The Supply Side

Modern Monetary Theory or MMT is the soup of the day in the global monetary shadow world. In this episode Nathan Lewis and I discuss The Deficit Myth by Stephanie Kelton, the current bible of the MMT and functional finance crowd. If you have interest in unicorns, mythical creatures and magical money printing machines that never cause inflation then this is the episode for you. We go deep into some of the core theories in MMT and hold them up against the cold, hard light of reality.

This morning I only had 25 minutes before a bike race yet I managed to pull together a veritable cornucopia of macro and classical economical goodies. I start by exploring what Adam Smith thinks about competition and then we go deep into the latest brilliant analysis of Nathan Smith and his Polaris Letter. Finally, I begin to share some of the key insights from George Gilder's latest interview on blockchain and the global scandal of money.

Today I want to share with you a quick summary of the latest phenomenal research from Doug Noland as well as some great quotes from the one and only Thomas Sowell. I also share a quote from George Gilder that reminds us that entrepreneurship is a crucial way in which we participate with the structure of the cosmos itself.

In today's episode I share a great quote from a recent article from John Rubino's Dollar Collapse website. It would be funny if it was not so tragic and such a reflection upon the criminal mutations that define our financial system. Rising inflation steals the purchasing power of people who have often worked their entire lives in the hope of a decent retirement. Those days are over.

Dr. Samuel Gregg is research director at the https://www.acton.org/about/staff/samuel-gregg (Acton Institute). He has written and spoken extensively on questions of political economy, economic history, ethics in finance, and natural law theory. He has an MA from the University of Melbourne, and a Doctor of Philosophy degree in moral philosophy and political economy from the University of Oxford. In this wide ranging interview we discuss inflation, the Federal Reserve system and much more.

This is the second instalment of my series on Stephanie Kelton's MMT book The Deficit Myth. In this episode I explore her belief that government finances are radically different to personal finances and that governments, as currency issuers, can never run out of money.

This is the first in a new series of content where I explore Stephanie Kelton's theories of MMT. Is MMT just Keynesianism on steroids? Is there any veracity to the claims of Stephanie Kelton and other advocates of Modern Monetary Theory. I explore the introductory claims in her books and some initial responses to the six myths that she believes must be overcome for MMT to be properly understood.

James Mackintosh joined the Wall Street Journal in 2016, after almost 20 years at the Financial Times, most recently as Investment Editor and writer of the Short View column. He is a graduate of St Catherine's College, Oxford, where he gained a first-class degree in Philosophy and Psychology. He spent two further years at the university in postgraduate study of philosophy before entering the real world. In this wide ranging interview James discusses his recent articles in the WSJ where he explores the macro inflation outlook, the rise of crypto currencies and much more. James is a deep thinker and brings a wealth of insight and astute evaluation to a range of complex topics shaping the global economic outlook and the changing landscape of political economy.

In this wide ranging discussion I am joined by Dr. Alan Moran from https://www.regulationeconomics.com/ (Regulation Economics.) Alan has an extensive career at the highest levels of government regulatory organisations and has a unique insight upon how government can impact a free market economy. He also has vast experience in environmental and infrastructure planning regulation.

In this episode we welcome back the fantastic Nathan Lewis to discuss the very real possibility of hyperinflation based upon the lessons of history and then facts of our current economic madness. We discuss the history of economic collapse, the mechanics of hyperinflation and much more. Nathan's deep research and concern that so many people are unprepared for a difficult future make this episode compelling listening.

Doug Noland has been a student of credit bubbles for his entire professional life. His macro analysis is among the best in the business and his understanding of the current global situation is profound. In this special interview Doug shares his insights into current market distortions and what they suggest about the road ahead. He is the author of the widely read and respected blog, the https://creditbubblebulletin.blogspot.com/p/about.html (Credit Bubble Bulletin. )

Dan Oliver is the author of an important upcoming book called http://www.goldentears.org/ (Golden Tears )and is also the founder of the respected research firm and junior miner specialists,http://myrmikan.com/ ( Myrmikan Capital). In this fascinating interview Dan takes us on a journey into the incredible history of King Louis XIV, the banking machinations of John Law, the establishment of the Mississippi Company and the resulting credit bubble and much more. Through Dan's rich gifts as an economic historian, political economists and active fund manager we are given a rare insight into the past and a compelling vision of the future.

Last Sunday I sat in glorious sunshine watching my son play cricket. The only thing more complex than the rules of cricket is trying to work out the current state of the global economy. Luckily, while watching the game I was also reading a copy of George Gilder's Knowledge and Power. This important book makes a scholarly case for seeing capitalism as the interplay of knowledge and power. The tension between a dispersed entrepreneurial macrocosm and a governmental drive toward centralisation and control. In this episode I offer some opening insights of the key themes and what the current distortion of market signals may mean for the future.

In today's episode I cover John Locke's thoughts on political control, the latest round of lockdowns and why The Fed seems to have ignored everything Japan learned about monetarism in 2002. At what point does it simply no loner work to keep printing money? What happens when unemployment rises at the same time as incomes are skyrocketing? What strange times we inhabit! In this episode we also explore some interesting stats from Wolf Richter on what we can expect in the post-covid 'New Normal.'

In today's episode it's time to explore seven key points from President Biden's Economic Policy. What can we expect from a supply side perspective? Well...not much, apart from a lesson in how to jack up inflation and distort markets even further. I also take a stroll down memory lane as Peter Schiff outlines the entire Global Financial Crisis two years before it happened.

What's the difference between a casino and current global equity markets? Answer....not much! In this episode we explore Lesson 4 in Jude Wanniski's Supply Side University. We talk about gambling, mal-investment, and more. How do taxes condition the choices we make in terms of productive asset allocation instead of wild and destructive speculation?

The GFC Prophecy of Richard Duncan is still as impressive as ever. Six years before the GFC kicked off he wrote that the excesses of the 1990's was going to cause a failure in either the insurance industry or one of the large government sponsored enterprises such as Fannie Mae or Freddie Mac. In this short episode I share Richard's prophetic insight and ask what we have learned and how likely it is that we will see it happening again soon.

In this episode we welcome back https://manonthemargin.com/about/ (Mike Kendall) to discuss a whole range of topics related to the state of the world, global macro, gold, central banking and more. We also take a deeper look at Jude Wanniski's supply side model particularly in terms of the vision of reality that shapes the very foundation of every person's economic model. Mike also takes us through a deeper look at the the balance sheet of the US Federal Reserve and its implications for the price of gold and the world economy.

Between 1945 and 1971 when the world financial system was still linked to gold under the Bretton Woods system we saw only one banking crisis on the entire planet. Between 1971 and 2000 there were 19 crises! The we had dotcom bubbles, the global financial crisis and more. With the arrival of COVID and almost 20 trillion in new liquidity swimming through the global sea of financial markets we can only wonder how many more crises we can expect. In this episode I reference some great data from Richard Duncan's seminal book The Dollar Crisis and a great study from The Bank of England.

In this short episode it's time to discuss the reasonable limits of government. The pandemic has vastly extended most governments prodigious overreach into every area of public and private existence. What happens when governments increasingly assume more and more power? What happens when governments assume that all human problems can be solved by simply finding the right policy settings? I explore some recent insights from economist Judith Sloan, social and historical commentator, Henry Ergas and finally thoughts about the reality of what 'the state' really is, from Friedrich Von Hayek.

Tom Giovanetti is the President of the Institute for Policy Innovation in the United States. The Institute is a free-market policy think tank that focuses on https://www.ipi.org/ipi_issues (issues) related to economic growth, innovation, limited government and individual liberty. In this special interview we explore crucial issues related to government policy, tax, stable money, innovation and much more.

Plutarch famously stated, "An imbalance between rich and poor is the oldest and most fatal ailment of all republics." After almost 2000 years of history his words seem to have some pressing implications for our current political economy. What happens when governments seek to create a dependent class through massive welfare spending? What are the implications of UBI and of fiscal policies that encourage people not to work? In this episode we look at the link between Plutarch's insights and Nathan Lewis' exploration of how government policy can shape the moral tone of a nation.

Mike Kendall is the author of the https://manonthemargin.com/ (Man on The Margin) blog and a prodigious writer on topics such as classical economics, gold price signals, gold standards, supply side theory, cryptocurrencies and so much more. Mike is a former military and commercial pilot and brings a wealth of life experience and deep research to the crucial topics of macro-finance and political economy that are shaping the 21st century. In this episode we go deep on all the big topics of the moment. Mike shares his deep insights on gold price signals, the optimum price of gold, MMT and so much more.

Nathan Lewis is a global expert on gold standards, macro economics, economic history and so much more. In this comprehensive discussion we explore the central thesis of his latest book, "The Magic Formula.' We discuss what happens when nations pursue a strategy of low taxes and stable money. What are the implications of the current level of currency creation from central banks around the world.? What happens when the music finally stops? You can find Nathan's website https://newworldeconomics.com/ (here)

Welcome to the pilot episode of The Supply Side Podcast with Jonathan Doyle. In this episode we explore why we need to begin a conversation about supply side economics, predictive classical economics, gold standards and much more. The world is in a period of massive social and financial upheaval and there has never been a more important time to borrow from Jude Wanniski and ask ourself how the world really works. In the coming episodes we will welcome many of the world's most important thinkers in the field and build a model that can help us navigate these challenging times.