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Keynesians and fellow travelers hold the Phillips curve to be sacrosanct. But because the Phillips curve cannot establish causality, it is useless as economic theory. Original Article: "The Phillips Curve Is an Economic Fable" This Audio Mises Wire is generously sponsored by

Ludwig von Mises wrote Socialism: An Economic and Sociological Analysis, a small book published in 1922, which demonstrated that economic calculation in a socialist commonwealth is impossible. Of course, Mises assumed that the purpose of an economy, even a socialist

It’s the weekend, but our fresh Financial Crisis does not sleep. And a recent study says we’ve only seen the tip of the iceberg. The Washington Post yesterday wrote: “If banks were suddenly forced to liquidate their bond and loan portfolios,

The incredible growth and success of SVB could not have happened without negative rates, ultra-loose monetary policy, and the tech bubble that burst in 2022. Original Article: "How Easy Money Killed Silicon Valley Bank" This Audio Mises Wire is generously sponsored by Christopher

The current job market strength partly reflects the ongoing monetary overhang from years of breakneck growth in money-supply inflation. The $6 trillion in money that was newly created since 2020 is still very much a factor. Original Article: "The Fed's Huge Monetary Overhang

This past weekend saw extraordinary actions by the Fed to address the meltdown of Silicon Valley Bank. Did the central bank break the law by effectively authorizing unsecured loans to banks based on the face value—rather than significantly lower market

Teaching high schoolers economics means teaching Austrian principles. Original Article: "The Balfour Declaration" This Audio Mises Wire is generously sponsored by Christopher Condon. 

There are many excuses often used to explain inflation. However, the fact is that there is no such thing as “cost push inflation” or “commodity inflation.” Inflation is not an increase in prices, it is the destruction of the purchasing power

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

How should Congress assess the Federal Reserve’s track record as an investor in residential mortgage-backed securities (MBS)? Regardless of Fed spin, it merits a failing grade. The Fed’s COVID-era intervention in the mortgage markets fueled the second real estate bubble of