Why do economists across the spectrum—even Paul Krugman and Karl Marx—support free trade? Mark Thornton explores this surprising consensus. Do tariffs force people to think more like economists, considering long-term ramifications taught by Bastiat and Hazlitt.

Is it a true understanding of the Austrian perspective, or just a fleeting moment of clarity? Mark suggests economists often compartmentalize principles, opening the door to conflicting ideologies.

Tune in to discover why free trade might be the one issue that forces economists to think straight, and what Austrians can learn from the mainstream.

"Why Smart People Are Rightly Confused About Tariffs" (Unanimity, Episode 4): http://mises.org/U4

“The Twin Deficits” (Minor Issues, Episode 115): https://mises.org/MI_115

"Free Trade in the Twenty-First Century” (Minor Issues, Episode 113): https://mises.org/MI_113

"Tariff Increases vs. Tax Cuts" (Minor Issues, Episode 107): https://mises.org/MI_107

Join us May 15-17, 2025, at the Mises Institute in Auburn, Alabama, for our Revisionist History of War Conference. This is our first history conference in almost thirty years. For more details and to register, visit https://Mises.org/rhw.

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

In this episode, Mark Thornton explores the looming threat of hyperinflation in the US. With the national debt soaring past $33 trillion and future obligations exceeding $100 trillion, can America avoid a financial crisis where prices skyrocket out of control?

Mark examines historical hyperinflations in leading economies like France and Germany, and how excessive government spending and debt played a role. Drawing on the insights of Ludwig von Mises, Mark dissects the three phases of inflation and what happens when the public loses faith in holding money.

Is hyperinflation merely an accounting problem, or does it portend economic ruin and societal breakdown? Tune in to find out, and to explore the potential consequences for our future.

“Hyperinflation, Money Demand, and the Crack-Up Boom” by Thorsten Polleit: mises.org/MI_116_A

"Hyperinflation and the Destruction of Human Personality” by Joseph T. Salerno: mises.org/MI_116_B

Further Readings on Hyperinflation (Oxford University Mises Society): mises.org/MI_116_C

Economic Policy: Thoughts for Today and Tomorrow by Ludwig von Mises: mises.org/MI_116_D

The Theory of Money and Credit by Ludwig von Mises: mises.org/MI_116_E

Join us May 15-17, 2025, at the Mises Institute for our Revisionist History of War Conference. This is our first history conference in almost 30 years. For more details and to register, visit https://Mises.org/rhw.

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

You’ve heard endless debate about the trade deficit, but what about its evil twin, the budget deficit? In this episode, Mark Thornton untangles the truth behind the so-called “twin deficits,” revealing why trade imbalances aren’t necessarily bad, and how government borrowing distorts investment, fuels inflation, and weakens long-term prosperity. Mark cuts through the economic fog and shows what’s really dragging us down.

“Trade Deficits and Fiat Currencies” by Robert Murphy: mises.org/MI_115_A

“The Evil Twins: U.S. Federal Budget Deficits and U.S. Trade” by Jane L. Johnson: mises.org/MI_115_B

“The Twin Deficits” by Gary North: mises.org/MI_115_C

"A Dollar as Good as Gold" by Lewis E. Lehrman: mises.org/MI_115_D

Join the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25

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Is the silver market a victim of price manipulation, or are there other forces at play? Mark Thornton explores the often-misunderstood economics of silver, delving into the theory of "joint supply" to explain why silver prices can sometimes defy conventional wisdom. Mark examines how silver, often a byproduct of other mining operations, can experience a "silver lining" effect during economic downturns, potentially rising in value when other commodities fall. Forget the conspiracy theories for a clear-eyed look at the economic realities that shape the silver market.

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

International trade is the topic du jour. Mark Thornton shares his recent presentation at the Austrian Economics Scholars Conference about a timely and important book featuring many of your favorite authors, Free Trade in the Twenty-First Century: Economic Theory and Political Reality.

“Why Smart People Are Rightly Confused About Tariffs” (Unanimity Podcast): Mises.org/U4

"Tariff Increases vs. Tax Cuts" (Minor Issues Podcast): Mises.org/MI_107

Free Trade in the Twenty-First Century: Economic Theory and Political Reality, edited by Max Rangeley and Daniel Hannan: Mises.org/MI_113_Book

April 26 in Phoenix, Arizona, Dr. Robert Malone, Tom Woods, and Tom DiLorenzo will discuss the psychological operations in bureaucratic control, the madness of covid-era “public health,” and the corruption and hypocrisy of our federal bureaucracy. Enter for your chance to win a free ticket at https://mises.org/phoenixraffle25. The deadline is April 1. Winners will be announced the week of April 7.

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

Economic crises don’t just happen—they follow a predictable pattern of boom, bubble, and bust. In this episode, Mark Thornton exposes the true cause of economic crashes: government intervention in money and banking. From the Dutch Tulip Bubble to the Great Depression and beyond, Mark traces how central banks, inflationary policies, and reckless government spending set the stage for financial collapses. Mainstream economists blame "animal spirits," psychological instability, or capitalism itself, but what if the real culprits are the very institutions claiming to prevent crises? Tune in to uncover the truth behind booms, busts, and the destructive cycle of intervention.

Playing with Fire: Money, Banking, and the Federal Reserve: Mises.org/Fire

Early Speculative Bubbles and Increases in the Supply of Money by Doug French: Mises.org/Bubbles

The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century by Mark Thornton: Mises.org/Curse

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

The economy is teetering on the edge, and the Federal Reserve’s reckless policies have only made things worse. In this episode, Mark Thornton joins Scott Horton to break down the boom-bust cycle, why inflation isn’t going away anytime soon, and how the Fed’s interventions set us up for even bigger economic disasters. Are we headed for a deep recession, or is something even worse on the horizon? Mark explains the hard truths about interest rates, government debt, and why the next crisis may be the biggest yet.

Catch The Scott Horton Show at https://ScottHorton.org

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

In this episode, Mark explores the psychology and economics of extractive industries, from mining to energy production. Despite their crucial role in advancing civilization—providing everything from metals to fuel—these industries are now vilified, especially by younger generations influenced by environmentalist ideology. But what are the real economic consequences of restricting resource development? How does political interference in mining and energy affect future supply, prices, and investment opportunities? Tune in as Mark breaks down the myths, the propaganda, and the financial reality behind one of the most misunderstood sectors of the economy.

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