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Mises Institute
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 https://Mises.org/MinorIssues.
Get your free copy of Murray Rothbard's Anatomy of the State at https://Mises.org/IssuesFree.
The US Government will face another round of federal debt expansion in 2024, but will there be enough creditors to allow their continued spending? Investors are not buying Treasury Debt at forecasted rates, foreign investors are exiting federal debt, and even the Federal Reserve is reducing its treasury holdings.
Dr. Jonathan Newman recently wrote for the Mises Wire on this topic, and he joins Bob to break down the data and explain what is up with treasuries and the future of the dollar.
Dr. Newman's Article on The Treasury's Creditors: https://Mises.org/HAP424a
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Chapters
00:00 Free Book
00:32 Introduction
01:35 The Size of US Government Debt
06:17 Deficits as a Percentage of GDP
13:02 Forecasting and Projections for the Debt
16:20 Decrease in Demand for Treasury Debt
25:32 What the Fed is Doing
30:50 A 'Soft' Default
36:47 What a Real Dollar Collapse Could Look Like
In 2019, Harvard Law Professor Elizabeth Bartholet published an article calling for a “presumptive ban” on homeschooling, which she believed conflicted with Progressive ideals. “Homeschooling presents both academic and democratic concerns,” she argued. Public education “makes children aware of important cultural values and provides skills enabling [them] to participate productively in their communities and the larger society through various forms of civic engagement. Even homeschooling parents capable of satisfying the academic function of education are not likely to be capable of satisfying the democratic function.”
Bartholet published her condemnation of homeschooling as faith in America’s public school system was plummeting, yet she neglected to provide any comparative analysis. So how do the two systems stack up?
Following Progressive educational theories, the federal government began exerting more authority over the educational system in the twentieth century, imposing national standardized testing in 1965 and establishing a federal educational bureaucracy, the Department of Education, in 1979. In the twenty-first century, both George Bush’s No Child Left Behind and Barack Obama’s Common Core demanded even more federal funding, bureaucratic oversight, and standardized testing for public schools.
The results have been dismal. Since 1970, the U.S. has massively increased educational expenditures, mostly to expand school administration, which has vastly outpaced the growth of both students and teachers. Today, taxpayers spend more than $15,000 per public school student. Yet test scores have largely flatlined and, in some areas, even declined. These results became especially bleak after No Child Left Behind tied school funding to test scores, pressuring teachers to devote more time to “teaching the test,” at the expense of other subjects.
Homeschool students, by contrast, consistently outperform their public school counterparts by as much as 30 percentile p..
Ryan McMaken and Benjamin Seevers examine the reasoning behind efforts to destroy Americans' right to sell land to foreign nationals, especially the Chinese. It seems some think that Chinese nationals' ownership of 0.03% of American farmland is a big problem.
"Arkansas' Attack on Chinese-Owned Property Is Reckless and Crony-Driven" by Benjamin Seevers: https://Mises.org/RR_162_A
"Should We Allow U.S. Land To Be Sold to the Chinese?" by Walter Block: https://Mises.org/RR_162_B
"Foreign Investment in U.S. Ag Land – The Latest Numbers" by Daniel Munch: https://Mises.org/RR_162_C
Claim your free book: https://Mises.org/RothPodFree
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Presented at Instituto Juan de Mariana's "Salamanca: The Birthplace of Economic Theory" in Salamanca, Spain, on Thursday, October 22, 2009.
In 2019, Harvard Law Professor Elizabeth Bartholet published an article calling for a “presumptive ban” on homeschooling, which she believed conflicted with Progressive ideals. “Homeschooling presents both academic and democratic concerns,” she argued. Public education “makes children aware of important cultural values and provides skills enabling [them] to participate productively in their communities and the larger society through various forms of civic engagement. Even homeschooling parents capable of satisfying the academic function of education are not likely to be capable of satisfying the democratic function.”
Bartholet published her condemnation of homeschooling as faith in America’s public school system was plummeting, yet she neglected to provide any comparative analysis. So how do the two systems stack up?
Following Progressive educational theories, the federal government began exerting more authority over the educational system in the twentieth century, imposing national standardized testing in 1965 and establishing a federal educational bureaucracy, the Department of Education, in 1979. In the twenty-first century, both George Bush’s No Child Left Behind and Barack Obama’s Common Core demanded even more federal funding, bureaucratic oversight, and standardized testing for public schools.
The results have been dismal. Since 1970, the U.S. has massively increased educational expenditures, mostly to expand school administration, which has vastly outpaced the growth of both students and teachers. Today, taxpayers spend more than $15,000 per public school student. Yet test scores have largely flatlined and, in some areas, even declined. These results became especially bleak after No Child Left Behind tied school funding to test scores, pressuring teachers to devote more time to “teaching the test,” at the expense of other subjects.
Homeschool students, by contrast, consistently outperform their public school counterparts by as much as 30 percentile p..
In 1897, John Dewey—often hailed as the father of Progressive Education—published his “Pedagogical Creed,” in which he emphasized that one of the primary purposes of education was to teach children to “share in the social consciousness, and that the adjustment of individual activity on the basis of this social consciousness is the only sure method of social reconstruction.”
Dewey believed his philosophy embodied the ideals of both individualism and socialism. It was individualistic, he said, not because it encouraged the child to develop his own unique interests and abilities, but “because it recognizes the formation of a certain character as the only genuine basis of right living.” His philosophy was “socialistic” because “this right character is to be formed by the influence of a certain form of institutional or community life upon the individual, and that the social organism through the school, as its organ, may determine ethical results.”
Thirty years later, Dewey visited Stalin’s Soviet Union, and he wrote glowingly of the educational system he found there. “The Russian school children [are] much more democratically organized than our own, [and] are receiving through the system of school administration a training that fits them for later active participation in the self-direction of both local communities and industries.”
Dewey and other Progressives wanted to train children for social activism by perfecting factory-model education. Nineteenth-century educational reformers wanted schools as efficient and impersonal as America’s impressive manufacturing facilities, so they established a system that treats children like industrial workers. Under the watchful eye of an overseer, students toil silently until a bell signals their opportunity to eat and briefly socialize. Unlike factory workers, though, students take unfinished work home to complete before the following day.
Progressives, however, viewed children not as workers, but as commodities. In his 1916..
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 https://Mises.org/MinorIssues
Get your free copy of Murray Rothbard's Anatomy of the State at https://Mises.org/IssuesFree
Additional Resources
"The Social Function of Stock Speculators" by Robert P. Murphy: https://Mises.org/Minor46_A
"Short Sellers Keep the Market Honest" (Wall Street Journal) by Jim Thanos: https://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: https://Mises.org/Minor46_C
Nicolás Cachanosky was a co-author on the dollarization proposal for Argentina that Javier Milei publicly endorsed.
Nicolás explains to Bob the outlines of the proposal, which involves replacing pesos with USD for bank deposits, currency in circulation, and central bank liabilities.
Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: https://Mises.org/HAPodFree
How to Dollarize Argentina: https://Mises.org/HAP423a
Rear More from Nicolás: https://Mises.org/HAP423b
The Human Action Podcast Episode with Peter Lewin: https://Mises.org/HAP423c
On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop discuss the aftermath of Javier Milei's election in Argentina. The two discuss the value Milei's victory has for libertarianism and Austrian economics, the challenges he immediately faces, and what steps are necessary for him to turn a winning campaign into an impactful presidency.
"The United States Needs Its Own Javier Milei" by Connor O'Keeffe: https://Mises.org/RR_161_A
"An Anarchist’s Pragmatic Plan of Government for Argentina" by Manuel García Gojon: https://Mises.org/RR_161_B
"A Statement on Javier Milei from Spanish Libertarians" by Jesús Huerta de Soto & Philipp Bagus: https://Mises.org/RR_161_C
"Rothbard, Milei and the New Right in Argentina" by Fernando Chiocca: https://Mises.org/RR_161_D
Claim your free book: https://Mises.org/RothPodFree
Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard.
Radio Rothbard mugs are now available at the Mises Store. Get yours at https://Mises.org/RothMug
PROMO CODE: RothPod for 20% off
Ryan and Zachary discuss the basics of Just War Theory and whether a "moral war" is possible. They also discuss the theory's origins in natural law, and how the theory relates to pacifism, wealth, and war crimes.
Be sure to follow War, Economy, and State at Mises.org/WES.
Additional Resources
"Get the US Out of the Middle East" by Ryan McMaken: Mises.org/WES_15_A
"American History Is a Preview of the Israel-Palestine End Game" by Ryan McMaken: Mises.org/WES_15_B
"Ethnic Interest Groups Fuel the American Warfare State" (War, Economy, and State): Mises.org/WES_15_C
Douglas Murray on having a "proportionate response” in a conflict: Mises.org/WES_15_D
On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop are joined by Peter St. Onge, an economic fellow with the Heritage Foundation and frequent Mises Wire author. With the costs of financing the national debt now exceeding the costs of military spending and major social programs, Peter explains why government spending is now a crisis the regime can't ignore.
"Sovereign Debt is Eating the World" by Peter St. Onge: Mises.org/RR_160_A
"There's No Easy Way Out of This Debt Spiral" by Ryan McMaken: Mises.org/RR_160_B
Claim your free book: Mises.org/RothPodFree
Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.
Radio Rothbard mugs are now available at the Mises Store. Get yours at Mises.org/RothMug
PROMO CODE: RothPod for 20% off
Allan Carlson demonstrates how central planners during wartime use the opportunity to bring about types of social and cultural changes which probably could not be imposed during a time of peace.
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Allan Carlson is a scholar and former professor of history at Hillsdale College.
"Politics, like war, robs words of their meaning. This is especially true of the language of economics."
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Llewellyn H. Rockwell, Jr., is founder and chairman of the Mises Institute in Auburn, Alabama, editor of LewRockwell.com, and author of *Fascism versus Capitalism* (https://mises.org/library/fascism-versus-capitalism).
Richard Gamble provides details of how Lincoln arrived at his theory of the mystical Union and how Lincoln rewrote American history in order to do so. Lincoln's view of the mystical Union is at the heart of the Civil War, for it was this belief that required the North to wage war, rather than simply allowing
the South to peacefully secede. Gamble also provides details on how Lincoln abused the power of the presidency, setting the stage for the modern imperial presidency.
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Justin Raimondo traces the American anti-interventionist tradition from the days of the revolution up to the 20th century, providing a look at what has happened to the original foreign policy of the founders, and exploring the arguments used by those who wish to reclaim the wisdom of Washington, Jefferson, Madison, Monroe, and the other men.
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Justin Raimondo (1951–2019) was the editorial director of https://Antiwar.com and author of *Reclaiming the American Right: The Lost Legacy of the Conservative Movement*.
Paul Gottfried shows that democracy has not proven to be peaceful as previously advertised but, in fact, has been extremely war-like. It is big government which, in spite of being democratic, causes coercive egalitarianism at home and fuels imperialism abroad.
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Paul Gottfried is an American political theorist and intellectual historian. He is the former Horace Raffensperger Professor of Humanities at Elizabethtown College in Pennsylvania, and editor in chief of Chronicles: A Magazine of American Culture.
"History shows us that even the just war, fought to oppose a clear-and-present danger to life, liberty, and property, still causes a severe loss of freedom. Even in a just and successful war, the result is one step forward in the defense of freedom, and then two steps backward to increase and centralize governmental power in order to engage in the war."
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
John V. Denson is Distinguished Scholar in History and Law at the Mises Institute. He is a practicing attorney in Alabama and the editor of two books, The Costs of War and Reassessing the Presidency, and the author of A Century of War: Lincoln, Wilson and Roosevelt.
Professor Joseph T. Salerno tells his personal story of how he discovered Austrian economics and how he has become one of the its leading proponents. The lecture is part of the Future of Freedom Foundation’s Fall 2023 online conference “How Austrian Economics Impacted My Life” (https://fff.org/freedom-in-motion/videos/series/how-austrian-economics-impacted-my-life), and includes an introduction and remarks by Jacob Hornberger, and a question-and-answer period.
To learn more about the Future of Freedom Foundation, visit https://fff.org.
"The inflationary process is indispensable for masking the capital decumulation crisis precipitated by war mobilization, which would otherwise be swiftly revealed to one and all by monetary calculation. In the absence of the veil cast over real economic processes by inflation, skyrocketing interest rates, plummeting stock and bond markets, and pandemic business bankruptcies and bank runs—not to mention the levying of confiscatory kinds and levels of taxation—would serve to rapidly and significantly dampen the public's enthusiasm for the alleged glories of war."
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Joseph Salerno is academic vice president of the Mises Institute, professor emeritus of economics at Pace University, and editor of the Quarterly Journal of Austrian Economics. Professor Salerno also held the inaugural John V. Denson II Endowed Professorship in the economics department at Auburn University.
"Since 1918, practically all indicators of high or rising time preferences have exhibited a systematic upward tendency: as far as government is concerned, democratic republicanism produced communism (and with this public slavery and government sponsored mass murder even in peacetime), fascism, national socialism and, lastly and most enduringly, social democracy ("liberalism"). Compulsory military service has become almost universal, foreign and civil wars have increased in frequency and in brutality, and the process of political centralization has advanced further than ever before."
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Hans-Hermann Hoppe, an Austrian School economist and libertarian/anarcho-capitalist philosopher, is Professor Emeritus of Economics at UNLV, Distinguished Senior Fellow with the Mises Institute, founder and president of The Property and Freedom Society, former editor of the Journal of Libertarian Studies, and a lifetime member of the Royal Horticultural Society. He is married to economist Dr. A. Gulcin Imre Hoppe and resides with his wife in Istanbul.
"In a way, Churchill as man of the century would be totally appropriate. The 20th century has been the century of the state, of the welfare state and of the warfare state. And Churchill was, from first to last, a man of the state, the welfare state and of the warfare state."
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Ralph Raico (1936–2016) was professor emeritus in European history at Buffalo State College and a senior fellow of the Mises Institute. He was a specialist on the history of liberty, the liberal tradition in Europe, and the relationship between war and the rise of the state. He is the author of The Place of Religion in the Liberal Philosophy of Constant, Tocqueville, and Lord Acton.
"If World War I gets insufficient notice from students of the growth of government, World War II gets even less. Too often, it is viewed as a discrete event, an episode when government took on awesome
dimensions but then relinquished the new powers after victory had been won, more or less returning the relations between government and civil society to the prewar status quo. Nothing of the sort happened, or could have happened. A politico-economic undertaking of such enormous magnitude does not just come and go, leaving no trace."
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Dr. Robert Higgs is retired and lives in Mexico. He was a senior fellow in political economy for the Independent Institute and longtime editor of The Independent Review; he was also a senior fellow of the Mises Institute. He is the 2007 recipient of the Gary G. Schlarbaum Prize for Lifetime Achievement in the Cause of Liberty, and the 2015 Murray N. Rothbard Medal of Freedom.
"The truth is that very few people know anything about war. In an infantry division, for example, fewer than half the troops actually fight. That is, with rifles, mortars, machine guns, grenades, and trench knives. The others, thousands on thousands of them, are occupied with truck driving, mimeograph machine operating, cooking and baking, ammunition and ration supplying, and similar housekeeping tasks. Now, those things are no doubt necessary, but they're hardly bellicose. And they hardly provide the sort of experience which can issue as trustworthy testimony about what the word *war* might mean."
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Paul Fussell (1924–2012) served with the 103rd Infantry Division in World War II. He was wounded during the Rhineland campaign. His many books include his autobiography: Doing Battle: The Making of a Skeptic (Little, Brown).
"It has been said that the combat veteran has to live through the experience and then, if he survives, he has to live with it the rest of his life. How you handle yourself and what you make of yourself depends a great deal on your upbringing, your discipline, and things of this sort."
Recorded at the Mises Institute's "Costs of War" conference in May 1994 in Auburn, Alabama: https://mises.org/library/the-costs-war
Eugene Sledge (1923-2001) is best known for his books chronicling his experiences in the Pacific Theater during World War II: *With the Old Breed: At Peleliu and Okinawa* and *China Marine: An Infantryman's Life after World War II*.
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