Some economists believe that the balance of payments is what determines currency exchange rates. In fact, exchange rates are always about the purchasing power of some currencies relative to others.
Original Article: Does the Balance of Payments Determine Exchange Rates?
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
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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.
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On February 13, 2024, Bob participated (with Jim Rickards, Brent Johnson, and Michael Every) in a ZeroHedge debate on the fate of the USD. In this episode of the Human Action podcast, Bob highlights some of the key issues and explains why he thinks his side won.
The ZeroHedge Debate: Mises.org/HAP435a
Brent Johnson's Milkshake Theory: Mises.org/HAP435b
Egert's Article on the Public Debt Threshold: Mises.org/HAP435c
Bob's Article on the Latest CBO Federal Debt Report: Mises.org/HAP435d
Human Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree
Congressional Democrats are trying to intervene in a complex and varied market they know little about but that consumers navigate without need of help. This will not end well.
Original Article: Washington’s Planned Theft of Credit Card Benefits
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.
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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.
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Economist Peter St. Onge summarizes some of the major financial and government news stories of the day.
Bob's Mises University Talk 'Price Inflation: Corona vs. QE': Mises.org/HAP432a Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission.Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree
Bob goes solo to discuss a recent Twitter controversy, in which opponents of a proposed tax argued that unrealized capital gains couldn't possibly be a form of income. Bob cites both Austrian theory and corporate accounting practice to respond that all capital gains are income, which is not to say that they ought to be taxed. The dispute is important because understanding the definition of "income" sheds light on the role of market prices in guiding entrepreneurial action.
Bob Talks to David Schizer on the Moore Ruling: Mises.org/HAP431a Bob's Econlib Article on Capital and Income: Mises.org/HAP431b Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission.Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree
While the creator of modern portfolio theory was awarded a Nobel Prize, that doesn't mean the theory isn’t flawed. In fact, it explains very little about investments.
Original Article: Modern Portfolio Theory Is Mistaken: Diversification Is Not Investment
Federal debt is soaring out of control, and perhaps it is not surprising that the CBO has not updated its forecasts with this debt uncertainty.
Original Article: DC's Debt Trap
Economist Daniel Lacalle joins Ryan and Tho to talk about how central banks are engineering more zombie companies, higher inflation, and a "private sector recession," all hiding behind misleading and bullish aggregate data.
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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.
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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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On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop are joined by Mark Thornton to discuss Jerome Powell's most recent announcement. As the Fed signals its potential for a policy pivot, other members of the FOMC are sending other signals. What does this mean for monetary policy, the dollar, and the performance of the real economy? Thornton is here to answer these questions and more.
"Will Powell's Pivot Bail Out Biden?" by Tho Bishop: Mises.org/RR_165_A
"The Money Supply Continues its Biggest Collapse Since the Great Depression" by Ryan McMaken: Mises.org/RR_165_B
"The Fed Brings Christmas Early to Wall Street" by Peter St. Onge: Mises.org/RR_165_C
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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.
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.
According to a Brown University professor, ExxonMobil threatens our democratic republic by purchasing another company. The totalitarian woke atmosphere in American higher education is the real threat.
Original Article: Is ExxonMobil's Acquisition of Pioneer Natural Resources a "Threat to Democracy"?
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
As the federal government continues its Ponzi scheme of issuing debt to pay for past debts, interest rates will increase to the point where this no longer is a tenable strategy—if it ever was.
Original Article: The Interest Rate Shock Will Blow Up the Government’s Ponzi Game
On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop are joined by Peter St. Onge, an economic fellow with the Heritage Foundation and frequent Mises Wire author. With the costs of financing the national debt now exceeding the costs of military spending and major social programs, Peter explains why government spending is now a crisis the regime can't ignore.
"Sovereign Debt is Eating the World" by Peter St. Onge: Mises.org/RR_160_A
"There's No Easy Way Out of This Debt Spiral" by Ryan McMaken: Mises.org/RR_160_B
ProfStOnge.com
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