Minor Issues

Mark Thornton opens with Sir Walter Scott’s famous “tangled web” line, using John Law’s Mississippi Bubble and Richard Cantillon’s response to frame today’s financial disorder: national debt, a bond bear market, dollar manipulation, trade war, stock-market fragility, and overseas conflicts. Download An Essay on Economic Theory by Richard Cantillon, available for free in PDF, ePub, and as an audiobook: https://mises.org/library/book/essay-economic-theoryOn Side B, Thornton discusses the Fed’s first rate hike in three years, the debt trap facing the Treasury market, the energy shock from the Persian Gulf war, the declining global trust in the dollar, and the AI data-center boom as this cycle’s “skyscraper curse” signal. He closes by arguing that gold’s resilience and central-bank accumulation point toward a growing loss of confidence in the paper-money system.2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Economic Depressions: Their Cause and Cure through September 30. Grab yours today at https://mises.org/issuesfree20% off listener offer on the insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Mark Thornton opens with a recap of inflation, commodity prices, interest rates, and stagnant real wages before turning to “bubble bonds”: the explosion of borrowing by AI hyperscalers to finance data centers, chips, and infrastructure with assets whose useful lives may be far shorter than the bonds issued to fund them. Mark connects the AI boom to the Austrian business cycle, comparing it to earlier technology-driven bubbles in public utilities, telecom, dot-coms, and housing finance. On Side B, Mark discusses global financial stress, war-driven energy disruptions, diesel and food prices, strained consumers, government debt, the Treasury market, and the danger that fiat-money governments will try to print their way out. He also contrasts today’s debt problem with the post–World War II demobilization and closes with thoughts on gold, silver, central-bank buying, and the possibility of a monetary reset.2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Economic Depressions: Their Cause and Cure through September 30. Grab yours today at https://mises.org/issuesfree20% off listener offer on the insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Mark Thornton follows up on last week’s episode by arguing that the Trump administration, Chairman Warsh, and Secretary Bessent are using short-term maneuvers to hide long-term economic and geopolitical problems. He focuses on Bessent’s “Operation Economic Outcast,” the failure to isolate Iran, weakening foreign demand for US bonds, the breakdown of the petrodollar order, and the growing risks created by war, sanctions, and fiscal denial. On Side B, Thornton joins Mario Innecco to discuss the bond market, inflation, war, the AI bubble, and why productivity gains cannot cure monetary inflation. They also turn to the deeper political problem: elite control, rising unrest, and the need for a bottom-up ideological revolution rooted in sound economics and limited government.2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Economic Depressions: Their Cause and Cure through September 30. Grab yours today at https://mises.org/issuesfree20% off listener offer on the insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Mark Thornton opens by tracing the Soros-linked circle of Scott Bessent, Stanley Druckenmiller, and Kevin Warsh, arguing that Treasury and Fed officials are using currency moves, bond buybacks, and market-signaling games to hold the system together through Election Day. He connects Bessent’s yen and Treasury interventions, Warsh’s Jackson Hole remarks, gold and silver volatility, and the broader effort to mask weak bond markets and a falling dollar. On Side B, Mark joins TastyLive to discuss the market consequences: precious metals and commodities as relief valves, AI debt as a classic Austrian business cycle malinvestment, why productivity gains cannot cure monetary inflation, and why rate hikes may hurt financial markets and indebted consumers without fixing war-driven price shocks.2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Economic Depressions: Their Cause and Cure through September 30. Grab yours today at https://mises.org/issuesfree20% off listener offer on the insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Mark Thornton opens with a warning from Jackson Hole: the Fed’s public mandate is a cover story. Its real job is to serve the big banks and the state by keeping deficits, debt, and financial markets afloat through the power of printability. New programs, wars, bailouts, and political promises all become easier when the Fed can create money with keyboard entries, while consumers pay later through higher prices, unemployment, and crisis. On Side B, Thornton joins Wall Street Bullion to discuss gold, silver, commodity prices, the long-term consequences of paper money, the burden facing younger Americans, and the dangers of hyperinflation. He explains why boom-bust cycles begin with central bank credit expansion, why dollar-denominated assets become vulnerable in an inflationary environment, and why a bottom-up approach—sound money, savings, local resilience, and real assets—matters now.See also "Tightwads at the Fed" (Minor Issues, Episode 56) https://mises.org/podcasts/minor-issues/tightwads-fed2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Economic Depressions: Their Cause and Cure through September 30. Grab yours today at https://mises.org/issuesfree20% off listener offer on the insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues