Mises Daily Email

Monday, January 5, 2026

Contrary to regime propaganda, the government’s regulators and central bankers have only ever made recessions and business cycles worse. The Federal Reserve gave us the Great Depression and 70s inflation, and enabled the corporate-welfare state that now rules in Washington. But, the government failures go back even further to 1893 and beyond.

Also today, Larsen Plyler adds some much-needed detail to the narrative about American Indians, who were neither utopian tree-huggers nor incorrigible savages.

Ryan McMaken, Editor-in-Chief

The Panic of 1893: An Austrian View

Joshua Mawhorter

From an Austrian perspective, the Panic of 1893 provides key lessons, but this consequential panic has not received as much direct attention as it deserves.

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Roger Farmer Gives
a Tour of Macroeconomics

Bob Murphy talks with Roger Farmer about how 20th century macroeconomics evolved.

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Silver’s Growing Pains

Mark Thornton kicks off 2026 with the new Minor Issues prediction contest (stocks vs. manure) and a hard look at the monetary-metals squeeze.

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Questioning the Annexation of Texas as a US State

The annexation of Texas was a preview of future foreign policy.

Grant’s Memoirs on the Mexican-American War

Grant wrote that he and other troops were sent to provoke a fight.

Bureaucracy: The Death Knell of Higher Education

Overexpansion, protectionism, and bureaucratic infiltration.

Three Economic Fallacies: Holidays, Billionaires, and WWII

Work, wealth, and wartime spending.

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The Misesian

The latest issue of The Misesian discusses why, without private property, there is no way to plan for the future, and one’s goods are always subject to confiscation from the more powerful. In other words, a world without private property is a lawless world.