Essays & News

  A few weeks ago, Argentina slid into another currency crisis. In what appeared to be a desperate move, the Argentine government reached out to the U.S. Treasury, seeking assistance from its Exchange Stabilization Fund (ESF)—the same fund famously used to help Mexico during the Tequila Crisis in the mid-1990s. Argentina hasn’t received a single […]

  The French during Napoleon’s reign and the Germans in World War II learned that time usually favors Russia, mainly because of its vast size and the strong loyalty of its people. In addition, Russia often backs its policies with disinformation tactics. Another key factor that has bolstered Moscow’s strategies for centuries is Western countries’ […]

  The European Union sees itself as a rules-based power and a force for good in the global economy. Its regulations are often presented as embodiments of universal values: protecting consumers, ensuring sustainability and promoting digital responsibility. Over the past two decades, this model has become a defining part of Europe’s global identity. Nevertheless, for […]

  This year has proven to be a watershed moment for the precious metals market. Since January, gold, silver and platinum prices are up by roughly 60 percent, 75 percent and 80 percent, respectively, trading at unprecedented and persistent record highs. This is in addition to the price of gold having quadrupled, silver tripling and […]

  The concept of credit money, introduced by Ludwig von Mises in 1912 in his work “The Theory of Money and Credit,” receives little attention. Yet the concept of credit money can be beneficial in historical analysis. Mises distinguishes between three types of money in the narrower sense: physical money, credit money, and token money […]