Mises Institute

The right dismisses economics at its peril. Tom Woods shows why Austrian economics holds the key to solving the very cultural and economic crises that MAGA claims to care about.

Recorded at the Mises Institute in Auburn, Alabama, on July 20, 2025.

Mises University is the world’s leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

On this episode, Mark Thornton breaks down the political pressure from Trump, market demands for cheap money, and the Federal Reserve’s real fears: a collapsing dollar, rising inflation, and soaring long-term rates. Mark traces the history of interest rate manipulation, the precarious state of US debt, and why Chairman Powell may be clinging to high rates—not for the public good, but to save face before his 2026 exit. With the dollar weakening and deficits exploding, Mark explains why the next crisis could be just one rate cut away.

Additional Resources

“Trump Is Wrong about Interest Rates“ by Ryan McMaken (Radio Rothbard Podcast): https://mises.org/MI_129_A

“Will Fed Cut Rates By 3%? Is Massive Inflation Returning? Economist Steve Hanke Answers”: https://mises.org/MI_129_B

“Federal Funds Effective Rate”: https://mises.org/MI_129_C

“Nominal Broad U.S. Dollar Index”: https://mises.org/MI_129_D

“Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity, Quoted on an Investment Basis”: https://mises.org/MI_129_E

“Minutes of the Federal Open Market Committee, June 17–18, 2025” (PDF): https://mises.org/MI_129_F

“US FOMC Meeting Minutes (June 17-18, 2025)” by Ksenia Bushmeneva: https://mises.org/MI_129_G

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

After promising to end the Ukraine war immediately, and to stay out of Middle East wars, President Trump has instead doubled down on intervening in both conflicts.

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

This week, Bob returns to the topic of how the United States could practically abolish the Federal Reserve and transition to a stable monetary system backed by gold. He clarifies common misconceptions about the consequences of ending the Fed, provides historical context for America’s monetary systems, and lays out a realistic path forward for monetary reform.

Bob's Mises Article, "Putting the Country Back on Gold": https://Mises.org/HAP509a

Understanding Money Mechanics: https://Mises.org/HAP509b

When President Trump declared the Epstein case closed, many of his supporters in MAGA objected, believing that the government is still hiding the truth. But Trump opponents claim that MAGA is a monolithic movement beholden only to Trump. This incident tells us something else.

Read the article here: https://mises.org/mises-wire/split-over-epstein-tells-us-something-important-about-maga-movement

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

There are many reasons for disliking the Federal Reserve. However, many critics of the Fed attack the Fed for the wrong reasons.

Be sure to follow the Loot and Lobby podcast at https://Mises.org/LL

Let’s look at some of the reasons why President Trump and his supporters are so obsessed with demanding that the Federal Reserve force down interest rates even further.

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

Bob goes solo to make a comprehensive case for abolishing the Federal Reserve and explains what life afterward would look like. He dives into the Fed’s marked history, its questionable track record, and the secrecy surrounding its creation and ongoing operations. Bob also outlines a practical, step-by-step approach for transitioning away from the Fed, returning monetary control to a gold standard, and restoring economic stability and transparency.

Bob's Recent ZeroHedge Debate,"Should We End the Fed?": https://Mises.org/HAP508a

Understanding Money Mechanics: https://Mises.org/HAP508b

In the latest episode of Minor Issues, Mark Thornton unpacks a deceptively simple question and follows its answer deep into the heart of economic history and theory. Drawing on insights from Hayek, Cantillon, Menger, and even WWII prisoner-of-war camps, Mark explores how money actually emerged—not from the decrees of kings or bureaucrats, but from the spontaneous actions of everyday people solving real problems in a barter economy. Mark challenges the fable of state-created money and confronts the dangerous logic of Modern Monetary Theory. This is not just a history lesson—it's a blueprint for understanding inflation, fiat failure, and the path to sound money.

Additional Resources

"Who Really Invented Bitcoin?" (Minor Issues, episode 128): https://mises.org/MI_128

An Essay on Economic Theory by Richard Cantillon (see Part 1, Chapter 17, "Metals and Money, and especially of Gold and Silver"): https://mises.org/MI_128_A

Register for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25

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

The P&M panel discusses Trump’s reversals, capitulations, and outright failures to fulfill popular campaign promises, and what Trump supporters should take away from all this.

For more information and to subscribe, visit https://Mises.org/P&MPod