. Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In this week's episode, Mark takes a quick look back at Fed wisdom in the year 2000, and then surveys today's stock market—and, in particular, the Magnificent Seven stocks, which represent very narrow leadership of the overall stock market. Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

Mark talks about the Fed's Reverse Repo Operations, which explain the conundrum of the Fed's "tight" monetary policy and new record highs in the stock market. It turns out that the Fed is not a bunch of "tightwads" after all, but has served up a nearly $2 trillion monetary injection since the bond market cratered last year. Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In this week's episode, we replay Mark's recent appearance on the Rob Taylor Report. Mark and Rob take a deep look at the practical impact of socialist ideology in Oregon when mixed with the partial "decriminalization" of all hard drugs in the state.  The main issues they discuss are the lack of respect for private property rights, and woke government causing social chaos in Oregon; but, it's a lesson for everyone, everywhere. The Rob Taylor Report is available online at RobTaylorReport.com Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Murray Rothbard's Anatomy of the State at Mises.org/IssuesFree.

In this week's episode, Mark compares two definitions of inflation and what this means for policy-makers and the productive population in 2024. The mainstream view creates nothing but confusion and smokescreens, while the Austrian definition shows that the true definition shows a much higher level of economic pain and uncertainty and more economic problems to come in 2024. Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Murray Rothbard's Anatomy of the State at Mises.org/IssuesFree.

On this week's episode, Mark opens the Congressional Political Playbook to examine the proposed Congressional compromise spending legislation—and what they might name it. Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Murray Rothbard's Anatomy of the State at Mises.org/IssuesFree.

This week's episode begins 2024 by looking at the growing political divide among the American people—and how to solve it. Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Murray Rothbard's Anatomy of the State at Mises.org/IssuesFree.

In this episode, Mark looks back at 2023 as a great year for the goals and prospects of the Mises Institute moving forward, but a very bad year for the State. Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Murray Rothbard's Anatomy of the State at Mises.org/IssuesFree.

Stock and bond markets are abuzz this week over Chairman Jay Powell's hints of a "Fed Pivot" in interest rate policy. Mark Thornton explains why this optimism is badly misplaced. Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Murray Rothbard's Anatomy of the State at Mises.org/IssuesFree.

In this week's episode Mark explains the term "Greenwashing" and describes how Austrian economists might agree with the sentiment behind it. Are Austrian school economists against the environment? Mark thinks not and explains why.   Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Murray Rothbard's Anatomy of the State at Mises.org/IssuesFree.

The Wall Street Journal reported last month that the ballot initiative to decriminalize all drugs in the state of Oregon is failing, and that efforts are underway to recriminalize hard drugs. Mark points out that decriminalizing drug possession does nothing to improve black market production of drugs, which makes drugs much more dangerous to consume. More importantly, it is Oregon's socialist ideology that coddles homelessness and open hard drug use that is the real problem for the good citizens of the state—and is not helping the drug addicts either. The solution is for society—the nexus of private property owners—to reassert its will.  See also "Welcome to Needle Park" by Mark Thornton: Mises.org/Minor48_A Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Murray Rothbard's Anatomy of the State at Mises.org/IssuesFree.

In this week's episode, Mark looks at "All-Time Highs" in such things as stocks, real estate, and stock indexes. Housing prices hit an all-time high this week, and gold is not far behind. While all-time highs—or even "new highs"—are unambiguously good for owners of these assets, it is much more ambiguous as a signal about the future. Gold might be an exception to this rule, as Mark explains. Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Murray Rothbard's Anatomy of the State at Mises.org/IssuesFree.

In this week's episode, Mark looks at the implications of famed investor Jim Chanos shutting down his hedge fund which specialized in shorting stocks. The closure comes as stock markets in the US hit all time record highs. Mark frames these two events in light of the Austrian Theory of the Business Cycle.  Be sure to follow Minor Issues at Mises.org/MinorIssues. Get your free copy of Murray Rothbard's Anatomy of the State at Mises.org/IssuesFree. Additional Resources "The Social Function of Stock Speculators" by Robert P. Murphy: Mises.org/Minor46_A "Short Sellers Keep the Market Honest" (Wall Street Journal) by Jim Thanos: Mises.org/Minor46_B "Jim Chanos, Short Seller Who Took on Enron and Tesla, to Close Hedge Funds" (Wall Street Journal) by Gregory Zuckerman Follow and Peter Rudegeair: Mises.org/Minor46_C

In this week's episode Mark reports on Pimco's former financial guru Mohamed El-Erian and his new views on the Fed. Mark also does some minor deconstruction of recent financial news to paint a clearer picture of imminent recession—something mainstream economists will be reluctant to call until 2025.  Be sure to follow Minor Issues at Mises.org/MinorIssues.

On this week's episode, Mark looks at the financial condition of the government and of American citizens on the cusp of the next recession. The financial condition of the United States Treasury, the Federal Reserve, and the American citizenry is weak; debt is high and rising, and this is very worrisome in an economic environment of rising interest rates and a weakening global economy. Please share this episode with a curmudgeon. The U.S. Debt Clock: USDebtClock.org Be sure to follow Minor Issues at Mises.org/MinorIssues.

On this week's episode, Mark addresses how we the people can prevent the government and the Federal Reserve from grabbing more power and implementing their own preferred "solutions" to economic issues. This is the third round of monetary chaos the Fed has subjected us to in recent history—a history from which valuable lessons can be learned. Be sure to follow Minor Issues at Mises.org/MinorIssues.

On this week's episode, Mark recaps Professor Guido Hülsmann's recent lecture on the cultural impact of the paper dollar. Hülsmann explains how an ever-inflationary monetary system and depreciating currency are leading to moral decay and divisiveness in America. Be sure to follow Minor Issues at Mises.org/MinorIssues. Additional Resources "The Cultural Impact of the Dollar" by Guido Hülsmann: Mises.org/Minor_42A "Abundance, Generosity, and the State: An Inquiry into Economic Principles" by Guido Hülsmann: Mises.org/Minor_42B

On this week's episode, Mark takes a look back to where our dollar came from. Our nation started with silver as money: the Silver Dollar, and before that the Spanish Peso in colonial times. That type of large silver coin goes back to the early 1500s and the Early Modern Era when such coins expanded trade, improved the food supply, led to commercially produced clothing, and gradually changed housing from mud-and-grass construction to brick-and-lumber construction. Our modern paper dollar is worth less than 5% compared to silver. Be sure to follow Minor Issues at Mises.org/MinorIssues.

Mark contemplates the political divide in America, the lack of a middle ground, the political divisions in DC, and the turmoil over the Speaker of the House. Looking around the world, similar problems exist in many places; but, there is a tried and true solution, which Mark explains. Be sure to follow Minor Issues at Mises.org/MinorIssues.

In this week's episode, Mark looks at the "Home Town" entrepreneurs in Laurel, Mississippi, who have done so much to turn around the fortunes of their poor and struggling hometown. Mark points out that this is going on all around us, but is seldom recognized—except in the isolation of forgotten small towns. Entrepreneurs make the good of the world we live in, and can help fix the problems that we face. Be sure to follow Minor Issues at Mises.org/MinorIssues.

This episode examines the impending Government Shutdown, which will suspend new releases of the government's "vital" economic statistics. How will the "Data Dependent" Fed manage its policy behind the cloak of missing data? Mark suggests it's best to consider that the Fed is playing its typical confidence game. Be sure to follow Minor Issues at Mises.org/MinorIssues.

In this week's episode, Mark interprets the Fed's new economic projections for the economy, in which the Fed "doubles-down" on current economic growth and the economy's prospects moving forward. Essentially, the Fed is saying that they are taking us from the "touch-and-go" economy of the last three years to a touch-and-go landing, where the economy will take off and perform much better than anyone anticipates. Don't bet on it. Be sure to follow Minor Issues at Mises.org/MinorIssues.

Americans are mad about the economy, and particularly about the Fed's inflation of prices and declining inflation-adjusted wages and incomes. Keynesian economist Paul Krugman, on the other hand, thinks that you are ignorant and that everything in the economy is great. Mark looks at Beef prices and consumption to provide some insight into why Americans are rightfully mad at the Federal Reserve, Democrats, and Republicans. Mark concludes that Americans have a legitimate beef!  Be sure to follow Minor Issues at Mises.org/MinorIssues.

In this week's episode, Mark looks at PPI—the Producer Price Index—which provides evidence of the costs for suppliers in various industries, macroeconomic instability, and the potential for economic recovery. Here, very low prices provide the potential for recovery; and rising prices can indicate both recovery in the economy, as well as inflationary pressures moving forward. The Covid Bubble and restrictions caused a 50% increase in producer prices, and since the peak in 2022, PPI has only corrected about 10%.  Be sure to follow Minor Issues at Mises.org/MinorIssues. "Producer Price Index by Commodity: All Commodities" (PPIACO): Mises.org/Minor_PPI

In this episode, Mark examines Fed Chairman Jay Powell's recent confession that the Fed is "navigating by the stars on a cloudy night." This reveals the fundamental methodological weakness of the Fed's economic policy and mainstream economics in general ("data dependency"). In contrast, it also reveals the strengths of Austrian economics, economic theory, and the self regulation of the free market. Mark suggests that we all be prepared for big negative surprises in the economy and additional Federal Reserve and government power grabs. Be sure to follow Minor Issues at Mises.org/MinorIssues. Recommended Reading "What the Central Bank Cartel has Planned for You" by Thorsten Polleit: Mises.org/Minor34A "Transparency or Deception: What the Fed Was Saying in 2007" by Mark Thornton: Mises.org/Minor34B

In this episode, Mark explains why we need a Crash (or very Hard) Landing in the US economy and the world economy. Specifically, why is a crash landing better to resolve the malinvestments caused by the Fed? Why is a crash landing better in many ways for the productive class of workers and savers? And, how would a crash landing place much of the pain and the overall burden on the rich, politically-connected classes? Be sure to follow Minor Issues at Mises.org/MinorIssues. Additional Resources "The Fed's Real Mandate": Mises.org/Minor33A "Black Hole or Shock Absorber: How Does a Free-Market Economy Respond to Crises?": Mises.org/Minor33B "The REAL Solution to the Coming Economic Crisis": Mises.org/Minor33C "Eliminating Economic Crises": Mises.org/Minor33D "Austerity: A Real Solution to Help Heal the US Economy": Mises.org/Minor33E "US Labor Market: Help Wanted!": Mises.org/Minor33F "After the Boom Must Come the Bust" (Radio Rothbard): Mises.org/Minor33G "Here's What Mounting Corporate Layoffs Tell Us about the Economy" (Radio Rothbard): Mises.org/Minor33H

Will we get a soft landing or a hard landing in the economy? Or, should we hope for a crash landing? Mark Thornton explains. See also "Soft Landing? Not Likely" featuring Bob Murphy and Jonathan Newman on the Human Action Podcast: Mises.org/HAP407 Be sure to follow Minor Issues at Mises.org/MinorIssues.

In this episode, Mark updates his early March 2023 episode (Mises.org/Minor11) on the high price of toilet paper. He shows how economic changes, so far, in 2023 seem to have vindicated his forecast of lower toilet paper and paper towel prices. It also demonstrates how the market process works on a minor scale, even when large determinants like Amazon, Covid, and the US home construction industry get tangled up with politicians and bureaucrats. Be sure to follow Minor Issues at Mises.org/MinorIssues.