Tho Bishop

Tho Bishop has 29 articles published.

Tho Bishop is a senior contributor to The Liberty Conservative and the Media Coordinator at the Mises Institute.
Posted on in Economics/News

Fed Nominee Marvin Goodfriend Lied to the Senate on Taxing Cash

The government shutdown wasn’t long enough to delay the nomination hearing for an economist who could be considered to be one of the “worst Fed nominees of all time.” While most of the headlines generated from Marvin Goodfriend’s testimony before the Senate today focused on the grilling he received from Senate Dems, there is one curious part of his testimony that has been largely overlooked: he flat out lied about his past support for taxing cash. Unfortunately this issue that would directly impact every single American wasn’t brought up until well over an hour into this testimony. It was then that Nevada Senator Catherine… Keep Reading

Posted on in Politics

NRA-Republican Backed Bill Makes it Easier for Feds to Disarm Citizens

On Wednesday, the Republican controlled house voted to further federalize gun laws in this country. While Ryan McMaken has noted the danger in further centralizing gun legislation, there is another deeply troubling aspect to this bill: it expands the ability of the Federal government to restrict Americans’ right to bear arms. During the legislative process, the NRA supported merging the bill aimed at nationalizing concealed carry permits with another piece of legislation aimed at “fixing” the National Instant Criminal Background Check System (NICS.) Obviously this legislation was inspired by the failure of the US Air Force to report the criminal record of Devin… Keep Reading

Posted on in Economics

Is Marvin Goodfriend the Worst Fed Nominee of All Time?

Yesterday Donald Trump nominated Marvin Goodfriend to the Federal Reserve Board of Governors, one of the numerous vacanciesthat have emerged over the course of the past year. While his prior nominations of Jay Powell as Chairman and Randal Quarles as Vice Chair represented a disappointing commitment to the status quo, his selection of Goodfriend is a dangerous act of outright betrayal to Trump’s core constituency of working class voters. The timing of the decision is ironic. After all, while Trump is busy lobbying Senate Republicans to support his desired tax cuts, he has decided to nominate a would-be central banker who… Keep Reading

Posted on in Economics/News

The Swamp Wins: Trump Nominates Powell to Replace Yellen

In the end Donald Trump gets what he wanted, a “low interest rate person” who also happens to be a “Republican.” Jerome Powell will replace Janet Yellen. This means Trump will ensure that, while the stationary at the Eccles Building will change, the monetary policy guiding it likely will not. The fact that, in naming Powell, Trump is picking an Obama-appointed Fed Governor for his most important nominations is itself quite fitting. While we have long known that bad monetary policy is bipartisan, Powell’s nomination serves as a particularly useful illustration of how little has changed in Washington since the Bush Administration. Of course, just… Keep Reading

Posted on in Economics

Obama Administration’s Bank Regulation Still Widening Gap Between Rich and Poor

One of the most devastating consequences of the Obama Administration has been that Americans who don’t have the luxury of large bank accounts are continuing to be treated like second-class citizens by the US financial system. The Wall Street Journal this week offered another example this week in an article noting that banks are now paying higher interest rates to keep their wealthiest clients from shopping their services to other institutions. Even though the federal funds rate has remained at historically low levels, in theory the recent string of minor interest rates hike by the Fed should have allowed savers to start seeing… Keep Reading

Posted on in Economics

The Next Generation of Currency Wars: Private vs. State-Backed Crypto

Recently, Russia announced that it will be unleashing a CryptoRuble, just a week after Vladimir Putin strongly criticized Bitcoin and other private cryptocurrencies.  When announcing the move, Minister of Communications Nikolay Nikiforov acknowledged that it was in part inspired by the aim of getting ahead of other governments: I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after two months our neighbors in the EurAsEC will. In doing so, Russia is following the lead of another country that too has become hostile to private crypto, China. Last July, the People’s Bank of China became the first central… Keep Reading

Posted on in Economics/News

How Trump Bailed Out Janet Yellen and the Federal Reserve — For Now

The biggest winner of the Trump presidency is also the most surprising: Federal Reserve Chairman Janet Yellen. After all, Yellen was a constant target for criticism by Candidate Trump, going so far as to accuse her of being “more political than Hillary Clinton.” Beyond Mr. Trump’s barbed rhetoric, pundits such as Paul Krugman predicted that Trump’s ascendency would be disastrous for the US economy and the stock market in general, which would have wiped out the modest recovery that Yellen’s legacy depends on. Keep Reading

Posted on in Politics

Why Rand Paul is Wrong on Graham-Cassidy

The Donald Trump era has made Washington D.C. a little more entertaining, but has done little to change how the Beltway operates. Democrats still hate Republicans, Republicans still hate leadership, and Wall Street still controls the Treasury. So it goes. As such, when I had heard that a last second Obamacare reform bill had come out, I had assumed that – like Ryancare, “Skinny Repeal”, and other such gimmicks – we were dealing with another Obamacare-lite measure that did little more than paint Obama’s legislative nightmare red. To my great surprise, I was wrong. While far from being my ideal… Keep Reading

Posted on in Economics/News/Politics

Government Regulation and Crony Capitalism is Keeping Thousands in Florida without Power

Almost two weeks have passed since Hurricane Irma made landfall in South Florida, yet tens of thousands remain without power. With temperatures regularly eclipsing over 90 degrees, these outages are not only a grave inconvenience for Floridians cleaning up after the storm, but have proved to be deadly. Given the power of Irma, it is not surprising that it has left behind incredible devastation. Unfortunately it is also not surprising that it is a government-protected utility that has done the most to impede recovery. The pain and suffering currently being felt is the direct result of government policy and the… Keep Reading

Posted on in Economics/News

Trump’s Historic Opportunity with the Federal Reserve

Today Stanley Fischer submitted his letter of resignation from the Federal Reserve’s Board of Governors, effective next month, the second such resignation of Donald Trump’s presidency. While Fischer’s term as Vice Chairman of the Fed was set to end next year, he had the ability to serve as a governor through 2020. Along with Trump’s decision next year on whether to replace Janet Yellen as the Fed’s chair, this means Trumps will have the opportunity to appoint five of seven governors to America’s central bank. Given that the position holds a 14-year term, it is unusual for a president to… Keep Reading

Posted on in Culture/Economics

Seattle Seahawks Flee America for Medical Treatment

Baseball may still identify as America’s pastime, but every year consumers prove that football is the country’s true love. In fact, the intertwining of national identity and the NFL can often be troublesome, such as when the Pentagon pays the league to promote the military — or the large subsidies governments grant to help billionaires pay for new stadiums. Yet increasingly America’s best athletes in America’s favorite sport have to flee the country to get medical treatment, because of an opponent more dangerous than Ndamukong Suh: the Food and Drug Administration. On Monday, Seattle Seahawks head coach Pete Carroll informed… Keep Reading

Posted on in Culture

Ludwig von Mises Understood “Meme Magic”

One of the most consistent themes through the works of Ludwig von Mises is the role ideas play in shaping society. As he wrote in Theory and History: “Thoughts and ideas are not phantoms. They are real things. Although intangible and immaterial, they are factors in bringing about changes in the realm of tangible and material things.” How those ideas are transmitted has changed dramatically over time: from reliance on the spoken word, to the spread of print, to the rise of television, and to today’s digital word. Even within each era, new forms of communication have arisen. For example,… Keep Reading

Posted on in Culture/Economics

What Derek Carr’s Contract Teaches Us about Wall Street and Income Inequality

Derek Carr has just signed the most lucrative deal in NFL history, receiving a five-year extension worth $125 million with the soon-to-be Las Vegas Raiders. At $25 million per year, Carr edges out Indianapolis Colts quarterback Andrew Luck (though Luck’s contract did reward him with over twice as much in guaranteed money). Carr also becomes a big winner in the Raiders’ taxpayer-funded escape from Oakland, with his contract scheduled so most of the money kicks in after the franchise moves to income-tax-free Nevada. While the structure of Carr’s contract offers another opportunity to discuss the “jock tax,” it also serves… Keep Reading

Posted on in Tech

Could Donald Trump Save the Internet?

Ludwig von Mises dedicated a great amount of ink to the role that ideas play in shaping society. Not only does his analysis illustrate why it is so important to educate the public on topics such as economics, but also explains the enormous danger posed by widely accepted political myths. Examples include various false narratives such as deregulation caused the financial crisis, that American healthcare costs are driven up due to “capitalism,” or FDR saved America from the Great Depression. Of course. these various fictions, which all enjoy the support of most of the “intellectual” class, all conveniently lead to… Keep Reading

Posted on in Politics

Trump’s Goldman Guys Are Dangerous

As the Trump Administration continues to try to figure where it wants to go with healthcare, his team at the Treasury is readying tax reform. Unfortunately, much like the Secretary Steve Mnuchin’s film Suicide Squad, initial optimism is facing the bitter reality of horrible early reviews. After all, during the campaign there was much to like from Candidate Trump. He campaigned on cutting both income and corporate taxes while eliminating the estate tax all together He frequently bragged that it was going to be the “biggest tax cut since Reagan” (reality of the Gipper’s record aside). Trump focused more on… Keep Reading

Posted on in Politics

Trump Preparing to Name Radical Libertarian to FDA?

There are indications that Donald Trump is prepared to radically shake-up one of the most deadly Federal agencies: the FDA. Ever since Bloomberg reported in December that Jim O’Neill, managing director at Mithril Capital Management and noted FDA-critic, was being considered for the position, there has been reason to hope that Trump was considering a libertarian approach to the agency. Considering the influence Peter Theil , noted-libertarian and Hoppe-pal, wields in Trump’s inner orbit – and the PayPal’s founder’s personal interests in biotech – it makes sense that this is one area where Theil could leave a mark. And it seems that’s exactly what… Keep Reading

Posted on in Economics

What Would Ludwig von Mises Do in Venezuela?

The crisis in Venezuela is the most modern illustration of the horrific consequences of socialism and the devastating reality of hyperinflation. What makes this disaster all the more infuriating is that it could have been avoided with a basic understanding of history. We’ve seen the disaster of socialism and interventionism in various forms play out across the world time and time again with similar results, and yet new generations of central planners — backed by ideologically aligned intellectuals — are consistently able to fool people into believing that “this time will be different.” Ludwig von Mises himself lived through one… Keep Reading

Posted on in Economics/Politics

In Defense of Trump’s Deal with Carrier

Donald Trump hasn’t yet made the move from Trump Tower to America’s most expensive public housing, but he was able to come through with one campaign promise this week by announcing a deal with Indiana-based Carrier Air Conditioning that will keep almost 1,000 jobs in the state. As reported, the deal seems largely focused on the State of Indiana offering millions in tax breaks and an understanding that the Trump administration will push for regulatory and corporate tax relief at the Federal level. While the jobs Carrier will be keeping in the US only makes up about a third of the jobs… Keep Reading

Posted on in Culture/Politics

White “Privilege” Has Nothing on State Privilege

Cultural Marxism enjoyed a victory last week when University of Missouri President Tim Wolfe resigned after members of the Missouri Tigers football team joined a student movement calling for his resignation. While I fully support the rights of these players to leverage their athletic ability to advocate a cause — as I would support their university if it decided to pull their scholarship — what is concerning is the actual list of demands shared by the cause they joined. The top priority of the #ConcernedStudent1950 movement was not the resignation of University of Missouri President Tim Wolfe, but that he… Keep Reading

Posted on in Politics

Are Term Limits A Solution?

In an American society increasingly polarized over politics, one uniting belief is that there is something very wrong with our government. While this is true, there is an unfortunate tendency — on both sides — to try to identify simple, easy to recite reforms to fix our woes. On the left, for example, the cries are usually for “getting money out of politics,” with various organizations pushing to “repeal” the Citizens United ruling. On the right, it is common to see calls for a Federal balanced-budget amendment and term limits. While there’s certainly no harm in preventing the Federal government… Keep Reading

Posted on in Politics

Is Steve Mnuchin Just Another Wall Street Banker?

After weeks of speculation, Donald Trump has announced Steve Mnuchin as his nominee for Treasury Secretary. Though Mnuchin can currently be seen in movie theaters playing a banker in Warren Beatty’s new film Rules Don’t Apply, he has a lower profile than most tapped to head the Treasury department. Probably to his credit, he has no experience with public policy and has made relatively few public statements on policy. Perhaps his best qualification for the position was that he was an early supporter of Trump’s campaign, serving as its fundraising director. Though Mnuchin himself has said little, his resume does… Keep Reading

Posted on in Politics

Why Are DC Libertarians Defending Hillary’s State Privilege?

Last night’s presidential debate was the latest episode in what appears to be a prolonged infomercial for Hans-Hermann Hoppe’s Democracy: The God that Failed. One of the rare libertarian highlights of the 2016 campaign, however, came when Donald Trump called for a special prosecutor in the case of Hillary Clinton’s unprecedented recklessness with her private e-mail server. While this issue obviously is minor in the face of America’s insane monetary policy, or horrific foreign policy, a key tenant of any libertarian society is the idea of a rule of law, rather than the law of rulers. As such, it’s astonishing to see… Keep Reading

Posted on in Politics

Sad Sack Gary Johnson Fails Again

The Johnson-Weld ticket had its second CNN primetime special on Wednesday, with the duo once again missing a great opportunity to be taken seriously by most of the country. While it’s great to see cable news acknowledge viewpoints outside of the corrupt duopoly (monopoly?) of the status quo, the attention given to the Libertarian Party during this unconventional election year is a constant reminder of how foolish it was for the LP to nominate an uncharismatic space cadet who seems utterly uninterested in any serious intellectual discussion. In a desperate attempt to be taken as seriously as the two major… Keep Reading

Posted on in Culture

The 5 Most Libertarian Songs from Hamilton: The Musical

The Tonys this weekend featured a rarity in modern award ceremonies, a massive celebration for a work of art that romanticizes both America and the men that founded it. Lin-Manuel Miranda’s smash-hit Hamilton racked up 11 awards, including best musical, leading actor (Leslie Odom Jr. as Aaron Burr), featured actress (Renée Elise Goldsberry as Angelica Schuyler Church) and featured actor for Daveed Diggs (as Marquis de Lafayette and Thomas Jefferson). As a nationalist-mercantilist who advocated for America replicating much of the government infrastructure of Great Britain, Hamilton himself was perhaps America’s least-libertarian founding father. That being said, liberty conservatives would… Keep Reading

Posted on in Politics

The Fight for the Libertarian Nomination, Explained

In Orlando this weekend, the Libertarian Party will settle on their standard bearer for 2016. Not since 2004 has there been such intrigue at a Libertarian Party convention, and with the traditional two-party system as weak as it has ever been, it’s the first time in decades the Libertarian Party nomination may have impact outside the LP. For this reason, I think it’s worthwhile to highlight what I see as the different tactics of the various camps, and what I think each nominee would mean to the future of the Libertarian Party, and Ron Paul’s “liberty movement” as a whole.… Keep Reading

Posted on in Politics

Gary Johnson Selects “Phony Libertarian” As VP

Gary Johnson, perceived front-runner for the Libertarian Party, announced today that he would choose former Massachusetts’s Governor Bill Weld as his Vice Presidential candidate. On paper, the move seems to make a lot of sense. Weld, like Johnson, is a former Republican who has long had a reputation for being a “libertarian,” having been a long standing supporter of abortion, gay marriage, and the legalization of marijuana. Unfortunately, also like Johnson, his grasp of libertarian principles is questionable outside these few social issues. In 1993 economist Murray Rothbard noted Weld’s disappointing fiscal record in an article titled “Phony Libertarians”: As… Keep Reading

Posted on in Culture/Politics

Academic Welfare Queens

During Monday’s chaotic day of demonstrations at the University of Missouri, professor Melissa Click accomplished something she may have never done before in her academic career – taught an important lesson. Click, an assistant professor of mass media at Mizzou’s communications department, was recorded intimidating and threatening student journalists trying to document the protests occurring on campus. Because in today’s progressive up-side down world, the communications professors are anti-free speech. So what exactly does a mass media professor who’s anti-journalism actually teach? As The Federalist reported, Click specializes in “audience studies, theories of gender and sexuality, and media literacy.” According… Keep Reading

Posted on in Politics

Libertarians Should Support Jeb Hensarling for Speaker

As a proud libertarian working in Congress, it is easy to adopt a nihilistic tone. While it is great see members like Justin Amash and Thomas Massie communicate the message of liberty on the House floor – the direction of the GOP caucus is often not that discernable from the Democrats across the aisle.  So while it is worth celebrating the resignation of Speaker John Boehner, it means nothing if he is replaced with more of the same. Luckily, there stands one possible candidate that can shake things up in Washington – Congressman Jeb Hensarling of Texas. In January 2012,… Keep Reading

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