Mises Daily Email

Thursday, January 15, 2026

We’re not even three months into the new fiscal year and it’s clear that fiscal policy will continue as pretty much the same as it was under Biden. Trump’s warfare-welfare state requires ever more spending, after all, and now he wants a half a trillion more in Pentagon spending.

But how to pay for it all? The Federal Reserve is key, but Trump apparently wants even more inflation than his nemesis, the inflationist Powell, is willing to provide.

Ryan McMaken, Editor-in-Chief

Trump Wants $500 Billion More for the Pentagon As Deficits Mount

Ryan McMaken

Trump wants to spend half a trillion more dollars on military spending, even as federal spending persists at Biden-era levels and interest on the debt climbs ever upward.

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Trump’s Justice Dept. Launches Criminal Probe against the Fed’s Powell

DC factions feuding over how to use the Fed to fund Leviathan.

LISTEN +

Powell Should Be A Great American Villain. DC Will Make Him a Hero

In truth, the Fed has always done the administration’s dirty work.

LISTEN +

Inequality Is Bad. The Solution Is Not Government Intervention

The 2025 G20 Global Inequality Report raises the issue of inequality, however, government intervention could render matters worse.

Why “Good Money” Always Disappears When “Bad Money” Is Circulated

Gresham’s Law isn’t about greed or bad behavior. It describes rational decision-making under fixed rules.

Trump Creates His Own Version of QE with New Fannie/Freddie MBS Purchases

President Trump announced using Fannie Mae/Freddie Mac to buy mortgage-backed securities.

Dualism and Calculation: What Mises Taught Me about Economics and Capitalism

Bob Murphy at the 2024 Human Action Conference in Auburn, Alabama.

WATCH NOW

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.