Minor Issues

Mark Thornton

Succinct economic commentary by Dr. Mark Thornton, senior fellow at the Mises Institute.

  1. 2 DAYS AGO

    The Petrodollar Cracks, the Skyscraper Stalls, and the Commodity Firestorm

    Mark Thornton opens this episode with a strategic assessment of the war's economic fallout: not the headlines, but the second- and third-order effects that are only now becoming visible. Oil production facilities across the Gulf have been destroyed, disrupted, or shut down, and restarting them is not a matter of flipping a switch. Some older wells will need to be redrilled entirely. Meanwhile, the disruption to fertilizer production threatens the next crop season and potentially longer-term food prices worldwide Mark also provides a skyscraper curse update: the Jeddah Tower, once expected to reach record height in early 2027, has been pushed further out as Saudi finances and Gulf logistics are redirected toward reconstruction. The commodity super cycle thesis, he argues, remains fully intact despite the gold correction. The second half features a detailed interview from Palisades Gold Radio in which Mark unpacks these themes further, covering the Austrian micro approach versus the Keynesian macro framework, why the stock market can hit all-time highs while the real economy deteriorates, and why the world is slowly but steadily moving back toward commodity money. 2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Anatomy of the State through May 31. Grab yours today at https://mises.org/issuesfree Register for our upcoming Mises Circle, Why Is the Healthcare System Broken?, June 27 in Windham, New Hampshire: https://mises.org/events/why-healthcare-system-broken-mises-circle-new-hampshire 20% off listener offer on the new insulated Minor Issues tumbler and three of Mark's books, signed if ordered by the end of April: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton. Be sure to follow Minor Issues at https://Mises.org/MinorIssues

  2. 2 MAY

    Two Important Graphs and Rick Rule

    On the latest episode of Minor Issues, Mark Thornton opens with a detailed analysis of the gold correction. Is the three-month decline a sign that inflation is over, or a temporary reallocation driven by war? The answer is in the data: the CRB commodity index continues to climb, the money supply is at an all-time high, and there is no evidence of deflation anywhere in the price structure. The inflation regime remains firmly in place, and the gold correction is a normal feature of bull markets whose real-world zigzags get smoothed away on long-term charts. The second half features a panel interview from VRC Media with Rick Rule, hosted by Darrell Thomas. Rule lays out the case for a decade-long commodity super cycle driven by 30 years of underinvestment in productive capacity. He delivers a sobering calculation: $39 trillion in on-balance-sheet federal debt plus $120 trillion in off-balance-sheet unfunded entitlement promises (a combined $160 trillion against $170 trillion in total private American net worth). The only realistic resolution, Rule argues, is a "dishonest default," inflating away the purchasing power of the dollar, just as happened in the 1970s when the dollar lost 75% of its value. Mark concurs, noting that the money supply is growing at record pace even as Washington insists it's being "restrictive." Mark's "Gold vs CRB Index" graph is available here: https://mises.org/MI175_Graph The original VRIC interview is online here: https://www.youtube.com/watch?v=3kMiiC08TNo 20% off listener offer on the new insulated Minor Issues tumbler and three of Mark's books, signed if ordered by the end of April: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton. Be sure to follow Minor Issues at https://Mises.org/MinorIssues

  3. 25 APR

    Chemistry 101

    On this episode of Minor Issues, Mark Thornton shows what most economic commentary misses: the market’s intricate structure of production. Starting with a single oil-and-gas byproduct—sulfur—Mark traces how it becomes sulfuric acid, a foundational input for fertilizers, batteries, and especially metal mining. The lesson is practical: war and intervention can disrupt these unseen links, shrinking real incomes and quietly raising the cost of everything from food production to data centers, and even your next plumbing bill. In the second part of the episode, Mark features his recent interview on The Julia La Roche Show. 20% off listener offer on the new insulated Minor Issues tumbler and three of Mark's books, signed if ordered by the end of April: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton. Be sure to follow Minor Issues at https://Mises.org/MinorIssues

  4. 18 APR

    Mark Thornton on the “Synthetic Boom”

    On this Minor Issues episode, Mark Thornton shares his recent interview with "Pinnacle Digest" host Aaron Hodnett. Mark uses Austrian business cycle theory to explain how “cheap money” distorts investment and leaves a fragile financial system that eventually has to correct. They dig into timing and market signals, what might finally expose the long-running “papered-over” boom, and how the Federal Reserve and policymakers typically respond when the cycle turns. 20% off listener offer on the new insulated Minor Issues tumbler and three of Mark's books, signed if ordered by the end of April: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton. Be sure to follow Minor Issues at https://Mises.org/MinorIssues

  5. 11 APR

    Why War Is Pushing Gold Down and Oil Up

    Mark Thornton unpacks a counterintuitive correlation: as the Persian Gulf conflict escalates, oil spikes while gold and silver slide. He explains how higher oil feeds the CPI, locks central banks out of rate cuts, and pressures precious metals through the dollar and petrodollar system, distinguishing the real monetary inflation gold tracks from the statistical indexes driving Fed decisions. Stick around for a wide-ranging Commodity Culture interview with Jesse Day on the festering world war and the path back to hard money. Plus, an update on the 2026 stocks-vs-MOO prediction contest (fertilizer is running away with it). 20% off listener offer on the new insulated Minor Issues tumbler and three of Mark's books, signed if ordered by the end of April: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton. Be sure to follow Minor Issues at https://Mises.org/MinorIssues

  6. 4 APR

    Gold Whiplash and the Petrodollar

    On the latest episode of Minor Issues, Mark Thornton shares his interview with Charlotte McLeod of Investing News Network, unpacking the sharp swings in gold and silver since late 2025. Mark connects the selloffs to a tightening business cycle and a growing liquidity crunch, and explains how Middle East conflict and changing energy settlement patterns threaten the petrodollar narrative. Purchase a Minor Issues tumbler today! https://mises.org/MinorIssuesTumbler Be sure to follow Minor Issues at https://Mises.org/MinorIssues

  7. 28 MAR

    Central Banks vs. Reality: Gold’s Signal in a War Economy

    On the latest episode of Minor Issues, Mark Thornton discusses the recent whiplash in precious metals: historic run-ups, sharp pullbacks, and renewed claims of manipulation. He also explains how, as war and liquidity pressures evolve, markets pivot back to credit stress, rising interest rates, and ballooning government debt. What will central banks do next? Purchase a Minor Issues tumbler today! https://mises.org/MinorIssuesTumbler Be sure to follow Minor Issues at https://Mises.org/MinorIssues

  8. 21 MAR

    War, Gold, and the Fed’s Next Move

    On this episode of Minor Issues, Mark Thornton replays two short interviews: one recorded with Daniela Cambone weeks before the outbreak of war in the Middle East, and another with Dunagun Kaiser recorded days ago as the conflict escalates. Mark breaks down why precious metals are unusually volatile, how war and interventionism collide with inflationary fiat regimes, and why rising interest rates and commodity prices point to a more dangerous long-run trend. He also connects the dots between the Fed’s “liquidity” talk, a deeper leverage problem in finance, and the way wars can be used to divert attention from economic failures at home. Purchase a Minor Issues tumbler today! https://mises.org/MinorIssuesTumbler Be sure to follow Minor Issues at https://Mises.org/MinorIssues

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About

Succinct economic commentary by Dr. Mark Thornton, senior fellow at the Mises Institute.

Information

  • Creator
    Mark Thornton
  • Years Active
    2023 - 2026
  • Episodes
    149
  • Rating
    Clean
  • Show Website
    Minor Issues

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