Minor Issues

Is Hans-Hermann Hoppe a firebrand revolutionary, or something very different? On this episode of Minor Issues, Mark Thornton traces Hoppe’s American debut in 1986 and follows the controversies that later made Hoppe a lightning rod. The case here is straightforward: Hoppe isn’t a political revolutionary aiming to remake society by seizing state power; he’s a natural-rights theorist whose analysis—g...

On this episode of Minor Issues, Mark Thornton responds to Charlie Kirk’s “most controversial take” on cannabis and drug policy. Mark contrasts Kirk’s opposition to reclassification with the long history of prohibition as a Progressive project, showing how state intervention—not liberty—is responsible for urban decay, social breakdown, and the failures of drug policy. Drawing on examples from alco...

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, a...

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 th...

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 min...

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 “hap...

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...

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...

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 radic...

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 w...

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...

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 interv...

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?...

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 th...

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...

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 b...

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 chan...

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...

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 compartmental...

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 playe...

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...

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 downt...

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 v...

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 colla...

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? Ma...