Scott Horton Show - Just the Interviews 12/5/25 Mark Thornton on the Boom Bust Cycle and the Federal Reserve
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Dec 11, 2025 Mark Thornton, a senior fellow at the Mises Institute and author of 'The Skyscraper Curse,' dives into the intricate dynamics of the economy. He highlights how the Federal Reserve's policies exacerbate wealth inequality, benefiting elites while harming the working class. Thornton explains the K-shaped recovery, the dangers of inflationary money, and advocates for a gold standard to promote sound money. He also warns of the looming market corrections and discusses the impact of domestic interventions on international conflict.
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Who Benefits From Artificially Low Rates
- The Federal Reserve's low-interest, money-printing policies create artificial booms that advantage banks and elites first.
- These Cantillon effects systematically redistribute wealth away from the working and middle classes.
Booms Hurt Workers Before Busts
- Austrian business-cycle theory links central-bank credit expansion to cyclical booms and painful busts.
- The working class suffers income erosion during booms and severe hardship during busts.
Talk Money To Build Coalitions
- Explain monetary effects to broad audiences to build cross-ideological coalitions against the Fed.
- Emphasize how inflation and interest policy harms the working class to win support from left and populist groups.
