Larry Summers affirms the Rothbardian critique of fractional-reserve banking on Twitter... SVB committed one of the most elementary errors in banking: borrowing money in the short term and investing in the long term. When interest rates went up, the assets lost their value and put the institution in a problematic situation. https://t.co/HxsgqpZOuL
The “True” Money Supply (TMS), developed by Professor Murray Rothbard and myself, is an admitted imperfect attempt to provide a statistical measure of money that is consistent with the theoretical definition of money as the general medium of exchange in society. Measure of the U.S. money stock in current use in economic and business forecasting
Ludwig von Mises’s contributions to the development of the technical methods and apparatus of monetary theory continue to be neglected today, despite the fact that Mises succeeded exactly eight decades ago, while barely out of his twenties, in a task that still admittedly defies the best efforts of the most eminent of modern monetary theorists,
Dr. Joseph Salerno recently joined Tom Sarrouf on the podcast Conservative Conversations with ISI , a product of the Intercollegiate Studies Institute. In this episode, they discuss Murray Rothbard’s political and economic thought, why a demagogue is necessary for the masses to re-establish control over their government in the age of social
I first met Murray Rothbard when, as treasurer of the New Jersey Libertarian Party, I invited him to give the keynote address at our inaugural convention. He graciously agreed to do it for the paltry sum of $75 plus a puny chicken dinner. Prior to his talk, I introduced myself to him, and we spoke for a while about the state of the libertarian
Last week the Fed announced that, retroactive to May 2020, its M1 money stock measure would include savings deposits, which were reclassified as transaction accounts similar to other deposit components of M1 such as demand deposits and other checkable deposits (i.e., NOW accounts and ATS accounts). Previously, savings deposits were considered to
[This is Joseph Salerno’s preface to the new Chinese version of Money: Sound and Unsound published by the Shangai People’s Publishing House.] In the introduction to this book, first published in English in 2010, I wrote: “The idea of sound money was present from the very beginning of modern monetary theory in the works of the sixteenth-century
The Venezuelan government recently lopped off six zeros from its hyperinflating currency, the bolivar. The highest denomination currency note of 1 million bolivars, worth less than $0.25 , was replaced by a one-bolivar note. At the same time, a hundred-bolivar note, worth about $25.00, was introduced as the new highest denomination of the
On March 2, 1966, Murray N. Rothbard, the founder and twenty-year editor of the Journal of Libertarian Studies , would have celebrated his seventieth birthday. This issue of the JLS , as well as a simultaneously appearing special issue of its sister publication, the Review of Austrian Economics , likewise founded and edited by Rothbard, is a
The outstanding merit of Brian Doherty’s book is that it contains a treasure trove of valuable information regarding the events, personalities, periodicals and organizations whose complex interplay influenced the intellectual and institutional development of the modern American libertarian movement. But its merit also becomes its defect in the
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.