Mises Institute
Thursday, November 20, 2025
For decades, central banks (including the Federal Reserve) have intervened in economies to force down interest rates over and over again. This has fueled relentless increases in prices for both consumer goods and assets. Yet, the consumer just keeps buying expensive cars, appliances, and opulent meals while dining out. How do they afford it? One reason is the proliferation of an economy based on “buy now pay later” (BNPL). Midsize family cars are now $60K? Just buy now pay later. People are even now taking out loans to buy sandwiches with new apps like Klarna. As you might guess, there’s a downside to this, and today at mises.org, Hunter Smathers looks ([link removed]) ([link removed]) at the new Fed-fueled reality of BNPL.
And what to do about high prices? Connor O’Keeffe today examines some of the ways we can solve the affordability crisis ([link removed]) .
Ryan, Editor-in-Chief
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The Hidden Costs of “Buy Now, Pay Later” Culture
Hunter Smathers
The modern debt culture—underwritten by the Federal Reserve’s expansionary policies—not only harms capital development, but it also encourages short time preferences, which diminishes the structure of production.
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How to Actually Solve the Affordability Crisis
Connor O’Keeffe
Politicians in both parties are promising to address the affordability crisis. But neither is focusing on, or even discussing, the true causes. Here’s what they are and how to fix them.
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Is the Left Trying to Destroy the Family?
On the John Curley Show, Ryan McMaken presents a practical case for strengthening families by shrinking Leviathan’s reach.
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Why I Won’t Be Mourning Dick Cheney
Lew Rockwell on Dick Cheney’s legacy of death, surveillance, and executive overreach.
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The Real Affordability Agenda
Politicians of both parties ignore the real cause of price inflation: the Federal Reserve. Unless this is addressed, the affordability crisis will remain.
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The Logic of Monetary Collapse: A Rejoinder to Hülsmann
The question is if a currency can stop being money when demand collapses, regardless of its quantity.
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A Note on Exchange-Rate Notations
A student asked why the exchange rate notations that Hülsmann uses in his class are different from what he found in the financial press.
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How to Actually Solve the Affordability Crisis
Affordability won’t be fixed by price controls. Connor O’Keeffe explains.
WATCH NOW ([link removed])
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The Misesian
In the latest issue of The Misesian, we give readers a sense of what happens at Mises University by featuring lectures and photos from the event, as well as testimonials from students.
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