Bob is joined by author George Ford Smith for a detailed examination into the life and legacy of Thomas Paine. They discuss how Paine’s writings, especially Common Sense and the American Crisis essays, mustered colonial support for independence and even influenced the outcome of the Revolutionary War. Smith explains Paine's life, from early setbacks and struggles in England to becoming a pivotal figure in America’s founding, and why his views ultimately sidelined his historical reputation. George's Mises Wire Article, "The Failure to Stop Thomas Paine": https://Mises.org/HAP505a George's Mises Wire Article, "Thomas Paine, Liberty's Hated Torchbearer": https://Mises.org/HAP505a…

On this episode of Minor Issues, Mark Thornton unpacks the unfolding economic crisis through the lens of Ludwig von Mises’s “crack-up boom.” With inflation accelerating, deficits ballooning, and the Fed’s credibility fading, Mark outlines how reckless monetary policy and unsustainable government spending are setting the stage for stagflation—or worse. From gold’s surge to the dollar’s decline, he connects today’s market signals to Mises’s dire warnings about monetary collapse, offering a sobering look at what may lie ahead for the US economy. Additional Resources "Trump (Again) Demands More Easy Money To Help Fund Even Bigger Deficits" by Ryan McMaken: https://mises.org/MI_125_A "Interest Rates Rise Again as Treasury Auction Comes Up Short" by Ryan McMaken: https://mises.org/MI_125_B "Powell, Trump, and the Austrian Business Cycle Time Bomb" (Minor Issues, Ep. 118): https://mises.org/MI_118 "Prospects for Hyperinflation" (Minor Issues, Ep. 116): https://mises.org/MI_116 "Are Economic Crises and Crashes Inevitable?" (Minor Issues, Ep. 112): https://mises.org/MI_112 "The Precarious State of the American Economy" (Minor Issues, Ep. 111, with Scott Horton): https://mises.org/MI_111 How Inflation Destroys Civilization by Guido Hülsmann: https://mises.org/InflationDestroys Ludwig von Mises on Money and Inflation, edited by Bettina Bien Greaves: https://mises.org/MI_125_C The Inflation Crisis and How to Resolve It by Henry Hazlitt: https://mises.org/MI_125_D Register for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25…

Real estate investor and Mises Institute contributor Artis Shepherd joins us to talk about how our stagnating economy is affecting multifamily housing and other commercial real estate. Banks and investors are using “extend and pretend” tactics to cover up the true state of the industry. Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard Radio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off…

In this classic 1963 essay, Murray Rothbard argues that the state is inherently hostile to peace because war enhances its power, prestige, and control. While individuals benefit from peace and voluntary exchange, governments thrive on conflict, using war as a tool to centralize authority and suppress liberty. Rothbard challenges the moral legitimacy of state warfare and calls for a truly libertarian stance—non-intervention and individualism.…

The United States is dangerously close to entering yet another war in the Middle East. But this one has the potential to be a lot costlier for the American people while remaining just as unlikely to bring about peace and stability in the region. Read the article here: https://mises.org/mises-wire/war-iran-not-interest-american-people The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at https://mises.org/gabfreebook Be sure to follow the Guns and Butter podcast at https://Mises.org/GB…

In this welcome lecture to the 2025 Rothbard Graduate Seminar, Joseph Salerno dismantles the myth that Murray Rothbard was an outsider to mainstream economics. Drawing on Rothbard’s deep academic training and early career, Salerno reveals how Rothbard was a thoroughly trained neoclassical economist before his conversion to Austrian economics. The talk highlights Rothbard’s engagement with institutionalism, positivism, and Keynesianism, and how his discovery of Mises and praxeology transformed his outlook—ultimately forging one of the most original and radical economists of the 20th century. Recorded at the Mises Institute in Auburn, Alabama, on Sunday, June 8, 2025.…

Bob hosts economist Daniel Lacalle to analyze the controversial Big Beautiful Bill. Daniel explains why, despite its imperfections, the bill represents a vital first step toward curbing government spending and protecting private-sector prosperity from excessive state intervention. Daniel's Article, "The Big Beautiful Bill Is Much Better Than You Think": https://Mises.org/HAP504a Thomas Massie's X Exchange on the Hidden Costs of the BBB: https://Mises.org/HAP504b…

On this episode of Minor Issues, Mark Thornton dives into Murray Rothbard’s theory of interventionism. Mark explores how Rothbard sharply delineates the line between voluntary action in the free market and coercive government intervention. He deconstructs Rothbard’s typology—autistic, binary, and triangular interventions—and explains why only free markets improve utility for everyone, while intervention creates winners and losers. It’s a wake-up call for anyone who still thinks regulation and taxation are harmless. Additional Resources "The Economics of Violent Intervention in the Market" by Murray N. Rothbard (Man, Economy, and State with Power and Market, Chapter 12): https://mises.org/MES "The Greatness of Man, Economy, and State" by Lew Rockwell: https://mises.org/MI_124_A Register for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25 Be sure to follow Minor Issues at https://Mises.org/MinorIssues…

On this episode of Power and Market, the group discusses the fallout from Israel’s strikes on Iran and the Trump Administration’s (changing?) position on immigration enforcement. For more information and to subscribe, visit https://Mises.org/P&MPod

Joshua Mawhorter joins us to talk about how the fiat-money theories of Modern Monetary Theory and chartalism aren’t supported by the historical facts. Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard Radio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off…

On this episode of Power and Market, the group discusses the fallout from Musk’s fight with Trump, recent reporting on Palantir contracts, and how the courts are not interested in protecting rights. For more information and to subscribe, visit https://Mises.org/P&MPod

What the “legacy” media is trying to present as a brand-new authoritarian crackdown on the press is only a more visible version of how the federal government has attempted to control public opinion for nearly a century. Read the article here: https://mises.org/mises-wire/weaponization-media-access-did-not-suddenly-start-trump The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at https://mises.org/gabfreebook Be sure to follow the Guns and Butter podcast at Mises.org/GB…

Vincent Geloso and Chandler Reilly have a new paper in which they use Rothbard's "Private Product Remaining" (PPR) as a lower bound on estimates of national output, to be contrasted with the convention GDP statistics as an upper bound. Bob has the authors explain Rothbard's proposal and how they are trying to introduce it to the economics profession. The Paper, "National Output Without Government?": https://Mises.org/HAP503a The Human Action Podcast Episode on Dubious Origins of GDP/GNP: https://Mises.org/HAP503b The Bob Murphy Show Episode With Alex Salter Criticizing "State Capacity": https://Mises.org/HAP503c…

In this episode of Minor Issues, Mark Thornton explores how nations quietly prepare for war—and what the corporate media isn’t telling you. From Europe’s military buildup and the global trade war to the hidden toll of economic sanctions, Mark unpacks historical patterns that have repeatedly led societies to disaster. Why is gold at a record high? How does modern mercantilism fuel today’s tensions? Are we all just pawns in a much bigger game? Join Mark as he examines the real risks simmering beneath the headlines, and what history can teach us about the cost of ignoring them. Additional Resources “The World at War—An Essential New Book from Ralph Raico“ by Ryan McMaken: https://mises.org/MI_123A An Anti-War Reading List: https://mises.org/MI_123B The Costs of War: America’s Pyrrhic Victories edited by John V. Denson: https://mises.org/MI_123C Audio and videos recordings of the Mises Institute’s May 2025 Revisionist History of War Conference: https://mises.org/MI_123D Register for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25…

Jonathan Newman joins Ryan McMaken to talk about the history behind the myth of “Fed independence.” The Fed has never been politically independent of the US government, and it has enthusiastically helped fund the US government both in wartime and in peacetime. Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard Radio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off…

As President Trump racks up defeat after defeat before the federal courts, the legacy media claims that federal judges are protecting us from government overreach. In reality, government overreach as we know it has been made possible by the federal judiciary. Read the article here: https://mises.org/mises-wire/federal-judiciarys-war-trump-not-about-protecting-us-government-overreach The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at https://mises.org/gabfreebook Be sure to follow the Guns and Butter podcast at https://Mises.org/GB…

Dr. Hülsmann’s piercing analysis highlights the true tragedy of our inflationary regime in a way few others can. After all, inflation isn’t simply a stealth tax on the average American, it does so to fund the worst aspects of the current regime. It’s the lifeblood of both the war machine abroad and the growing politicized police state at home. In its wake, it leaves a society that rewards self-destructive short-term behavior and does so at the expense of those who sacrifice to make responsible decisions in their daily lives. It robs us materially, morally, and spiritually.…

The political legacy of Elon Musk, the moral costs of Keynesianism, and the absurdity of Harvard and NPR as public goods. Welcome back to the Power & Market Podcast, a weekly news recap from the Mises Institute’s editorial team. This week, Ryan McMaken, Tho Bishop, and Connor O’Keeffe discuss the letdown of the Department of Government Efficiency, dissect the ongoing degeneracy of Keynesian economics, and explore the rising movement to defund elite universities like Harvard. Has the establishment finally overplayed its hand? What's next for higher education? For more information and to subscribe, visit https://Mises.org/P&MPod…

Polish professor of political theory Łukasz Dominiak joins us to talk about how Poland embraced a market economy after the Cold War ended. We discuss some of the factors behind Poland’s rise from poverty. Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard Radio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off…

Establishment figures claim Trump’s recent frustrations with Putin prove them right—that Putin can’t be reasoned with. In reality, Trump’s predicament is largely the result of their own failed policies. Read the article here: https://mises.org/mises-wire/why-ending-war-ukraine-so-difficult-now The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at https://mises.org/gabfreebook Be sure to follow the Guns and Butter podcast at https://Mises.org/GB…

This week, interest rates spiked as Trump’s spending problem convinced investors they want higher yields for trillions of new federal debt. Be sure to follow the Loot and Lobby podcast at https://Mises.org/LL

Biden’s hidden illness, Trump’s surprise foreign-policy pivot, and America’s bond meltdown. Welcome to the inaugural episode of the Power & Market Podcast, a weekly news recap from the Mises Institute’s editorial team. This week, join Ryan McMaken, Tho Bishop, and Connor O’Keeffe as they unpack the political theatrics behind Biden’s health cover-up, explore emerging cracks in America’s financial foundations, and break down Trump’s provocative Riyadh speech. Are bond vigilantes finally waking up, and what’s next for the economy?…

In this episode, Mark Thornton discusses The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism, the new book by Senator Phil Gramm and Professor Donald J. Boudreaux. Mark reflects on the persistent misconceptions about capitalism in America and offers up a “Marxist interpretation” of our dilemma. He explores how entrenched ideologies shape the way information is presented, the influence of state actors on education and media, and the ways in which these forces skew perceptions of economic history. Ultimately, Mark argues for a more critical and evidence-based approach to understanding capitalism. Be sure to follow Minor Issues at https://Mises.org/MinorIssues…

In this lecture from the Mises Institute’s recent Conference on War Revisionism, McMaken looks at how classical liberals’ pro-peace foreign policy was defeated by a century of war propaganda beginning with the First World War.

The reaction to Biden’s cancer announcement reveals how little trust the public has in the people who spent years claiming that Biden’s mental decline was fabricated by right-wing propagandists. That lack of trust is well deserved. Read the article here: https://mises.org/mises-wire/what-biden-health-coverup-reveals-about-political-class The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at https://mises.org/gabfreebook Be sure to follow the Guns and Butter podcast at https://Mises.org/GB…

Brion McClanahan dismantles the so-called "righteous cause" narrative that shapes modern American history and foreign policy, tracing its roots from Sumner and Lincoln to the war in Iraq. Recorded at the Mises Institute in Auburn, Alabama, on May 17, 2025.

Who really caused the violence of Reconstruction? Wanjiru Njoya exposes how federal intervention fueled racial conflict and dismantled the South's social order—challenging modern myths with historical truth. Recorded at the Mises Institute in Auburn, Alabama, on May 17, 2025.

Why did the South lose the Civil War? Mark Thornton argues Vicksburg—not Gettysburg—was key, revealing how Confederate economic failures sealed their fate. Recorded at the Mises Institute in Auburn, Alabama, on May 16, 2025.

Endless wars abroad destroy liberty at home. Scott Horton explains how U.S. foreign policy disasters—from NATO expansion to Ukraine—threaten peace, prosperity, and freedom. Recorded at the Mises Institute in Auburn, Alabama, on May 16, 2025.

Revisionist history isn't denial—it's the pursuit of truth. Tom DiLorenzo exposes the dangerous "Treasury of Virtue" that justifies endless wars and imperialism. Recorded at the Mises Institute in Auburn, Alabama, on May 16, 2025.

Ryan McMaken discusses Ralph Raico’s critique of war propaganda, revealing how states systematically shape history to justify endless conflict—and why revisionism is essential for reclaiming peace and liberty. Recorded at the Mises Institute in Auburn, Alabama, on May 17, 2025.

How did the state grow from Machiavelli to World War I? Hunt Tooley reveals how artillery, arms dealers, and bankers turned war into profitable, prolonged carnage. Recorded at the Mises Institute in Auburn, Alabama, on May 16, 2025.

From Vietnam to Iraq, Pentagon insider Karen Kwiatkowski reveals firsthand how government lies drive America’s wars—and how courageous whistleblowers fight back with truth.

Ilana Mercer addresses Israel’s "Hasbara" myths, exposing harsh truths behind Gaza’s suffering—and the moral complicity of America in enabling atrocities. Recorded at the Mises Institute in Auburn, Alabama, on May 16, 2025.

Is the Federal Reserve truly independent? Jonathan Newman uncovers the myths behind the 1951 Treasury-Fed Accord, revealing the Fed's long history as a willing financier of America's wars and government spending. Recorded at the Mises Institute in Auburn, Alabama, on May 17, 2025.

Phillip Tourney provides a first-hand account of the 1967 USS Liberty incident, examining its lasting implications for US foreign policy, governmental transparency, and historical accountability. Recorded at the Mises Institute in Auburn, Alabama, on May 16, 2025.

Does government-funded science drive progress or distort it? Peter Klein uncovers the hidden costs, cronyism, and political agendas behind the National Science Foundation and federal research funding. Recorded at the Mises Institute in Auburn, Alabama, on May 17, 2025.

Did the Marshall Plan save Europe or enrich crony capitalists? Patrick Newman discusses how corporate welfare, hidden deals, and corruption shaped postwar policy, with effects still felt today. Recorded at the Mises Institute in Auburn, Alabama, on May 16, 2025.

Historian Charles Beard championed continentalism—keeping America out of foreign wars. David Gordon explores Beard’s forgotten warnings and their lasting lessons on liberty and foreign policy. Recorded at the Mises Institute in Auburn, Alabama, on May 16, 2025.

Military Keynesianism wasn't just economic policy, it was socialism in disguise. Joseph Salerno reveals how John F. Kennedy's economists used war spending and deficits to erode liberty under the guise of stability and growth. Recorded at the Mises Institute in Auburn, Alabama, on May 17, 2025.

Ron Unz critically reassesses the established narrative of World War II, exploring overlooked historical evidence, scholarly purges, and contested interpretations that significantly redefine our understanding of the conflict. Recorded at the Mises Institute in Auburn, Alabama, on May 17, 2025.

Economist Alex Tabarrok joins Bob to review Trump’s executive order on prescription drug pricing. They explore how price discrimination works in global pharmaceutical markets, the unintended consequences of importation policies, and why U.S. consumers often pay more—yet benefit most from drug innovation. Tabarrok also critiques the FDA’s role in delaying treatments and explains how regulatory reform, not price caps, could make healthcare more affordable and effective. Alex's Article, "Econ 101 is Underrated: Pharma Price Controls": https://Mises.org/HAP500a…

On Economics Explored, host Gene Tunny and guest Dr. Mark Thornton discuss the “Skyscraper Curse,” the uncanny correlation between constructing the world’s tallest buildings and subsequent global economic crises. Mark explains why these architectural achievements often precede financial downturns. With the resurrection of Saudi Arabia’s Jeddah Tower project—destined to become the world’s tallest building—set for completion around 2027, could another global economic crisis be imminent? Tune in for an eye-opening discussion that connects skyscrapers, economics, and predictions for our financial future. Additional Resources “The Skyscraper Curse and Austrian Economics with Mark Thornton” (Economics Explored Podcast with Gene Tunney): https://Mises.org/MI_120_A The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century by Mark Thornton: https://Mises.org/Curse An Essay on Economic Theory by Richard Cantillon (edited by Mark Thornton): https://Mises.org/MI_120_B Be sure to follow Minor Issues at https://Mises.org/MinorIssues…

Political Scientist Joseph Solis-Mullen joins Ryan McMaken to review Ralph Raico’s newly published lectures on politics in the West. We recommend this book for all who want a pro-freedom history of political thought. Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard Radio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off…

While Trump has not yet turned to price controls to address America‘s absurdly high drug prices, Monday‘s executive order suggests that he soon may. Price controls would only worsen the problem with the drug market. Here are three things he can do instead. Read the article here: https://mises.org/mises-wire/how-trump-can-lower-drug-prices-without-price-controls The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at https://mises.org/gabfreebook Be sure to follow the Guns and Butter podcast at https://Mises.org/GB…