Audio Mises Wire

Do you like your central bank capital positive or negative? The Fed is bankrupt, but even after taking recent losses, the Swiss National Bank still has positive capital.  Original Article: The Swiss National Bank vs. the Federal Reserve: The Fed's Capital Losses in Perspective    

While “wokeness” seems to be a new phenomenon, the problems are tied to a sixty-year-old “landmark” law: the 1964 Civil Rights Act. This law, unfortunately, promotes government tyranny in the name of freedom. Original Article: The Tyranny of the 1964 Civil Rights Act    

When someone makes the “roads” argument for the presence of government, they fail to point out that the final government product is substandard and often a hazard to people who use those roads. There is a better way. Original Article: Who Will Take Care of the Roads? Why, The Coercive, Substandard, and Monopolistic Government Department, That’s Who    

When people say that “socialism doesn’t work,” what do they mean? To better examine and critique socialism, one should apply the socialists’ framework, which is alone worthy of condemnation. Original Article: For Socialists, It Doesn't Matter if Socialism "Works." What Matters Is Power.    

By the logic of "we tried it before," the Soviet victory over Lithuania in 1953 meant that the question of independence was settled forever, and that Irish secession was forever verboten after the Easter Rebellion failed.  Original Article: No, the Civil War Did Not Forever Settle the Matter of Secession    

The Federal Reserve claims to be independent and politically neutral. But since its actions have political ramifications, it is impossible for the Fed to be either. Original Article: No Such Thing as a Neutral Fed    

Far from being an “automatic stabilizer” that mitigates recessions by engaging in “countercyclical” spending, the welfare state actually makes recessions longer and deeper. Time to acknowledge that fact and do away with it altogether. Original Article: The Welfare State Prolongs Recessions    

While modern India is known for adopting socialism in the 1940s, it has an older tradition of free markets. It is time to rediscover that tradition. Original Article: Wealth, Wisdom, and Prosperity: The Ancient Capitalist Tradition of India    

In his State of the Union speech Thursday, President Biden will claim the economy is growing—and that his administration will “crack down” on corporate greed. He will not address the damage his administration has done to the economy. Original Article: Be on the Lookout for These Lies in Biden’s State of the Union Address    

Open-borders advocates often point to the alleged openness of borders between the individual states in the USA. However, a closer look shows there are many restrictions most Americans are unaware of. Original Article: No, There Is Not a Perfect Open Border System between the States    

The United States survived the first Great Depression, although it permanently changed the role of government. Will excessive government spending and money creation lead to Great Depression II? Original Article: The Great Depression and Great Depression II: Similarities, Differences    

The “AI” in our present real-world hype is nothing like the sci-fi “creatures” of film; AI machines are nowhere near conscious beings. Original Article: Understanding the AI Revolution    

The right to be able to enter into contracts with others is fundamental to free markets and a free society. That means people should be able to engage in discrimination. Original Article: Free Markets and the Antidiscrimination Principle    

Artificial intelligence has much to contribute as a consumption good and a producer’s good. However, there also are limitations in what AI can do, given it susceptible to the GIGO rule: Garbage in, garbage out. Original Article: The Economics of the AI Revolution    

While fears that AI will morph into something like the Terminator and try to destroy the world, the real threat from AI is that the authorities will use it to produce propaganda and public lies. Original Article: Separating Information from Disinformation: Threats from the AI Revolution    

New York City’s government has imposed draconian rent controls. The natural outcome, as economists note, has been massive shortages, as apartment owners no longer have an incentive to rent empty apartments. Original Article: The Folly of Rent Control in New York City (Again)    

Many economic think tanks espouse that national defense spending benefits Americans at large. It doesn’t. The notion that military spending "bolsters" the economy is yet another Keynesian fable. Original Article: The Myth of National Defense Spending    

Governments in the US subsidize immigration through a bevy of welfare programs. The effect of subsidization is predictable: you get more of what you subsidize. This is true for student loans, ethanol, immigrants, and more. Original Article: How the US Regime Subsidizes Immigration—both Legal and Illegal    

As Murray Rothbard has noted, there is an important distinction between nation and state. The former is a voluntary association of people while the latter is coercive and predatory. Progressives, of course, claim the opposite. Original Article: A Principled View of Nations and Nationalism    

Many of the high-flying businesses that received massive publicity turned out to be the creation of a bubble economy. Not all businesses are flashes in a pan; many of them continue to serve as the backbone of our economy. Original Article: Why the Bubble Economy Isn't the Real Economy    

Few economists—even the free-market advocates—understand what caused the Great Depression. No, the Fed didn’t cause the Depression by failing to inflate the currency. Instead, it was the Fed’s inflation that led to the disastrous early events. Original Article: Getting the Great Depression (Almost) Right -- And Totally Wrong    

It is during "emergencies" when we learn who really holds political power, and how ineffective are constitutional measures designed to limit the regime. Original Article: Covid Showed Us Who Really Rules America    

Paul Krugman claims that the real factor determining inflation is the rate of unemployment, not increases in the supply of money. As usual, he is wrong. Original Article: Krugman: Low Unemployment Causes Inflation, Not Monetary Expansion    

Central banks have had the chutzpah to claim credit for slowing down the rise of consumer prices. The truth is they have taken advantage of the supply boost from fading pandemic dislocations to pursue continued monetary inflation. Original Article: The Death of Easy Money Has Been Greatly Exaggerated    

We may be governed by incompetent elites, but even they have not taken away our free will and ability to think for ourselves. We can look to Mises and Rothbard for inspiration. Original Article: Who Hijacked Our Free Will?