In the July Issue of The Mises Institute’s The Free Market, now in mailboxes and online:
The Mises Institute interviewed David Stockman about his new book The Great Deformation and the role of the Fed. Stockman noted that even by its own standards, the Fed has moved well beyond what was once considered prudent intervention:
The system we have now is one in which the Fed decides, through a Politburo of planners sitting in Washington, how much liquidity is necessary, what the interest rate should be, what the unemployment rate should be, and what economic growth should be.
There is no honest pricing left at all anywhere in the world because central banks everywhere manipulate and rig the price of all financial assets. We can’t even analyze the economy in the traditional sense anymore because so much of it depends not on market forces, but on the whims of people at the Fed.
Also this month, economist William L. Anderson, in his article Economic Adventures in Fairyland, addresses some of the fantastic claims made by Keynesians about the benefits of debt and spending:
After studying and teaching Keynesian economics for 30 years, I conclude that the “sophisticated” Keynesians really do believe in magic and fairy dust…. If governments issue enough debt, argue Debt Fairy True Believers, the economy will gain “traction” as government spending, through the power of pixie dust, fuels a recovery. Governments spend, businesses magically gain confidence, and then they spend and invest.
Be sure to also check out The Free Market for the latest on The Mises Institute’s breakfast with David Stockman at the Metropolitan Club in New York, the latest recipient of the Mises Entrepreneurship Medal, and more on donors, alumni, and scholars at the Mises Institute.
In the August issue of The Free Market, the Mises Institute’s monthly, Daniel McAdams covers the International “non-governmental organizations” scam, Robert Higgs discusses Love vs. the State, and the Mises Institute gains a new archive of Mises’s personal papers.
Robert Higgs notes the downside of the “realist” view of politics:
Hardheaded people mock the idea that “love is the answer” to the people’s dire situation. They insist that evil forces and evil men are afoot in the world, men who care nothing for love and seek only vile ends, and that such malevolence can be fended off effectively only by meeting it with adequate force and violence. Thus does the perceived “security gap” fuel a race to the bottom in which the ostensible protectors become more and more indistinguishable from the evil men who allegedly seek to hurt us.
And Daniel McAdams describes how shady government-funded non-profits drive foreign policy:
What is behind these human rights NGOs? The Libyan League for Human Rights is a member of the International Federation for Human Rights…It should not be much of a shock to learn that the International Federation for Human Rights relies heavily on governmental sources for funding. Governmental funding of NGOs has been an increasingly effective tool for mobilizing popular support for governmental policies. A land or resource grab is hardly as compelling to the masses as a claimed human rights crisis when a foreign intervention is planned.
Also inside: Mises Bibliographer and historian Bettina Bien Greaves donates her extensive archive of Ludwig von Mises’s personal notes, books, and photographs to the Mises Institute, including many never-before-published photos of Mises and his associates.
Also, see The Free Market every month for additional updates about Mises Institute events and scholars, alums, and donors.
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