Love Mises to Pieces: The Rising Fascination with Austrian Economics, Sound Money, Precious Metals, and Cryptocurrency

In recent years, a growing number of people have become captivated by Austrian Economics – specifically Ludwig von Mises, sound money, precious metals, and cryptocurrency. 

“I love Mises to pieces,” is the humorous statement often heard lightheartedly praising the renowned Austrian economist Ludwig von Mises. 

At the heart of this movement lies a deep appreciation for the works of Ludwig von Mises, one of the most influential figures in Austrian Economics. 

Mises’s ideas continue to resonate with those seeking alternatives to centralized financial systems, and his legacy is a guiding light for the increasing interest in these areas.

Economic Instability and Distrust in Centralized Systems

The 2008 financial crisis marked a turning point in how people view the global financial system. Central banks responded to the crisis with aggressive monetary policies, including quantitative easing and near-zero interest rates. 

While these measures helped stabilize the economy in the short term, they also sparked concerns about long-term sustainability. Global debt now stands at over $300 trillion, according to the Institute of International Finance, raising alarms about the potential for future economic instability.

Inflation is another key concern. The Consumer Price Index (CPI) in the U.S. rose by 9.1% in June 2022, the highest in four decades, leading many to question the value of fiat currencies. As central banks continue to print money, the purchasing power of traditional currencies erodes, driving people to seek alternatives like precious metals and cryptocurrencies, which are perceived as stores of value.

Austrian Economics: A Counter to Mainstream Thought

Ludwig von Mises is the towering figure in Austrian Economics, and his work continues to inspire those seeking a deeper understanding of economics and financial freedom. Mises’s seminal work, “Human Action,” laid the foundation for a school of thought that successfully challenges the interventionist policies of Keynesian economics. 

His unwavering commitment to the principles of free markets, limited government, and sound money has made him a beacon for those disillusioned with mainstream economic policies.

Mises’s influence can be seen in the growing popularity of Austrian Economics. The Ludwig von Mises Institute, named in his honor, has reported a 200% increase in online course enrollments since 2020. Murray Rothbard, a close student and follower of Mises, helped expand and popularize these ideas, further solidifying Mises’s impact on modern economic thought.

Prominent voices like Tom Woods and Bob Murphy continue to carry the torch of Mises’s ideas through their books, podcasts, and public speaking engagements, reaching new audiences eager to explore the insights of Austrian Economics. 

Additionally, F.A. Hayek, a student of Mises and a Nobel laureate, further advanced Austrian Economics with his work on the price mechanism and the dangers of central planning, becoming another influential figure in this movement.

The Resurgence of Sound Money and Precious Metals

The concept of sound money—money that is not subject to sudden devaluation or inflation—was championed by Ludwig von Mises as a cornerstone of economic stability. Mises argued that sound money is essential for protecting individual liberty and preventing government overreach. His ideas have become increasingly relevant in a world where fiat currencies are continually devalued through inflationary policies.

Gold and silver, long considered the epitome of sound money, have seen a resurgence in demand. In 2023, global gold demand reached 4,741 tons, up 18% from the previous year, according to the World Gold Council. Similarly, silver demand hit a record high of 1.21 billion ounces, driven by both industrial use and investment demand.

Mises’s influence extends to movements advocating for the remonetization of precious metals. Organizations like the Sound Money Defense League promote legislation to eliminate taxes on gold and silver and recognize them as legal tender, echoing Mises’s vision of a monetary system rooted in tangible value. Gold sound money was certainly the preferred sound money of Ludwig von Mises.

Cryptocurrency: A Modern Alternative

Cryptocurrencies, particularly Bitcoin, offer a modern take on many of the principles of sound money that Ludwig von Mises so fervently advocated. Bitcoin’s decentralized nature, transparency, and limited supply align with Mises’s belief in the importance of a monetary system free from government manipulation. As a result, many who are drawn to Mises’s ideas also find value in the world of cryptocurrencies.

Bitcoin, often referred to as “digital gold,” has gained popularity as a store of value, particularly among younger generations. A 2022 survey by Pew Research found that 16% of Americans have invested in, traded, or used cryptocurrencies, with the highest adoption rates among those aged 18 to 29.

The cryptocurrency market has experienced exponential growth. In 2021, the total market capitalization of cryptocurrencies surpassed $3 trillion, up from just $14 billion in 2013. 

While the market is volatile, the increasing adoption of cryptocurrencies by institutions and individuals alike indicates a shift in how people view money and financial transactions, a shift that Mises himself might have found intriguing.

The Role of Educational Organizations

The rise in interest in Austrian Economics, sound money, precious metals, and cryptocurrency is supported by a network of organizations that provide education, resources, and community support. Many of these organizations are deeply influenced by Ludwig von Mises and his work.

• Foundation for Economic Education (FEE): FEE educates individuals on the principles of a free society, focusing on economics and individual liberty. Their online courses and articles on Austrian Economics and sound money have seen a significant uptick in engagement, often drawing on the teachings of Mises. FEE was founded by Leonard Read and is widely considered the first free market (unhampered market) think tank in the United States of America. Website: FEE.ORG
• Mises Institute: Founded by Lew Rockwell in honor of Ludwig von Mises, the Mises Institute is a leading organization promoting Austrian Economics. With over 5 million website visits annually and a 200% increase in course enrollments since 2020, the institute is at the forefront of educating the public on sound money and free markets. The works of Mises, Hans Sennholz, and Murray Rothbard are central to their curriculum. Website: MISES.ORG
• CATO Institute and Independent Institute: Both organizations conduct research and provide educational resources that challenge government intervention and promote free markets. Influential thinkers like David D. Friedman and Robert Nozick have contributed to these discussions, further enriching the legacy of Mises’s ideas. Milton Friedman, a proponent of free-market economics and monetary theory, though not an Austrian economist, has also influenced this movement through his critique of government intervention and his advocacy for a rules-based monetary policy. Websites: CATO.ORG & INDEPENDENT.ORG
• Young Americans for Liberty (YAL) and Students For Liberty (SFL): These organizations focus on engaging young people in the principles of Austrian Economics and sound money through activism, conferences, and educational programs, often drawing on the wisdom of Mises and his intellectual descendants. Websites: YAL.ORG & STUDENTSFORLIBERTY.ORG
• The Tuttle Twins: A children’s book series founded by Connor Boyack that teaches kids and families about the principles of liberty, individual rights, and economic freedom. Through engaging stories, the books and cartoon series introduce concepts from Austrian Economics and classical liberal thinkers including Ludwig von Mises, making complex ideas accessible and fun for young readers. The series encourages critical thinking and family discussions, helping children understand the importance of free markets and limited government in their everyday lives. Website: TUTTLETWINS.COM

Conclusion: A Convergence of Economic Skepticism and Financial Innovation

The growing fascination with Austrian Economics, sound money, precious metals, and cryptocurrency reflects a convergence of economic skepticism and financial innovation. 

At the heart of this movement is a deep respect for the ideas of Ludwig von Mises, whose teachings continue to inspire those seeking alternatives to centralized financial systems.

With the support of educational organizations and the intellectual contributions of influential figures like John Hospers, F.A. Hayek, and Milton Friedman, this movement shows no signs of slowing down. 

Whether through the timeless appeal of gold and silver or the cutting-edge technology of cryptocurrencies, more and more people are seeking ways to protect their wealth and assert their financial independence in an increasingly uncertain world—just as Mises would have advocated.

In a world increasingly looking for financial stability and freedom, it seems that the love for Mises is indeed spreading to pieces.

I certainly love Mises to pieces!

Written by ChatGPT. Directed & Edited by Joshua D. Glawson

Top image: Ludwig von Mises holding a red heart. “I Love Mises to Pieces!” AI-generated image.