Minor Issues

In this episode of Minor Issues, Mark Thornton explores how nations quietly prepare for war—and what the corporate media isn’t telling you. From Europe’s military buildup and the global trade war to the hidden toll of economic sanctions, Mark unpacks historical patterns that have repeatedly led societies to disaster.Why is gold at a record high? How does modern mercantilism fuel today’s tensions? Are we all just pawns in a much bigger game? Join Mark as he examines the real risks simmering beneath the headlines, and what history can teach us about the cost of ignoring them.Additional Resources"The World at War—An Essential New Book from Ralph Raico" by Ryan McMaken: https://mises.org/MI_123AAn Anti-War Reading List: https://mises.org/MI_123BThe Costs of War: America's Pyrrhic Victories edited by John V. Denson: https://mises.org/MI_123CAudio and videos recordings of the Mises Institute's May 2025 Revisionist History of War Conference: https://mises.org/MI_123DRegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25

In this episode, Mark Thornton shares his recent Revisionist History of War Conference talk on a lesser-known factor in the American Civil War: the Confederate “impressment” policy and its impact at Vicksburg. While Gettysburg is more famous, Vicksburg was just as pivotal, and the South’s policy of seizing goods at artificially low prices actually helped Grant win.Mark challenges the idea that the Confederacy lost simply because it was outgunned, and he explores what this teaches about how smaller groups fighting for freedom and independence can take on much larger forces.Additional ResourcesTariffs, Blockades, and Inflation: The Economics of the Civil War by Mark Thornton and Robert Ekelund: https://mises.org/MI_122A"The Confederate Blockade of the South" (Quarterly Journal of Austrian Economics, Vol. 4, No. 1) by Mark Thornton and Robert Ekelund: https://mises.org/MI_122B"The Economics of the Civil War" (eight-lecture series) by Mark Thornton: https://mises.org/MI_122CRegister for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25

In this episode, Mark Thornton discusses The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism, the new book by Senator Phil Gramm and Professor Donald J. Boudreaux.Mark reflects on the persistent misconceptions about capitalism in America and offers up a "Marxist interpretation" of our dilemma. He explores how entrenched ideologies shape the way information is presented, the influence of state actors on education and media, and the ways in which these forces skew perceptions of economic history. Ultimately, Mark argues for a more critical and evidence-based approach to understanding capitalism.Additional Resources"Your Kids Are Already Communists, and College Will Make It Worse" (Minor Issues, Episode 89): Mises.org/MI_89"Political Bias in Academia" (Minor Issues, Episode 95): Mises.org/MI_95Be sure to follow Minor Issues at Mises.org/MinorIssues

On Economics Explored, host Gene Tunny and guest Dr. Mark Thornton discuss the "Skyscraper Curse," the uncanny correlation between constructing the world's tallest buildings and subsequent global economic crises. Mark explains why these architectural achievements often precede financial downturns. With the resurrection of Saudi Arabia's Jeddah Tower project—destined to become the world's tallest building—set for completion around 2027, could another global economic crisis be imminent?Tune in for an eye-opening discussion that connects skyscrapers, economics, and predictions for our financial future.Additional Resources"The Skyscraper Curse and Austrian Economics with Mark Thornton" (Economics Explored Podcast with Gene Tunney): Mises.org/MI_120_AThe Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century by Mark Thornton: Mises.org/CurseAn Essay on Economic Theory by Richard Cantillon (edited by Mark Thornton): Mises.org/MI_120_BBe sure to follow Minor Issues at Mises.org/MinorIssues

In this episode of the Minor Issues Podcast, Mark Thornton unpacks the fascinating world of the gold-silver ratio. Once a key player in bimetallism debates and Gresham’s law, this ratio is now making headlines as it hovers near record highs—over 100 ounces of silver to one ounce of gold.Mark explores the historical context behind these numbers, and explains why these shifts can signal deeper changes in the economy. He also breaks down what the ratio means for different types of investors, how tariffs and trade wars can twist relative prices across the board, and why understanding these shifts is crucial for everyone—not just economists.Additional ResourcesGold-Silver Ratio Charts at Gold Price: Mises.org/MI_119_A"Bring Back Gold!" by Lew Rockwell: Mises.org/MI_119_B"Gold:silver ratio hits 105, but analysts are not giving up on the ‘little’ sibling" by Neils Christensen (Kitco): Mises.org/MI_119_CBe sure to follow Minor Issues at Mises.org/MinorIssues

Is President Trump right about interest rates? Is Fed Chairman Jay Powell making a mistake? Forget the mainstream media talking points. Mark Thornton cuts through the noise to explore the real economic threats facing America. In this episode, Mark dissects how the Fed's monetary policies, not just Trump's tariffs, have created a dangerous Austrian Business Cycle time bomb. Will Powell's rate cuts save the day, or is a recession inevitable? Mark examines key sectors of the S&P 500 to reveal the truth and predict what's coming next.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

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.Additional Resources"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_107Join 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.Additional Resources“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_BFurther Readings on Hyperinflation (Oxford University Mises Society): mises.org/MI_116_CEconomic Policy: Thoughts for Today and Tomorrow by Ludwig von Mises: mises.org/MI_116_DThe Theory of Money and Credit by Ludwig von Mises: mises.org/MI_116_EJoin 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

Dive into the complexities of trade and budget deficits, where the trade imbalance isn't always a villain. Discover how government borrowing can distort investments and fuel inflation, ultimately jeopardizing long-term prosperity. The discussion reveals that while trade deficits may have their perks, unchecked budget deficits can be a significant economic threat. Delve into the intriguing dynamics of these 'evil twins' and unravel the truths that impact our financial landscape.

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