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Kudos to Emre Kuvvet for acquiring the Fed’s mythical “Doomsday Book” by FOIA request and sharing it. Emre published a short article on it in the WSJ today, and he has a longer article coming in the Spring 2024 issue of the Independent Review . It’s “an internal document used to guide the Federal Reserve’s actions during emergencies.” It is mainly

Everybody is dunking on Paul Krugman’s latest column , “Beware Economists Who Won’t Admit They Were Wrong,” and rightfully so. He is frequently tricky and slippery (and terribly out of touch).  This column is no exception. Krugman is sticking to the rhetorical move that was aptly exposed by Bob Murphy months ago: Krugman begins by declaring

Price inflation statistics were a hot topic in 2023. Official measures, like the Personal Consumption Expenditures Price Index (PCE) and the Consumer Price Index (CPI), rose to levels not seen in over four decades. These measures were under commentators’ microscopes as recently as last week. The FRED Blog (run by the St. Louis Fed) briefly

Are the chickens coming home to roost for the US Treasury? As Ryan McMaken noted in a recent Mises Wire article, the United States is in a debt spiral and there’s no easy way out . The problem is multifaceted, but the origin is profligate government spending. While it typically spikes during crises, spending is increasing at an alarming rate even

Reports from Harvard and Yale reveal that about 80% of students at both institutions receive As, with mean GPAs reaching 3.7 at Yale and 3.8 at Harvard. This is a trend that has stretched across decades and across higher education in general. While there was a large jump in the proportion of A grades in 2020, grade inflation has been occurring for

Paul Krugman can’t figure out why everybody is so bummed about the economy . From his perspective, we should all be jumping for joy, praising Joe Biden, and publicly signing fifty-year commitments to vote Democrat. Official statistics show that “unemployment is still near a 50-year low, yet inflation has been falling fast.” But the ignorant masses

The Babylon Bee advertises itself as “Fake news you can trust.” The outlet produces the best satirical news, and this is especially true ever since big Democrat donors acquired large stakes in The Onion and turned it into the comedic equivalent of FDA-approved fiber cereal. At least it keeps us regular ly updated on the fact that The Left Can’t

Proponents of modern monetary theory (MMT) are back in action after a quiet spell during the embarrassing (for them) record price inflation of 2021–23. They are here to tell us that the mountain of government spending and debt is nothing to worry about; the government’s red ink is the private sector’s black ink, they say. Private sector growth

Listen to the Audio Mises Wire version of this article. One of Ludwig von Mises’s most important contributions was to point out that economic calculation is impossible under socialism. Meeting consumer demands requires that factors of production are allocated to the right lines of production in the right quantities at the right time — and that

While I was out for lunch, I decided to get a haircut and renew the tag for my vehicle. So I got all my paperwork together and pulled around the rear-facing Lee County Satellite Department of Haircutting and Styling Annex, Building 32.b.5 and carefully zigzagged through the tightly packed and confusingly arranged parking lot. I glanced through all