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  1. Free trade has its enemies on the left and the right. However, despite the supposed “sophistication” of their antitrade arguments, when we break them down, those arguments really are sophistry.

     

    Original Article: Statism Stands against Free Trade and Free Association

  2. Thanks to all of our generous donors who are participating in our 2023 Fall Campaign.

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    Monday, September 25

    Abdelhamid Abdou Adam Battles
    Adam Deng
    Alan Zibelman
    Andreas Hübner
    Anonymous
    Andrew Windsor
    Arthur Knolle
    Anonymous
    Barb Whiteman
    Bridget Santos
    Carl Chambers
    Carlos Aixerch Mateu
    Charles Crawley
    Charles Demastus
    Chris Lingwall, In honor of Milton Friedman and Thomas Sowell who opened my eyes 50 years ago
    Chris Striebeck
    Christopher Sears
    Cristina Fontaine
    Dan Zipay
    Daniel Krivickas, In memory of True Liberty and Economic Freedom
    Darlene Corbett
    Dave Benner
    David Cardaronella
    David Neilson
    David Shane
    David Stefan
    Davide Tafuri
    Dione Durham
    Don Bellante
    Donald Steele
    Doug Hill, In honor of Ron Paul
    Douglas Haaga
    Dustin Trammell
    Eric Hale
    Ezra Goldman
    Fred Witthans
    Gerard Evenwel
    Greg Krabbenhoft
    Gregory Citarella
    Howard Killebrew
    Hugh Kendrick
    Hunter Lewis

    Iain Greum
    Jacob Coffin, In Honor of Hans-Hermann Hoppe and the book he wrote, Democracy: The God That Failed
    James Irwin
    Javier Antonio Quiñones Ortiz
    Javier Pantoja Romero
    Jay Korinek
    Jeanne Kacprzak
    Jeffrey Yerkes
    Jerome Gloekler
    Jerry Knarr
    Jesse Cowell, In honor of William Anderson
    Jesse Dugay
    Jim Agelopoulos
    Jo Ann Cavallo
    John Bzoski
    Anonymous
    John Jolly
    Joris Debats
    Joseph Wilchek, In honor of Tom Woods
    Joshua Bozzick
    Kathryn Hamilton
    Kenneth Woods, In memory of Milton Friedman
    Kerry Steen
    Kevin Alons
    Kim Stephens
    Kristin Jackvony
    Lawrence Hamilton
    Linda Nico
    Lukas Abelmann
    Manuel Heel, In honor of Manuel H.
    Mark Markic
    Martin Jacovini
    Martin Young
    Marvin Graham, In memory of Charlotte Kay Graham
    Mary Sullivan
    Maureen Moore
    Miguel Gracia Arias, In honor of Miguel G. Moreu
    Mike Keenan
    Nancy Ore, In honor of the Mises Institute
    Nguyen Hoang Duc
    Noah Van Horn

    Paris Bleicher
    Paul Bunevich
    Paul Cerino
    Paul Jacobus
    Peter Michel
    Peter Morcombe
    Peter Rasmussen
    Pitipong Wanta
    Randy Boring
    Ray Svobodny
    Reed Scercy
    Richard Krebs
    Richard Muldoon
    Richard Page, In honor of Lahaina Condo
    Richard Pardo
    Robert Cerf
    Robert Chandler
    Robert Yabut
    Roberto Mello, In honor of Dra. Sonia Lafayette
    Rodger Cottrell
    Roger Woodward
    Ronald Banner
    Ronald Langdon
    Sami Peltola
    Sayre Powers
    Sheldon Hayer
    Sing Chung
    Stelio Pesciallo
    Stuart Hicks
    Tamara Goforth
    Theodore A. Gebhard
    Thomas Culver
    Timothy McMullan
    Tony Fulgenzi
    Tyke Conrady
    Tyler Hoxie
    Tyler Wambeke
    Vernon Moret
    Victor Sola
    Walter Block
    William Camp
    William Winters

     

    Tuesday, September 26

    Alessandro Artini
    Alex Kral
    Angela and Roger Box
    Ash Navabi
    Barry Linetsky
    Bart Mills
    Bitcoin Anonymous
    Brandon Harnish, In honor of Paul Michelson
    Burley Stewart
    Carson McCurdy
    Anonymous
    Dan Heinig
    Darryn Call
    Dennis Gilman, In memory of Chesley H. Gilman
    Eric Russell
    Gary Godley
    Gary Schreyer
    Gui Lopes
    Harry Morse
    Ivan Pedro Jimenez Correal

    James Kerner
    James Roberts
    Jason Swiatek
    Joe Kleca
    Anonymous
    John Pritchett
    Jorge Oliveira Dias
    Katherine Yoder
    Keith Brilhart
    Leonid Golender
    Lori McKenna, In memory of Charles Scarborough
    Lucas Goetz
    Anonymous
    Mark McGuire
    Matthew Gunnell, In honor of Liberty
    Maxime Hupé

    Michael Harvey
    Michael Mienko
    Michael Stankevich
    Miguel Ángel Alarcos Torrecillas
    Nathan Harper
    Nelly Smith
    Raul Brito
    Richard Paquette
    Robert Gaines
    Robert Zumwalt
    Robi Chatterji
    Anonymous
    Skylar Webb
    Steven Dusterwald
    Steven Miller
    Takashi Kimura
    Thomas Lonergan
    Vanner Ferreira da Silva
    Wayne K. Ford
    Zachary Bryson

     

    Wednesday, September 27

    Amy LePore
    Andrew Fitzgerald
    Andrew Quinn
    Anonymous
    Antonio Ortega
    Anwar M Osman
    Ashley Baxter, In memory of William Thomas Carlisle
    Attila Rebak
    Bambi Koch
    Benjamin Lemon
    Bret Logan
    Charles Castro
    Charles Hughes
    Charles Reifenberger, In honor of Paul Krugman
    Charles Trauger
    Chip Monroe
    Cliff Slater
    Corey Cotter
    D Schertz, In honor of Rand Paul, I liked the robe
    Darren Olofson
    David Crouch
    Desiree Dumas
    Donnie Martin
    Doug Jones
    Douglas Brownell
    Edward Wilson
    Gabe Royer
    Gabi Avni

    Gordon Clark
    Hayes Gahagan
    Henk Alles
    Ian Schmeisser
    James Cooper
    James Thomas
    Jason Hall
    Jason Lubyk
    Jeff Miller
    Jeffrey Abraham
    Joe Kerkes
    John Wares
    Joseph Gillotte
    Karen Slings
    Keith Sipe
    Kevin Burt
    Kevin Kyles
    Lawrence Greenberg
    Lisa Bordelon
    Ljubomir Dimitrovski
    Mac Trench
    Mark Briggs
    Matthew Bean
    Matthew Hale
    Matthew Walsh
    Mitch Costin

    Naoya Fuse
    Nathan Charpentier
    Paul Didier
    Paul McCormick
    Paul Slobodnik
    Paul Sullivan
    Peter Crabtree
    Peter de Vietien
    Philip Hansen
    Raymond Rondeau
    Richard Bird, In honor of all truth tellers—Everywhere
    Richard Browning
    Richard Huber
    Richard Westrup
    Richard Wilson
    Robert Strohecker
    Ronald West
    Stuart Egglestone
    Tab Schweitzer
    Ted McKnight
    Thomas Bertrand
    Anonymous
    Tim Kniveton
    Tobie Hall
    Walter Cruse
    William White

     

    Thursday, September 28

    Aaron Luther
    Agustin Argaluza
    Allen Ross
    Ana Martin
    Andrew Lachajczak
    Bart Vanderhaegen
    Betzaida Durkin
    Boris Kozintsev
    Bradford Wilson
    Brent Dresser
    Brent Harper
    Brett Roulston
    Brian DuBridge
    Brian McGlinchey
    Brian Murphy
    Bruce Sammut
    Charles Armour
    Charles Naja, In memory of MUM
    Chris DuFrayne, In memory of the U.S. Dollar
    Chris Hindmarch
    Cory Holden
    Dan Nibbelink
    David Barnes
    David Cruse
    David Pomeroy
    Dean Kocian
    Dean McHenry
    Derek Nelson
    Dorothea Burstyn, In memory of Alexander Burstyn
    Erik Guerra
    Frank Galusha
    Franklin Jensen
    Gabriel Fancher
    Gail Mitchell
    Gary Cesarz
    George Shchudlo
    Harry Elliott
    Harry Herchert
    Ira Epstein
    Jack Walsh
    James Greene
    Jan Niessen
    Jeancarlo Lopez
    Jeff Reasons
    Jerome R Allen
    Jerry LeCroy

    Joao Fernando Rossi Mazzoni
    Joe Loiacono
    Joel Gibson
    John Crissman
    John Downing
    John Frabotta
    John Gallagher
    John Gross
    John Larkin
    John Rountree
    John Sattel
    John Schempp
    John Soutsos
    Jonathan Huthmaker, In honor of Lauren Southern
    Jonathan Huthmaker
    Jonathan Merritt
    Joseph Camm
    Joseph George
    Joseph M. Stivaletta
    Joseph Spelman
    Joshua Vincent, In honor of Saifedean Ammous
    Joy Brower, Remembering Robert LeFevre and the Freedom School in Colorado
    Julio Baylac
    Kegan Williams
    Ken Christian
    Ken Howard
    Kenneth Robinson
    Kevin Christensen
    Kyle Thom
    Lina Thomas
    Linda McCrary
    Lisa Gansky
    Madalyn Pettenati
    Mag Martin Alois Brandner
    Malcolm Illingworth
    Marcin Wieloch
    Mark Allen
    Anonymous
    Mark Sanchez
    Anonymous
    Anonymous
    Michael Durnwald
    Michael Elwell
    Michael Houze
    Michael Jefferson
    Michael Solow

    Michael Woods
    Mike and Kelsey Whelen
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    MT Webb
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    Norman Hansen
    Patrick Butler
    Paul Frank
    Anonymous
    Paul McCormick
    Paul Sullivan
    Paul Taggart
    Pedro García Mateo, In Honor of Pedro Ga. Mateo
    Peter Navarro
    Peyton Gouzien
    R.H. Hartman, In memory of Murray N. Rothbard
    Raymond Eatmon, In honor of Stefan Molyneux
    Richard Armstrong
    Robert Bell
    Robert Czachorski
    Robert Davey
    Robert Graham
    Robert Lisi
    Robin Dea
    Ron Lynch
    Roshi Khilani
    Roy Steenhoek
    Rui Rosa
    RW Hobert
    Seth Benjamin
    Anonymous
    Steve Fenno
    Steve Mitchell
    Steve Reilly
    Steven Michael
    Terrence D Gallagher, In memory of Morgan James Gallagher
    Thomas Majewski
    Timothy Rydell
    Timothy Rydell
    Tony Dickerson
    Treena Luchetta
    Vance Hayes
    Victoria Sandberg
    Vincent O'Neill
    Vincent Vanderbent
    Wilhelm Laechelt
    Will Fuller

     

    Friday, September 29

    Aaron Brown
    Alan Forrester
    Alberto Gonzalez, In memory of Alexis A. Gonzalez
    Allen Dempster
    Andrew Cain
    Andrey Morozov
    Arthur Nation
    Barry Knighton
    Benjamin Lawrence
    Bernhard Stalzer
    Billy Armstrong
    Bitros George
    Bruce Burton
    Bryce Nygaard
    Bud Stamper, In honor of Prisoners
    Chris Boyce
    Christopher Stevens
    Claudia Asensio
    Claudia Staples
    Clinton Athey, In honor of Lew, Murray, and LVM.
    Colby Council
    Colin Turnnidge
    Dar Gandhi
    David Houston
    DENNIS M BLAIR
    Derek Schanil
    Dirck Storm
    Don Salonen
    Donald McKenna
    Doug White
    Eddie Allen, In memory of James Allen
    Edmund Buckley
    Erick Sepúlveda
    Erik Olsovsky
    Ernesto Ortiz
    Anonymous
    Frank Graham
    Gary Geddens
    Anonymous
    George Miller-Davis
    Glenn Risolo
    Graham Harrower
    Gregg Hunter
    Gregg Voos
    Gustavo Hincapie

    Hjalti Kjartansson
    Ian Rossi
    James Mosher, In honor of Joseph Schumpeter and Ludwig von Mises
    James Voris
    Jamie Sargeson, In honor of Murray Rothbard
    Jared Wall
    Jason Brown
    Jennifer Cole, In honor of Teddy Graf
    Jerry Marshall
    Johannes Van der Weide
    John Ciccotelli
    John Good
    John Jaeger
    John Sweeney
    Jonathan Doozan
    Jonathan Lawler
    Joseph Bratcher
    Joseph Feifer
    Kathie Dougherty
    Anonymous
    Lance Pietropola
    Landen Terrell
    Larry Goodman
    Laurence Rebich
    Les Dunaway
    Leslie Maltby
    Luke Carriere, In honor of Satoshi Nakamoto
    Mark Branson
    Mark Burk
    Mark Packard
    Matthew Bianco
    Matthew Lorence
    Matthew Lynn, In honor of Ludwig von Mises
    Matthew Thomas
    Max Jiang
    Max Pruger
    Michael Byrd
    Michael DeGan
    Michael Wilson
    Mike Alcaraz
    Mike Maddaloni
    Molly Brannon
    Nasser El Debs
    Nicholas West

    Olliver Robinson
    Patrick Brannan
    Paul Christensen
    Peter Gardow
    Peter Spung
    Ralf Hein
    Ralph Hughes
    Rares H
    Renee Duquette
    Ricardo Kilson
    Richard Klabechek
    Rick Neisser
    Riley Wipf, In honor of Jason James Wipf, my brother and guide.
    Robert Molinowski
    Robert Rose
    Rochelle Woychowski
    Roman Fresnedo
    Ron Wilharm
    Ronald Stauber
    Shelly Benford, In memory of Louis Gregorich
    Stan Ullerich
    Stephen Gorin
    Steven Digilio
    Terrell Yon
    Terry Readdick
    Thomas Diaz
    Thomas Fleres
    Thomas Jon Jensen
    Thomas Kirwan
    Timothy Hutson, In memory of Albert & Loyola Hutson
    Timothy Pitt
    Todd Connelly
    Todd Walls
    Tom Frey
    Tom Jenney, In honor of Ludwig von Mises
    Tsvetalin Radev
    Vladimir Popovic
    Wayne Crapella
    Wayne Williamson
    William Johnston

     

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  3. Obamacare's forced electronic medical recordkeeping is denying patients the care they need.

     

    Original Article: Physician Burnout: Another Consequence of Medical Socialism

  4. This episode examines the impending Government Shutdown, which will suspend new releases of the government's "vital" economic statistics. How will the "Data Dependent" Fed manage its policy behind the cloak of missing data? Mark suggests it's best to consider that the Fed is playing its typical confidence game.

    Be sure to follow Minor Issues at Mises.org/MinorIssues.

  5. In Argentina, the libertarian presidential candidate Javier Milei made headlines when he came in first in the primary on August 13. His economic program calls for a strong reduction in government spending and the role of government in general and would, if implemented, greatly improve the conditions of economic life in Argentina.

    There is, however, one weak point—namely, his proposed monetary reform. Faced with high inflation rates and a depreciating peso, Milei proposes to dollarize the Argentinian economy. The details are not clear, but the idea is to swap pesos for dollars at the market rate (effectively making pesos claims on dollars) before finally abolishing the Argentinian peso.

    All contracts, assets, and demand deposits would from then on be denominated in dollars, converted from pesos at whatever the rate was when the reform took effect. Argentinian economist Emilio Ocampo and the noted Austrian school economist Nicolás Cachanosky have authored one possible plan for dollarization. Milei has also suggested that other currencies could circulate freely in Argentina, implying that neither the peso nor the dollar would be the legal tender.

    The Problems of Dollarization

    To be clear, given Argentina’s situation, dollarization is very likely to be an improvement. Argentina suffers from high inflation, but this inflation is not from an act of God. Milei himself clearly understands that the culprit is the Argentinian central bank. Destroy the central bank, and the problem of inflation is over. As Milei says, dollarization is simply a means to an end. Rather than having the high rates of inflation produced by the central bank of Argentina, the country would import the lower rates produced by the United States Federal Reserve.

    If the main goal is to prevent the Argentinian state from despoiling its citizens through control over money, then Milei’s plan works—albeit by giving this power to the issuers of US dollars instead. While fiscal discipline will be imposed in Buenos Aires, the plan extends the possibilities of seigniorage in the dollar system. The imported US inflation, which may not be as bad as Argentinian inflation, is still bad.

    In fact, since it is clear that the Argentinian problem is a central bank that monetizes government debt—that is, it prints new pesos to fund the government—then dollarization is really superfluous. Once the central bank is abolished, have we not already achieved the desired goal?

    A Simple Monetary Reform for Argentina (and Everywhere Else)

    The simplest reform possible—one that could be implemented immediately—is to simply destroy the central bank by eliminating its role in issuing new units of money in whatever form—physical, digital, or as new reserves. There would no longer be an increase in the supply of money, and this would immediately solve the inflation crisis, since the cause and essence of inflation is an increase in the supply of money.

    A second step in this simple reform would then be to abolish all legal tender laws and all provisions that would favor one currency over another. While the peso would then probably continue to circulate, its key offending characteristics—monopoly control over the issue as well as its forced use—would be gone. Dollarization adds nothing to this state of affairs.

    A possible objection is that a later government could simply reimpose legal tender laws if the peso still circulates, returning the country to a fiat regime. This is true, but the same applies in the case of dollarization. After all, Zimbabwe dollarized in 2009 and then dedollarized in 2019. A more ambitious reform is more likely needed to prevent the reintroduction of fiat money.

    An Ambitious Monetary Reform for Argentina (and Everywhere Else)

    Rather than looking only at the issue of paper or base money (i.e., money whose issue is directly controlled by the central bank), a more ambitious reform would aim at reforming the banking system as well. The central bank is not the only creator of money—banks also create money within the modern system of fractional reserve banking. These banks, too, earn seigniorage from the creation of money ex nihilo, and they too destabilize the economic system. Besides paper money in the narrow sense, fiduciary media—bank-issued money in excess of bank reserves—should also be eliminated.

    This ambitious reform is only slightly more complicated than the simple reform. The outstanding issue of fiduciary media is first frozen, along with the normal operations of the central bank. However, the banks are then supplied with paper money to back all outstanding fiduciary media. This will not increase the money supply but simply convert the fiduciary issue into fully backed money certificates. Once this has been done—the technicalities of printing the notes may take some time—the central bank will close its door.

    What to do with its remaining assets is a secondary question. One option would be to let its creditors seize control of the assets; another option would be to use them to back the peso with gold. As in the simple reform, the peso would lose legal tender status and any other privileges, turning the monetary system into one of competing currencies. However, it might be desirable to convert the peso into a commodity money to put more obstacles in the path of reintroducing fiat money.

    The final plank in reforming the banking system would be a return to traditional legal principles. It should be required that banking contracts clearly specify to whom the sum of money is available, (i.e., whether the sum in question is a loan or a deposit). This would eliminate the possibility of fiduciary media reemerging, since what enables fractional reserve banking is confusion over who has control of the money in banking contracts.

    The Goal of Monetary Reform

    Such simple reforms accord with the goal of a just and harmonious economic and monetary order: removing money from the control of government and ending fiat money in all its forms by eliminating the special privileges accorded to banks. While the technicalities may differ from country to country, there is nothing standing in the way of implementing these reforms except a lack of political will. Javier Milei’s proposed reform in Argentina goes a long way toward this goal, but dollarization is a step backward.