Minor Issues: Recent Episodes
Mark Thornton
Can tariff increases make up for the future revenue losses from extending the income tax reductions from President Trump’s first term? This latest political hot potato is a false scenario and a dangerous one. It puts our standard of living at a critical crossroads. Mark Thornton identifies the missing road signs.
See also "Why Smart People Are Rightly Confused About Tariffs" (Unanimity Podcast): Mises.org/U4
Enter the raffle to win a ticket to the Mises Institute's April 26 event in Phoenix at Mises.org/phoenixraffle25. The deadline to enter is April 1. Winners will be announced the week of April 7. To learn more about "Our Enemy, The Bureaucracy," visit Mises.org/phoenix25
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It was not long ago that signs for “Help Wanted” seemed to be in every store window. However, they are now being replaced with “Store Closing” signs. This switcheroo tells us volumes about how people in the economy are adjusting to the Fed’s money printing business.
See also, "Profit and Loss" by Ludwig von Mises: https://mises.org/library/book/profit-and-loss
Enter the raffle to win a ticket to the April 26 Mises Institute event in Phoenix at Mises.org/phoenixraffle25. The deadline to enter is April 1. Winners will be announced the week of April 7. To learn more about "Our Enemy, The Bureaucracy," visit Mises.org/phoenix25
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree
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According to a recent Gallup poll, “Americans are far more satisfied with the way things are going in their own life than with the US in general.” Opinion polls and the latest electoral results, however, are at odds with the facts as presented by mainstream media, government statistical offices, and even the stock market. What is going on?
Register to attend Educating for Liberty: Mises Circle in Tampa, February 22, 2025, at Mises.org/Tampa25. Use promo code Minor25 for 10% off the ticket price.
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree
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Pundits have labeled piggy banks small change, irrational and wasteful, “just sitting around doing nothing.” As usual, they are wrong.
Register to attend Educating for Liberty: Mises Circle in Tampa, February 22, 2025, at Mises.org/Tampa25. Use promo code Minor25 for 10% off the ticket price.
Enter the 2025 Bitcoin vs. Gold Prediction Contest at https://mises.org/form/bitcoin-gold--2025-entry
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree
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In the US, the price of hamburger meat ended 2024 near a record high of $5.60 per pound. Is there a magic wand to solve the problem of high beef prices, as well as high pork and chicken prices? Yes, actually. Mark Thornton explains.
Additional Resources"Where’s the Beef?" (Minor Issues Podcast): Mises.org/MI_36
"Average Price: Ground Beef" (Federal Reserve Bank of St. Louis): https://fred.stlouisfed.org/series/APU0000703112
The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century by Mark Thornton: Mises.org/Curse
Register to attend Educating for Liberty: Mises Circle in Tampa, February 22, 2025, at Mises.org/Tampa25. Use promo code Minor25 for 10% off the ticket price.
Enter the 2025 Bitcoin vs. Gold Prediction Contest at https://mises.org/form/bitcoin-gold--2025-entry
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree
Be sure to follow Minor Issues at Mises.org/MinorIssues.
Cuba was once a famous vacation destination for Americans. Although we can now travel to Cuba, most Americans have been deprived of various forms of trading with the Cuban people. Likewise, Cubans have been deprived of trading with Americans and visiting their American relatives. Does anyone think this situation is good for Americans? Does anyone think this impasse is good for Cubans?
Enter the 2025 Bitcoin vs. Gold Prediction Contest at https://mises.org/form/bitcoin-gold--2025-entry
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Mark Thornton looks forward to 2025—and a little bit backward at 2024—and projects what we might see in the coming new year. He also shares his economic "wish list" for the younger generation in 2025.
Enter the 2025 Bitcoin vs. Gold Prediction Contest at https://mises.org/form/bitcoin-gold--2025-entry
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree
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Will Americans slay our Leviathan government and restore the American dream? Or, will we fail, and continue to allow cronies, fat-cat politicians, and bureaucrats to live off the fruits of our productive labor? Mark Thornton discusses some pertinent lessons from the French Revolution.
"The Brilliance of Turgot" by Murray N. Rothbard: Mises.org/MI_A
The Turgot Collection: Writings, Speeches, and Letters of Anne Robert Jacques Turgot, Baron de Laune, edited by David Gordon: Mises.org/MI_B
Donate $25 or more and receive the December Book Bundle: Mises.org/MinorIssues24
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Is the black-market economy immune to inflation? It would seem that the price of illegal pot has been declining or steady for several years while legal pot is higher in price and everything else has increased in price. We have all been suffering from higher prices, lower quality, and poor service. Is marijuana the magic elixir for economic performance and a cure for the Fed’s inflation? Might it help make America great again?
Donate $25 or more and receive the December Book Bundle: Mises.org/MinorIssues24
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Mark Thornton discusses why increased government spending not only explains ongoing wayward increases in the GDP, employment, and stock price numbers, but also why so many people decided to vote against the incumbent in favor of the challenger, Donald Trump. The key variable is that government spending in GDP statistics does not reflect true economic value the way your personal spending does.
"Federal Government: Current Expenditures" (Federal Reserve Bank of St. Louis): fred.stlouisfed.org/series/FGEXPND
Donate $25 or more and receive the December Book Bundle: Mises.org/MinorIssues24
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In What Has Government Done to Our Money? Murray Rothbard changes your whole view of the world—not just money. He opens our eyes and clarifies the mysteries of money, banking, and the role of government.
See also Economic Depressions: Their Cause and Cure by Murray Rothbard: Mises.org/Cure
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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The gold standard hampers the growth of government power, which helps people more effectively fight bad policy—like the disastrous War on Drugs.
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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Yes, college professors are 10-to-1 Democrats over Republicans. Mark Thornton reviews some of the technical literature on the political ideology of college professors in the United States.
"Economics laureates should disclose their political ideologies in policy petitions" by Emre Kuvvet (Economic Affairs, PDF): Mises.org/MI_95_A
"Your Kids Are Already Communists, and College Will Make It Worse" (Minor Issues, Episode 89): Mises.org/MI_89
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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Very difficult economic headwinds of the business cycle are coming right at us. Inflation is still a problem, the employment picture is increasingly difficult, the delinquency rate on credit cards for small banks is at an all-time high, auto loan delinquencies are at a thirteen-year-year high, and asset prices are vulnerable to disappointing business activity levels and profits.
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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Government's power to control our lives—its power to tax and spend, and the enormous, but largely cloaked power to print money—has created the “great divide” in America. Unfortunately, it has pitted Americans against each other.
"Main Street Uncertainty Reaches All-Time High" (Small Business Optimism Index, September 2024): Mises.org/Minor_93_A
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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Prohibition is one way the government swings the fist of violence into our daily lives.
Mark Thornton presented this talk at the Mises Institute's Supporters Summit in Hilton Head, South Carolina, on October 12, 2024.
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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What explains Bitcoin? Why does it exist, and why is “nothing” worth $70,000 a piece? Moreover, there are millions of owners of Bitcoin and other cryptocurrencies and yet few real transactions take place relatively speaking. How does this relate to the coming of a BRICs currency, the reserve status of the petrol-dollar, and the war on cash?
Mark Thornton discusses Gresham’s Law, one of the most ancient and impactful principles of modern human society.
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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Why do people prep? The mainstream media demeans preppers as irrational and out of touch with reality. From a scientific point of view, however, prepping is rational, efficient, and very normal.
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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Children in the US are raised to be communists. Most of the parents are, too, and don’t even know it. It doesn’t matter if you send them to public or private schools, as all degree-granting schools bias the learning process against the competitive, capitalist, “liberal,” open-minded society—even though its benefits are all around us helping to feed, cloth, house, and protect us.
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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This Sunday, September 29, marks the birthday of Ludwig von Mises, and all fall campaign donations will be doubled in celebration. Join us! Mises.org/mi5
John Maynard Keynes was an English “economist” who spawned a revolution in economic thinking that emerged out of a cesspool of socialist thinking in Britain, creating a tidal wave of anti-economics that overwhelmed and dominated the economics profession worldwide, known as Keynesian economics. His experience as an investor is very instructive of his mindset—and the unfortunate revolution that he brought to the world.
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This week kicks off the Mises Institute's Fall Campaign. Make a $100+ donation or a recurring donation of $5 or more, and Mark will send you a signed copy of The Skyscraper Curse: mises.org/mi5
The hatred and disparagement of gold as money and the gold standard has become standard dogma of and a pillar of the modern State. Mr. Buffet and Mr. Ramsey don’t know what they are talking about and have failed to look at the facts of history—any kind of history—in voicing their opinions. In complete contrast, regular people in society still see gold as an emblem of excellence more than a half century since the last vestige of the gold standard was taken away from us.
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There is good evidence that the Skyscraper Curse is dead. But what does that mean? Mark Thornton digs down to the foundations to see what the ramifications are. It could mean historical changes are in the works!
Download The Skyscraper Curse at Mises.org/Curse.
Order a free paperback copy of Per Bylund’s How to Think About the Economy at Mises.org/IssuesFree.
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The Federal Reserve seems to have finally publicly committed to its rate-cutting cycle—specifically the federal funds rate or policy rate. The Fed wanted to remain perceived as coming to the economy's rescue, rather than goosing the stock market higher. But the Federal Reserve is playing a confidence game with the general public, and the Fed can't save you. What insights can we learn from Austrian Business Cycle Theory?
"10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity" (Federal Reserve Bank of St. Louis): Mises.org/Minor_85
Order a free paperback copy of Per Bylund’s How to Think About the Economy at Mises.org/IssuesFree.
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The phrase, old school economics, is often used positively or approvingly by many, but it's rarely explained. What is this school and where is it located? You can be sure that it is not what is taught in most college classrooms today. It's definitely not Keynesian or Marxist economics. But what is it?
Order a free paperback copy of Per Bylund’s How to Think About the Economy at Mises.org/IssuesFree.
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Mark discusses the issues of homelessness, poverty, technology, and government in two award-winning episodes of the 1995 Star Trek series, Deep Space 9. As in the entire Star Trek genre, the basic condition of scarcity is overlooked, particularly in the cases of issues back on Earth. However, considering the roles of scarcity and incentives, Mark suggests some real-life reforms.
Order a free paperback copy of Per Bylund’s How to Think About the Economy at Mises.org/IssuesFree.
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Massive increases in government debts, much of it to foreigners, a willingness to pay for ongoing bureaucratic expenses with budget deficits, and a tidal wave of interest payments on the national debt. Could a so-called Democratic Socialist government be described as a role model for the United States?
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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With Mises University over and the stock market showing the first crack in its armor, it's time to check the underbelly of the economy’s mighty growth industry.
Check out "Big Tech Doesn't Want You Anymore" with Patrick Boyle: Mises.org/MI_81
Download 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.
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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.
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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_Graph
Download 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.
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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_A
Order a free paperback copy of Murray Rothbard’s What Has Government Done to Our Money? at Mises.org/IssuesFree.
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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.
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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.
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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.
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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.
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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.
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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 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/SS24
Join the Mises Institute at Freedom Fest 2024! Mises.org/FreedomFest24
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 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_67A
PPI 2022: "The Producer Price Index" at Mises.org/MI_35
CPI: "Where’s the Beef?" at Mises.org/MI_36
"The Fed's Immaculate Disinflation" at Mises.org/MI_03
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.
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/Progressivism
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 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.
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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.
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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
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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!
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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%.
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"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.
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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?
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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
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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.
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In this week's episode, Mark reviews what people have said about Fitch's downgrade of US government debt. Mark sees it as a good thing, but not good enough. The "minor issue" in the latest debt ceiling agreement is ignored by the mainstream media: politicians suspended the debt ceiling into 2025, rather than raising it to some arbitrary, higher figure.
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In this week's episode, Mark discusses the record levels of credit card debt and how it is a major contributing factor to economic pain from the Fed's impact of causing higher prices for consumer goods. This is expected to intensify when the recession officially hits.
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This week Mark invites you to explore the Minor Issues archives. We have produced about a half a year's worth of short audio commentaries about the economy, and we are grateful to our listeners for their feedback. Topics range from the price of toilet paper to macro-business cycle topics, but our specialty is highlighting issues that the mainstream media ignores or misrepresents as insignificant. Thank you for listening.
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In this episode, Mark looks at the "minor issue" of the value of the dollar. While everything in the economy seems great—including stock markets, price inflation, unemployment, and consumer confidence—the value of the dollar index has fallen 12% during the rebound in stocks since last October.
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On this week's episode, Mark summarizes the many problems with EVs, and focuses on two consequences funded by taxpayer subsidy. Large, overpriced, long range vehicles have been subsidized at the expense of more efficient technological applications. These EVs are significantly heavier compared to their fossil fuel counterparts (which have engines and gas tanks). These heavier vehicles create greater crash risks for passengers and pedestrians. Failure to disclose such issues reveals some uncomfortable truths about the political elites who drive this agenda onto the American people.
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In this week's episode, Mark looks back at the history of the Inverted Yield Curve. While many observers have now dismissed the significance of the yield curve inversion in 2022 and no recession yet, Mark shows that the history of the IYC can have a completely opposite interpretation.
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As we enter the dog days of summer, I have heard several media conversations and a few private ones that express exasperation over languishing capital markets. Why do things take so long to unravel? What will happen next? When will X, Y, or Z happen? Why are tech stocks so bullish now? The market takes time to process the information that it already has — or is in "process" — and everyday brings new data.
The Austrian perspective highlights the role of reality in the market process. This is especially important in this period of unprecedented government intervention and the chaos it has generated in markets.
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While talk of high gas prices is no longer a headline issue, energy economics is still a vitally important aspect of understanding the economy, including the business cycle. Mark explains the basics, tells us where we now stand, and what the major implications are for the near future.
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Mark takes a look at all the wrong predictions of recession in recent years, including those of Austrian School economists. While the MSM and Fed officials try to downplay the coming of a recession, many of the statistics and facts that Austrian consider important are indicating a looming recession, if not a full-blown economic crisis.
Check out Anatomy of the Crash: The Financial Crisis of 2020, edited by Tho Bishop: Mises.org/AnatomyOfTheCrash
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In this week's episode, Mark explains why the market for existing homes has been diverging from the market for new houses. The Fed ZIRP, QE and Covid bailouts have locked Americans into their mortgages and low payments, reducing the supply of existing homes. This keeps them off the market and home prices high in an economy that is headed for a recession or crisis. Buyers have been diverted to newly constructed homes where builders have more flexibility to sell and there are no existing homeowners locked into mortgages.
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After a long series of rate hikes, Fed officials and asset markets are expecting a long series of interest rate cuts. This is based on the tried and hue Phillips Curve analysis. In color theory, "hue" is the technical appearance of color that can be described mechanically as a number. Let's hope interest rate expectations are not being distorted by other factors of reality, and that current Phillips Curve model perceptions of hue are also true.
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Bank reserves are seldom mentioned except in cases of bank runs. The other possible mention is all the interest money the Fed pays to banks simply for holding reserves. Mark explains the role of bank reserves in the current "system" and gives a brief explanation of why the Austrian view is better and actually gets the job done.
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Mark discusses something bigger than the Disney layoffs: the Wall Street Journal's April 25 frontpage article on investing in gold. It would seem that the recent rise of the price of gold is the result of tired, dumb, and disillusioned crypto currency investors throwing in the towel to "chase shiny new object—gold." Mark explains that the rational reasons for investing in gold loom larger than the entire Magic Kingdom!
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Mark looks at the price of Apple stock—one of the best performing stocks over the last quarter century, and one of the largest holdings in stock indexes, mutual funds, and Berkshire Hathaway portfolio. Market watchers have kept a keen eye on Apple as it heads for a new all-time high; but, Mark is concerned that a downturn would have a huge ripple effect on the overall market—possibly equivalent to a tsunami.
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Mark takes a look at the good news on price inflation and why it is better than reported, but probably short-lived. Other statistics are worsening and, amazingly, even landlords are starting to feel the pain!
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This episode explores precious metals. Gold (Au) is the main precious metal, followed by Silver (Ag), Platinum (Pt), and Palladium (Pd). These are distinct from valuable industrial metals such as copper (which served as money historically), nickel, and zinc, which have served as token coins in modern times. There are many different ways and forms you can own precious metals.
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Mark is not fooling around today. He looks back at the history of gold and its price, which some believe is too erratic and too unstable (like Bitcoin) to serve as a basis of a monetary system. Mark shows that it is not gold that destabilizes events in the real world, but rather real world events related to political decision-making that has made the price of gold unstable. The price of gold is a "minor" indicator of what governments are really up to.
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In this episode, Mark looks at the far away minor issue of the impact of hyperinflation in Zimbabwe. Even though they have switched from Zim dollars to US dollars, ordinary people are still suffering. Their government and its inflationary monetary policy is manifesting itself in some interesting ways.
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SVB Bank and Signature Bank failed this week and were bailed out. Mark explains why the banks failed and why it was bound to happen. The minor issue is that the total FDIC bailout fund is actually smaller than either one of the banks.
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Mark discusses how the Federal Reserve and Covid restrictions greatly increased the price of cardboard boxes; but, with online sales softening, we should expect suppliers to shift the raw materials used to make boxes (wood pulp) into the production of other paper goods, such as toilet paper. Because our demand for toilet paper is relatively inelastic, we should see a decline in the price of toilet paper and better availability.
The market will reallocate toward consumer wants and lower prices.
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Mark talks about the recent price inflation reports, as well as reports of job openings from private sector job placement companies. Inflation was higher than expected and job openings declined. What will the Fed do? People are making painful adjustments—Domino's reported disappointing sales, because their customers are "eating in".
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Mark uses Intel Corporation, the computer chip manufacturer, as a barometer of the business cycle. He looks at the stock price in recent years, its production capacity expansion in recent years, and the company's very recent cost- and dividend-cutting moves.
Check out Mark Thornton's free book, The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century: Mises.org/Curse
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Mark Thornton explains the target as another smokescreen that was originally intended to stabilize monetary policy, currencies, and exchange rates, but has become a justification for inflation and central bank manipulation.
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On the heels of rising stock markets, record low unemployment rates, and even the plunge in the price of gasoline, Mark discusses the latest government economic reports including the hot retail sales numbers, recent increases in the CPI, and the increases in business inventories. What can be made of these confusing numbers?
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Mark Thornton takes a look back at US stock markets, the national debt, and Fed policy (ZIRP, money supply, and its balance sheet).
"After the Boom Must Come the Bust" (Radio Rothbard): Mises.org/MI_06_A
Austrian Economic Research Conference: AustrianEconomics.org
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Mark Thornton looks at how much money Americans will spend on the Super Bowl this year and discusses the accuracy of the Super Bowl Stock Market Indicator.
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Mark Thornton discusses the history of record low unemployment rates and the business cycle.
See "Unemployment Rate" (UNRATE) from the Federal Reserve Bank of St. Louis: Mises.org/MI_04_Chart
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Will the Fed be successful with its "Immaculate Disinflation"? Or, will we still have to "pay an even higher price" for their use of Weapons of Massive Monetary Destruction in 2020-21?
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Are stock markets in full recovery mode, à la the Fed's Immaculate Disinflation, or is this just a counter-trend rally experienced in most bear markets?
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Mark Thornton takes a look at the recent GDP report and the layoff announcement at 3M and has some minor issues with both.
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