Mises Institute

On this episode of Power and Market, we feel compelled to discuss this week’s State of the Union speech. Ryan and Tho are joined by Dr. Jonathan Newman to provide some historical context to the event and what, if anything, actually matters from the speech.

When the Massachusetts colony issued its own unredeemable paper money in 1690, it was with the promise that it would soon be redeemable in specie. Like all paper money issued by government, it lost value and the confidence of the people. Original article: https://mises.org/mises-wire/massachusetts-1690-first-western-fiat-experiment

Dr. Per Bylund contrasts the futility of politics with the quiet power of entrepreneurship, showing how innovative businesses like Uber and Amazon actually dismantle regulations, reshape institutions, and push the state back more effectively than any protest movement or election. Recorded in Oklahoma City, Oklahoma, on February 21, 2026. Special thanks to Michael and Beverley Starkey and Gil Robinson for sponsoring this event.

Dr. Timothy Terrell explains how entrepreneurs and property rights can protect forests, wildlife, and open spaces better than bureaucracies, using real-world examples of “enviropreneurs” who profit by conserving nature instead of exploiting it. Recorded in Oklahoma City, Oklahoma, on February 21, 2026. Special thanks to Michael and Beverley Starkey and Gil Robinson for sponsoring this event.

Ryan McMaken traces the rise and squeeze of America’s small business economy, showing how tariffs, industrial policy, the Fed, and “too big to fail” bailouts systematically tilt the field toward big corporations and away from independent entrepreneurs and the middle class. Recorded in Oklahoma City, Oklahoma, on February 21, 2026. Special thanks to Michael and Beverley Starkey and Gil Robinson for sponsoring this event.

Dr. Peter Klein explores whether AI can ever replace human entrepreneurs and central planners, arguing from Mises’ calculation problem that even “thinking machines” can only mimic, not originate, the real-world judgment and ownership that markets require. Recorded in Oklahoma City, Oklahoma, on February 21, 2026. Special thanks to Michael and Beverley Starkey and Gil Robinson for sponsoring this event.

Dr. Keith Smith recounts how the Surgery Center of Oklahoma and the Free Market Medical Association are exposing the hospital–insurance cartel—posting honest, bundled prices, triggering price wars, and proving that free-market medicine can deliver higher quality care at a fraction of the cost. Recorded in Oklahoma City, Oklahoma, on February 21, 2026. Special thanks to Michael and Beverley Starkey and Gil Robinson for sponsoring this event.

We are told that the Bill of Rights is the bedrock of our freedom, yet this same Bill of Rights ultimately has been used as a weapon against state sovereignty and against our individual rights. Original article: https://mises.org/mises-wire/bill-rights-against-states

The current outburst of protests against President Trump’s enforcement of immigration laws is overshadowing a question that is not being asked: Can we defend having national borders in the first place? Original article: https://mises.org/mises-wire/defense-national-borders

Human action involves people engaging in unique events in which outcomes often are uncertain, when expertise and planning often do not give us the results we anticipate. Original article: https://mises.org/mises-wire/we-act-world-uncertainty-not-probabilities