Saturday, June 5, 2021

Robert Wenzel - 1957 to 2021

We are deeply saddened to announce the passing of Robert Wenzel. Robert passed away peacefully in his sleep on May 25th, 2021 in San Francisco, CA. He was 63.

Robert was buried in a private ceremony for family and close friends at Tulocay Cemetery in Napa, CA on June 4th, 2021.

In keeping with Robert's wishes, we plan on keeping both and live on the web as archives of Robert's work.

We'd like to thank all of the readers of both and for their support of Robert's work over the years.

We'd further like to thank all of those individuals who have created touching tributes to Robert in recent days.

He loved sharing and debating his ideas and opinions with you and know he would want you to carry the torch of liberty forward into the future.

--The Family of Robert Wenzel


  1. RIP. My sincere condolences to his family. God bless.

    1. I've read this site for so many years... I'm simply crushed that he is gone from us...
      Robert's posts became part of my daily life long ago. I never tired of his precise insight and thoughtful commentary.

      It's funny, in this internet age his written voice on a screen was never matched with a handshake or a hug- but he became over time a true friend nonetheless. Robert Wenzel touched my life that way- a trusted, witty online companion that I looked forward to reading every day.

      You will be missed, my friend- you touched the lives of so many in such positive ways-- you did your family and legacy proud.

  2. Bob will be sorely missed! I've been reading his websites every day for many years now, and I am truly sad to no longer have his insightful commentary. He unabashedly fought for liberty. RIP Bob!

  3. RIP

  4. Robert was a very kind person, devote libertarian, and champion of freedom. My condolences to his family. RIP.

  5. I would like to offer condolences to his family and friends. He will be greatly missed.

    May God bless him and his family.

  6. I'm so sorry...he was a part of my day.

  7. Thank you, will be greatly missed. Have enjoyed reading his work and posts for over a decade.

  8. Terrible news. Bob was a treasure to the community.

  9. So unexpected and sad. My condolences.

  10. Many thanks. He was inspirational. And still is.

  11. Robert Wenzel R.I.P.

    I lost a mentor this week. A man I admired and respected immensely. So much of who I am has been inspired largely by the work of Robert Wenzel. He was my favorite thinker. I am stricken by his loss. How many little sayings and pieces of wisdom are forever lodged in my brain because of this man? Too many to count. As an avid reader of both his blogs for the better part of a decade, I can say honestly that no one person had more impact on the way I think about economics and freedom than Robert did. I learned how inexorably the two are intertwined. I recall emailing him several years ago and being ecstatic that he reblogged my question (and his response). I do not have “heroes”, mostly because I think there is inherent danger in putting a fallible individual on a pedestal, but Robert was as close to a hero to me as one could get. The articles he wrote, the essays and books he published, and all the work he did in general to promote liberty and get people to think for themselves will continue to have profoundly positive results through the years to come. I cannot speak highly enough of Robert. Not only will you be sorely missed, but a part of me feels lost in the fog without you.

    My condolences to his family. God bless.


  12. Heartbreaking. A giant has fallen. The wealth of knowledge I've gained from reading your work cannot be overstated. I will do my very best to pass on what I have learned to my kids and try and keep the flickering flame of Liberty alive. Thank you. Sincerely, Thank you. Rest in Peace, Robert Wenzel.

  13. Joel you couldn't have said it better
    God Bless Robert Wenzel and God Bless his friends and family he was a treasure to all free thinkers. May he rest in peace.

  14. In Memory of Robert Wenzel, The Titan of San Francisco

  15. A great man. He will be missed. RIP

  16. The loss of Robert Wenzel was shocking and saddening. He's been among the most influential figures in my life, and yet I never met him in person.

    Since finding EPJ around 2009, I became an addicted regular reader. I was impressed by RW's understanding of Austrian School Business Cycle Theory and his ability to fuse that knowledge with economic data to make accurate predictions. We live in a world where expert after expert is trotted out before the media. These experts are almost always comically and fantastically wrong about what is happening and what will happen in the world. Here, however, was the opposite. In another clear contrast to our world of empty headed experts, RW was a principled man that stuck to his beliefs regardless of their popularity. He had confidence and conviction, and was a visibly incredibly hard worker. That hard work is why so many of us knew immediately that was something was amiss when our updates from EPJ and TL weren't coming on that fateful day.

    Oh, and he was fun! So fun! Always willing to stick his face out (literally these days) to confront a "mini-Mao", as he called them, and then post the story on EPJ or TL.

    I started corresponding with Robert over emails sometime around 2017. As the pandemic started to careen into a mad circus, I noted to him that I had tried my hand at writing before and I wanted to do some more. Robert was so supportive. He read my work and offered critiques, and he always encouraged me to do more. I never asked for him to publish anything I wrote, but he offered on several occasions. It was very thrilling for me to have RW as a fan. I would like to list the works he published, so that I have them here for posterity.

    The Only Question that Matters

    My Most Fulfilling Thanksgiving

    A Response to Carl Bergstrom

    How to Survive Corporate Idiocy (published anonymously per my original request)

    The Science of Social Distancing

    What Do Lies Look Like in the Virginia Media

    A Letter to My Children's School

    In addition to these articles are countless emails I exchanged with health department officials and school administrators, who I fought for months on the subject of masking my five year old daughter. Robert Wenzel was bcc'd on every one of those emails and he often wrote me offering advice for what to ask. Most importantly, he frequently replied simply offering encouragement to keep up the fight.

    I'll miss Robert a ton. I hope I can find a way to use what I have learned from him to do some good in this world.

    In mourning,
    David Burns

    1. Bravo David! Same timing and perception for me; by late he insisted on the need of many "superspreaders" that help to disseminate the good universal freedom ideas to the non attentive population where we operate;

      glad to keep in touch from Italy ( Massimo Mainetti

  17. Someone has to leave a Record of Truth in Economics. One of those who did was Robert Wenzel. This doesn't just happen. He provided a great service in publishing what he did.

    I am glad the Site will continue as a Record.


  18. I've been visiting this website quite regularly for over 10 years now and enjoyed the variety of articles as well as commentary from Robert.

    RIP! Sincere condolences to his family.

  19. "Requiem" - RLS
    "Under the wide and starry sky
    Dig the grave, and let me lie.
    Glad did I live, and gladly die,
    And I laid me down with a will.

    This be the verse that you grave for me;
    Here he lies where he longed to be,
    Home is the sailor, home from sea.
    And the hunter home from the hill.

    Rest In Peace, Mr. Wenzel

  20. I visited EPJ on a daily basis for numerous years know that if something really mattered Robert would have a rational, well thought out comment on it. My friend of Liberty. You will be missed.

    Mark Lay


  21. I would like to offer condolences to his family and friends. May God bless him and his family.

  22. Rest in Peace Please

    --Melvin Megawitz

  23. And God shall wipe away all tears from their eyes; and there shall be no more death, neither sorrow, nor crying, neither shall there be any more pain: for the former things are passed away. Revelation 21:4

  24. Whoa. Very stunned and saddened by the news. Rest in Peace Bob.


  25. I don't think anyone provided a critique of the daily market from an Austrian perspective, here and in his daily subscription newsletter, better than Robert Wenzel. For a laymen like me it was a great asset, in fact he responded to a couple questions I had in one of his last newsletters on the very day I sent the questions. They are copied below:
    Q. I hear the Federal Reserve always say that if inflation runs hot, they have several “tools” in their “toolbox” to combat the inflation. But they never say what the tools are. Any idea on what the tools are and how they would affect the economy if implemented?

    A. From a big picture perspective they have only one tool, the ability to expand and contract the money supply. This is what is important, They have various other tools that support the money supply control, reserve requirements, interest rates on various reserves, buying and selling of assets (mostly Treasury securities) etc., but in the end it is all about money supply. They play one song, sometimes using a piano and sometimes using a guitar. It is not the instrument they use but the song they are pumping out.

    As to your second point, if the Fed stops printing or slows significantly, it would crash the stock market, real estate and large parts of the economy.

    Q. How does inflation relate to odd investments? For instance, my father who is almost 80 is thinking of selling his antique bicycle collection (that’s his retirement fund). Any insight on how odd investments like that will do in high inflation? They are not a necessity so would demand go down as prices of food goes up or would any physical product be a good hedge?

    A. Asset prices, in general, go up during a price inflation. Anything is better than cash is the eventual mindset. I have no knowledge about the antique bicycle market, but unless there are some kind of quirks, prices should be strong during an overall price inflation.

  26. I got to know Robert personally after developing an email relationship with him and having him on my PBS-TV program. The unedited footage of the show can be found here:

    In my inbox everyday, in the form of his EPJ Alert, was the best education on economics and monetary theory I ever had. I mentioned to him several times that he defended and promoted the free market perhaps better than anyone because he mixed common English with investing advice that kept people wanting more - in a way paying them to learn!

    I am not ashamed to say I feel somewhat lost without him. I know of no one who could do what he could.

    Goodbye Rob, and thanks for making me a smarter man.

    - Jon Caldara
    President, Independence Institute

  27. Upon reading all these great comments, I see how many lives Bob touched. In addition to his vast knowledge & passion for liberty, he had a way of making everyone feel important. I am honored to have called him a friend. So I decided to publish some of my experiences with him. Bob would usually post everything I sent him, which I appreciated. May his soul and all the souls of the faithfully departed, through the mercy of God rest in peace, Amen.

    Condolances to his family.

    R.I.P. Robert Wenzel, The Austrian Everyman

  28. I think I've been reading his blog for close to 10 years. I heard the news on Facebook. I already miss his daily updates. I'm sorry for your loss.

  29. To Robert's family, please accept my condolences. I'd assume you had no idea how much all of us strangers appreciated what he did.

    I read his two sites daily and often posted his articles on my Facebook page; Anti-State. I'm equally heartbroken and furious. I'd bet I've read over 90% of the articles he's posted for over a decade.
    Robert had such a great way of slicing through the BS from all sides and presenting complex ideas in a manner that was easily digestible. He brought in snippets of news from all over the world and analyzed it through a hard-core libertarian lens. This is probably why he had guys like Tom Woods reading and commenting on his blog, and guys like Ron Paul and Daniel McAdams mentioning him on The Liberty Report.

    I stupidly let my Daily Alert subscription run out just before the COVID meltdown and told my wife in the last week that I should subscribe again.

    Bob was a fighter for liberty. He regularly posted stories of how he handled confrontations with mask nazis in San Francisco. He met directly with employees at the Federal Reserve to explain to them why they should be out of a job. While not a veritable scholar like the Mises faculty, he could mix it up with them due to a lifetime of reading Austrian Economics. I remember an ongoing and somewhat nasty debate on IP with Stephan Kinsella. Bob was not afraid to hold a position (pro-IP) that clashed with others in the movement. As McAdams points out in his article, Bob was not afraid to call out those "on our side" if he thought they were f*(%ing up. Many times he tore into Rand Paul for words and actions leading away from liberty. Based on the symbiotic relationship McAdams mentions in this article, I'd guess that Ron probably agreed with Bob.

    Over the years I've had a few email exchanges with him and even got a credit on one of his posts when I forwarded some information. It feels weird to say about someone you never met, but his passing really hurts. The greater liberty movement is definitely poorer without him here. We're all going to have to step it up a bit.

    Rest in peace Robert.

  30. Thank you, Mr. Wenzel, for the education. I have learned much from you over the years. It was extremely disorienting to lose you so suddenly. Now we must take the lessons you have taught us, think for ourselves, and find ways to give voice to the message of liberty. May we all have the courage and fortitude to do so as you have done!

  31. He will be deeply missed. RIP Robert.

  32. A happy warrior for liberty in the tradition of Mises and Rothbard. RIP robert

  33. To quote my father, "There goes one of the great ones..."

    RIP courageous warrior.

  34. He was a principled man who dedicated his life for the cause of freedom and the individual. He is missed.

  35. So sorry to hear of Mr. Wenzel's passing. His message was a great influence on me and a welcome and refreshing of the truth. Like many on here I will miss his daily articles. Prayers to his loved ones and family.

    Liberty loving Texan.

  36. "In keeping with Robert's wishes, we plan on keeping both and live on the web as archives of Robert's work."

    Thank you so much to the Wenzel family for this. It is very much appreciated!

  37. Like others, I was stunned at hearing the sad news of RW's passing. I first encountered RJ in the pages of now-defunct Liberty Magazine, in the late 90s and early 2000s.
    Since discovering his two web sites, they became a daily, early-morning mainstay; I truly have felt somewhat rudderless now that these sites are in suspended animation.
    I learned so much from his writings and videos...and certain phrases or words will always remind me of RW: Mini-Maos...coprolite...second-hand dealer in ideas... Even the way he'd write "Got that?" ... lol.
    He always said he'd stay in San Francisco and California until the end, and would "turn out the lights" when it closed. Well, he didn't quite make it that long, but as a night-watchman of liberty, he was stellar.
    Bravo, sir. Rest in peace.
    --David Afton.

  38. Let's not forget about Mr. Wenzel's other online presence :

    YouTube videos :

    Podcast (audio only version of videos) :

  39. I was shocked and saddened when I heard about Bob's passing. I've been an avid daily reader of his EPJ blog (and TL when introduced) for over a decade. I learned an incredible amount of knowledge from his Daily Alert. I am going to miss reading his thoughts and insights on current and economic events. My condolences to his family, may he RIP.

  40. I had just subscribed to Bob's Daily Alert this past March. I loved the daily insights into the markets. I was really looking forward to his analysis shining through during the coming months/years. I'm was very saddened by his loss. I am planning on re-reading the three months of his alerts that I received and internalizing his insights and philosophy. Thank you Robert for the education. You will be sorely missed.

  41. Sad. was interesting site to read. Rest in peace.

  42. No human that I never met in person once did more for me than Robert Wenzel.

    He empowered me to change my perspective in order to see things for what they really are, improve decisions and actions, all in order to thrive in chaos.

    His insight, his wisdom, and his kindness in replying to 100% of the questions I ever emailed him will never be forgotten.


  43. Hi everyone, I have decided to start a regular blog. As readers of EPJ and TL, you will find many of Bob's influences as he was a big influence on my way of thinking, which will be blended into my approach of living free.

    I'm on substack, with no paid subscription as of now.

    My first post will go live tomorrow at 6am.

    I hope to see you all there. This is a great community.

    David Burns

    1. Good for The Contractor. Question for David B. and others. Back in February or so, the St. Louis branch of the Fed discontinued its weekly M2 reports by which Bob produced his Friday chart in EPJ Daily. He then indicated a method of using the monthly data, which I think is reported here: Does anyone know the way Bob was doing this and how we could continue this work?

    2. You can get the info here:

      After its updated at the end of each month, click "download" to export an excel file that will have the numbers

  44. From the newsletter:
    ...The 13-week number average I have been using will be replaced by a three-month average. With the number only being issued monthly, it could mean more surprises as you certainly could have greater swings over a 4 week period than if you were able to monitor weekly numbers and get a sense for trends more rapidly.

  45. Robert's website appears to be gone, but it can be found on

    Rest In peace, friend.

  46. Just stopped by to say I just can't believe Robert is gone and I have never in my life missed someone that I never met so much.

    1. I feel the same way. I still have the inclination to want to refresh TL and EPJ. I would've loved to have heard RW's opinions on current events (particularly on inflation and vaccines).

  47. Thank you to Robert's family for sharing him with the world. His writing and his outstanding presence touched many lives. Robert Wenzel was a passionate and tireless defender of ideas, a real champion of liberty. He will be dearly missed.

  48. Wenzel's blogs were always my first stop for news. I actually felt a human emotion with his passing.

  49. I still haven't fully broken the habit of opening his websites after over 10 years constant reading - while my day job continued to take more time and forced me to cut out a lot of media I was consuming, Robert Wenzel would have been the last one I would have ever let go. The Daily Alert still seems irreplaceable and those insights no where else to be found. Over a month later and I'm still unable to believe this has happened. No one will ever fill his shoes, but I still hope to find other Autro-libertarian financial experts to help guide us forward. Not having much success on that yet.

  50. As a subscriber to The Daily Alert since 2013, there is honestly a hole in my life -- a confidant of sorts, an adviser, and a very intelligent human being is sorely missed. I've been grappling with this over the weeks since Robert's / Ray's / Raymond's / other nom de plumes untimely passing. Is death ever timely? Never for the good guys. For a guy I've never met in real life, the impact you've had on my financial well-being as well as my intellectual growth are far into the positive territory, multiples beyond your fees.

    I'm grateful to come across such a man and to have benefitted from your services. The world was a better place with you in it. May you rest in peace mensch.

  51. Matthew Murphy and Cory Brickner - I feel the same way. I'm still in shock over RW's passing and I greatly miss his insights.