Podcast appearances and mentions of david andolfatto

David Andolfatto est archéologue. Il a passé de nombreuses années sur le terrain au Népal. C'est un plaisir d'échanger avec lui pour mieux comprendre l'histoire de ce petit royaume himalayen.    Si vous avez aimé ce podcast, n'hésitez pas à le partager sur les réseaux sociaux avec le hashtag #regardailleurs  Pour continuer à suivre mon travail, retrouvez moi sur:  Instagram: https://www.instagram.com/gaiaimages_photography/ Facebook: https://www.facebook.com/gaiaimages Mon site internet: https://www.gaia-images.com Soutenir le podcast : https://www.buymeacoffee.com/alexandre.gaia Soutenez-nous sur Patreon et Tipeee !

Former St. Louis Fed policy adviser David Andolfatto is worried that fiscal largesse will prevent the Federal Reserve from reaching its 2% inflation goal anytime soon.

David Andolfatto (@dandolfa) Professor & Economics Department Chair at the University of Miami, joins Adam, Douglas, and Ryan to discuss:David's journey from construction to academia and the Federal Reserve.His focus on monetary theory and views on the essence of money.How MMT compares and contrasts with traditional economic theories.David's take on money's role in resource allocation and price setting.Historical inflation trends and major economic shifts, like the 1970s oil crises.Analysis of how changing interest rates can affect the economy.The difference between short-term rate changes and long-term interest rate impacts.Andolfatto's views on government responses to high interest rates and their effects.Economic complexity and the need for careful policy evaluation.David Andolfatto received his Ph.D. in economics in 1994 from the University of Western Ontario, London, Canada. A native of Vancouver, British Columbia, he began his academic career in Canada as a professor of economics. In 2009, he was awarded the Bank of Canada Fellowship Award for his contributions in the theory of money, banking, and monetary policy. In that same year, David left Canada to become Vice President, and then Senior Vice President, in the research division of the Federal Reserve Bank of St. Louis, where he served as a senior policy advisor for James Bullard, CEO and president of the Bank. He left the Fed in 2022 to become Chair of the Economics Department at the University of Miami Patti and Allan Herbert Business School.AppliedMMT.comAppliedMMT on TwitterDouglas (@MMTmacrotrader) on TwitterDisclaimer: The content of this podcast is for informational purposes only and should not be construed as financial or investment advice. The views and opinions expressed in this podcast are those of the hosts and guests and do not necessarily reflect the official policy or position of any associated employers or organizations. Listeners should consider their financial circumstances and consult with a professional advisor before making any investment decisions

Upcoming in-person events for The Great Housing Hijack (out on 27th Feb):* Sydney: 28th February, 6.30pm at Inner West Library* Sydney: 29th February, 6.30pm at the University of Sydney* Sydney: 1 March, 5.30pm at Macquarie University* Brisbane: 13 March 2024, 6pm at Avid Reader, West End* Melbourne: 20th March, 12.30pm John Cain Lunch with Per Capita* Melbourne: 20th March, 3.30pm at RMIT* Canberra: 21st of March, 6.30pm hosted by The Australia InstitutePaid FET subscribers now get access to article voiceovers that can be listened to via the website, the Substack app, or your favourite podcast app (using the link sent with the welcome email). I'm not an economist who follows a particular school of thought. Schools of thought usually coalesce around a single powerful insight, and I think we should be able to synthesise the best insights from many different schools of thought.Modern Monetary Theory (MMT) is one school of economic thought. I have found enormous value in it. Rigorous attention to banking, money and payment flows, is central to MMT, but too often overlooked by most economists, leading to many logical problems in their reasoning and policy advice (e.g. that we can pre-save using financial instruments to “fund” retirements in aggregate). I credit MMT academics and writers for stimulating my interest in central banking and money creation and for my current habit of looking at both sides of every balance sheet. This corrected many of the wrong ideas I held about these topics that I picked up during my economics study, and which are pervasive today in the policy discourse.Even central banks are trying to improve on this failure of the economics discipline. As the Bank of England explained ten years ago:The reality of how money is created today differs from the description found in some economic textbooks. …This article explains how, rather than banks lending out deposits that are placed with them, the act of lending creates deposits — the reverse of the sequence typically described in textbooks.…While the money multiplier theory can be a useful way of introducing money and banking in economic textbooks, it is not an accurate description of how money is created in reality.…As with the relationship between deposits and loans, the relationship between reserves and loans typically operates in the reverse way to that described in some economics textbooks.I now incorporate a proper accounting of money creation into my teaching using these central bank documents as resources, such as this paper from the Reserve Bank of Australia (RBA). Of course, I don't think MMT provides a complete description of economics, and I have disagreements about some policy prescriptions that tend to travel with it.With that in mind, I want to offer my thoughts on a new MMT film called Finding the Money, a riff about how to respond to the political question of “Where will we find the money?” Before I get into my notes on the film itself, the image below shows the upcoming Australia film tour dates (click it to be linked to tickets). I will be attending the Brisbane event on the 10th of March 2024. The film's big ideasWhat Finding the Money (FtM) does well is articulate the nature of money as a debt relationship—an IOU (“I owe you”)—not a type of good or token (as I have previously explained here). This is important. FtM goes into depth about the origins of money and the need for some kind of social authority to enforce the value of a unit of measurement of the IOUs that circulate as money. This origin story is valuable for helping people change the way they think of money. It helps to then take the next step in understanding that just like a government bond is a debt to the issuer, and an asset to the holder (like any IOU) so too are money deposits held in banks a debt to the issuer (either a private bank or the central bank) and an asset to the holder. The symmetry is a crucial insight and the film reiterates it multiple times. David Andolfatto even says in the film that the “debt clock may as well say private sector wealth” because the debt on that clock is made up of government bonds (assets) held by the private sector. The IOU is a liability to the government and an asset to the private sector holders.This story allows us to understand what would otherwise be quite shocking. FtM notes this about the hard-earned taxes people and private organisations pay: “When they pay their taxes the government just burns it.”Huh?That sounds weird. It must be wrong, right?But it makes total sense if you think of money as an IOU relationship and not a token. When you pay back an IOU, the paper records of that IOU held by both sides of the relationship are thrown away. It's the same with money. When you pay back your home loan, the bank throws away the deposits that you repaid the loan with alongside the loan liability. They cancel out.Money disappears. In the same way, when taxes exceed government payments to private entities, the amount of IOU money circulating in the economy falls. The taxes make money disappear.Although I can't find it now [UPDATE: found if here], there was an interesting video produced by the RBA a few years back that explained what happens when payments are made from banks to the Treasury. Since the Treasury doesn't have a reserve account balance at the central bank when you pay taxes, the money simply disappears—not burnt exactly, but it is cancelled out in the accounting system of the banking sector and central bank. This insight helps explain why measures of total deposits held by households can only rise if there is more borrowing in aggregate—either by individuals from banks or by the government. People can't just stop spending and save and increase the deposits at banks. Only extra borrowing increases total bank deposits. This is why the MMT position is that for the private sector in aggregate to save financial assets, or in other words have a surplus, then the public sector must have a deficit to match. After all, there is no one else to have a surplus with. “What's the strength of MMT? It's monetary operations, no doubt about it”Viewers of FtM will get a laugh from some of the interviews. One example is when esteemed economist Jared Bernstein forgets how lending works and fumbles with various wrong explanations. Another is when the former comptroller of the United States for 30 years says that it is not true that money is listed as a liability on the central bank's balance sheet. Are reserve notes accounted for as liabilities? I don't think so. No.But they are of course.There are two types of money recorded as liabilities on the central bank balance sheet—bank notes (physical cash) and exchange settlement account (ESA) balances (known as reserves), which are deposits at the central bank held by private banks.Here's the RBA's balance sheet. You can see the $467 billion of notes and ESA balances right there. That's the flip side to our physical cash assets—they are a central bank liability. A final useful insight you will get from FtM concerns the popular economic idea that governments running budget deficits (spending more than they tax) push interest rates up. Harvard economist and economic advisor to President Obama, Jason Furman, espouses this view in the film. But Stephanie Kelton laughs at this claim and says that “the interest rate is whatever the central bank wants it to be.”Which makes sense. Central banks really do control interest rates. That's the reason monetary policy can operate at all. So you can choose to have low interest rates and huge deficits, as happened during COVID. It might not be a sensible macroeconomic setting to operate this way, but can certainly be done. In an MMT lens, deficits can also be too small. For there to be enough spending in the economy “the normal situation for a currency issuer is to be in deficit.” Since the private sector wants to save, it stops circulating money. So to keep up spending the government must step in. This is a subtle insight, but one the film does a reasonable job of introducing. And honestly, communicating any of these ideas in an entertaining film is a challenge!One strange thing in FtM is that it takes an hour before we get the quite important detail that private banks also create money as well as the central bank. This appears to contradict an earlier part of the story of money, which is that a currency-issuing government must spend first before it collects taxes. Maybe this is helpful rhetoric. I think it is confusing. There is no sequence. Governments are spending and taxing continuously. How does this knowledge help?If the idea of money as an IOU and its forgotten symmetry is the main takeaway for the audience of this film, then it is an important contribution. But it still left me with some questions.How does a better understanding of the inner workings of the monetary system change our economic reasoning?For example, even though the monetary budget constraint that occupies our minds is not real, nor even an accounting problem, the physical limits of the still economy are very real. No political party or nation acts as if the government budget is a constraint on their spending. They deficit spend, just as MMT describes they probably should as a “normal” course of events.Although Jason Furman stumbled over monetary operations and interest rates, he was right that MMT often brings you back to the same trade-offs—is there enough productive capacity to deficit spend without generating excessive inflation?MMT says the binding constraints on money printing are physical production limits that, when reached, result in inflation. It's not the budgets themselves. Yet that's also the constraint of mainstream economics when it “looks through”, or ignores, money altogether. The mistake of mainstream economics is to conflate monetary budgets with physical resources.George Selgin from the CATO Institute asked insightful questions in FtM, such as: “How would MMT people propose to control inflation when needed?” I suspect MMT advocates would suggest more taxes as a way to reduce spending when inflation is high. The tax system does automatically raise more in an inflationary environment (known as automatic stabilisers), so that helps. Would more active tax changes be needed? That seems a tough ask, just as spending restraint is often tough politically in inflationary environments. In the film, a surprising idea espoused by Stephanie Kelton is that “You can actually spend money and reduce inflationary pressures.” That's a real challenge to the orthodox view of how physical limits to resources matched with extra monetary spending create inflation. I think it's even a problem in the MMT “soft” constraint view too. How does knowing monetary operations make this make sense?Fadhel Kaboub expands on this logic:Money that builds new capacity building mass transit and converting to 100% renewable energy.So housing, healthcare, energy, and transportation, the green new deal includes those areas specifically not because it's the favorite shopping list of the progressive movement, because these are the sources of inflation.We're going to include them in the Green New Deal because that's how you increase availability and reduce cost.This seems wrong to me because it overlooks the inter-relationships in the economy. The spending required to build mass transit or green energy still requires people, and resources to be taken from elsewhere in the economy. And it is inconsistent with the answer to the next question. Lua: But what if we want to increase government spending and the economy is already at full capacity?Stephanie: Then they have to be freed up, or created. How do you do that?Here, we get to the nuts and bolts. If you want to spend money on something, you need to free up the resource inputs from elsewhere. The “hard” budget constraint says you do that by spending less on other things. The MMT solution gets to the same outcome but with the addition of noting that improving productivity is one way to free up humans and other resources. Yet isn't this also the standard economics view?If we want a big government spending program, such as a large welfare policy change, this will need taxes to fund it. If the gap between the “hard” budget limit and the “soft” inflation limit is $10 billion per year, and a program that costs $20 billion per year is implemented, then half must be raised in taxes anyway. And if there is already deficit spending of $10 billion due to other government commitments, then every dollar of new spending needs to be raised in taxes to avoid even the “soft” physical limit. So MMT takes us back to this same physical trade-off that is a key insight of all schools of economics. MMT doesn't solve all our problems. Being able to create money doesn't solve all our problems.But finding the money is often the least important challenge. The real challenge revolves around how can we organize our collective resources, to allow humanity and the rest of the living world to thrive, within planetary boundaries.If we have a vision for a better future, money is not the scarce resource we need to go out and find before we can start building it. Money is the organizing tool we can use to mobilize our people and real resources to make that vision a reality.There should be no disagreement about this. The fact that this is not the claim of all schools of economic thought is the real puzzle.As a final note, the “so what” of MMT seems to be that without the “hard” budget constraint governments can deficit spend to support full employment. I'm not sure that this contradicts mainstream macroeconomics either, only some widely believed myths about the macroeconomic costs of debt, which MMT rightly dismisses (debts are also assets after all, as noted earlier). This is why a job guarantee policy, where a government agency is tasked with employing everyone who doesn't have a job, is a central idea of the MMT school of thought. But for the life of me, I can't see how the understanding of monetary operations would lead to that policy idea, rather than any other form of welfare system. The job guarantee idea doesn't get much of an airing in FtM. I think that's fair enough. I've found it a very strange idea to get packaged with insights into monetary operations. For me, the big takeaway from FtM is not that we can spend without limit. It is that money is a two-sided debt relationship created either by private banks or the central bank, that can be harnessed to direct spending and investment in the economy in any way we choose, so long as we have the real resources available. This shouldn't be controversial. John Maynard Keynes wrote exactly this explanation in 1940 when he explained how to “pay for” the war. Abba Lerner explained similarly. Lastly, I think there is a hidden political miscalculation behind MMT which you might pick up on during FtM. Since all governments are already deficit spend, the budget constraint surely has never been a real political concern. Deferring to budgetary pressures just makes for convenient politics. If you're a politician or political party and you don't want to spend money on something, you talk about the budget constraint. When you do want to do something, you don't. It avoids the important discussion about social priorities that your side of politics might risk losing. As I said at the beginning, it is worth appreciating the big insights from each school of thought in economics and integrating them into a coherent worldview. FtM communicates in a surprisingly effective way some of these key insights from MMT and I highly recommend it for that reason. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.fresheconomicthinking.com/subscribe

Dr. David Andolfatto is the professor and chair of the economics department at the Miami Herbert Business School at the University of Miami. He was the very first central banker to ever give a public presentation on bitcoin. In this conversation, we talk about bitcoin, federal reserve, economics, why bitcoin may be something that the world needs to pay attention to, potential risks, central banks, what David learned, intersection between economics, markets, legal, technology, bitcoin, USD, and why you should pay attention. ======================= Pomp writes a daily letter to over 235,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/

Bob takes a David Andolfatto tweet to explain why it's wrong to think that issuing US Treasuries somehow creates social benefits. Then he rehashes a conversation with Peter St. Onge about whether we should care if the central bank goes bankrupt.Mentioned in the Episode and Other Links of Interest:David Andolfatto on inflation and government debt.Bob interviews Andolfatto in episode 175.Robert Barro's famous 1974 paper on government bonds.Bob talking with Peter St. Onge on the Human Action podcast.Bob's 3-part series on the social function of a) stock speculators, b) futures contracts, and c) call and put options.Help support the Bob Murphy Show.The audio production for this episode was provided by Podsworth Media.

In this special end-of-the-year episode of Macro Musings, David Beckworth joins guest host David Andolfatto of the St. Louis Fed to discuss a wide range of macroeconomic topics, including podcast highlights from the whole of 2021. More specifically, both Davids talk about the similarities and differences between average inflation targeting and NGDP targeting, the recent inflation puzzles that have plagued the macroeconomy, David's safe asset theory of inflation, and more.   Want to support the show? Visit donate.mercatus.org/podcasts   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   David Beckworth's Twitter: @DavidBeckworth David Beckworth's blog: http://macromarketmusings.blogspot.com/ David Beckworth's Mercatus profile: https://www.mercatus.org/scholars/david-beckworth   David Andolfatto's Twitter: @dandolfa David Andolfatto's St. Louis Fed profile: https://www.stlouisfed.org/about-us/leadership-governance/bank-officers/executive-bios/david-andolfatto   Related Links:   *The Safe Asset Shortage and the Low Inflation of 2010-2019: A Money Demand View* by David Beckworth https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3992846   *The Prospect of Fiscal Dominance in the United States: A New Quantity Theory Perspective* by David Beckworth https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3969473   *The Fiscal Theory of Price Level with a Bubble* by Markus Brunnermeier, Sebastian Merkel, and Yuliy Sannikov https://www.nber.org/papers/w27116

Nic and Matt return for more news and deals of the week. In this episode:  ConstitutionDAO Why you can't smelt tungsten Breaking down the Keep Innovation in America Act The SEC denies the Vaneck Bitcoin Trust Crypto.com buys the naming rights to the Lakers arena The US Marshalls are auctioning BTC seized from Bitconnect Is Gerald Cotten deceased? Load ze quantum FUD Is David Chaum right about Bitcoin's quantum FUD? What fraction of Bitcoins are quantum vulnerable? Can stablecoins be rendered run-proof? Sweden and Norway agitate against PoW Why banning Bitcoin mining can be counter productive What does the DAO do if they win the Constitution? Content mentioned in this episode:  David Andolfatto, Run Proof Stablecoins Derek Hsue and Larry Sukernik, I Pledge Allegiance Sponsor notes:  This show supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions. For more information see coinbase.com/prime Corporations and institutions can allocate cash into Circle Yield to gain crypto lending exposure and earn superior returns compared to traditional markets. It's secured, overcollateralized and built on the leading dollar digital currency. Visit circle.com/yield to book a meeting

There's been a lot of chatter in the media recently about regulatory concerns on stablecoins, as well as the potential the Fed might offer its own central bank digital currency. But there's precious little information about what those things actually are—and how they could impact the financial services sector. David Andolfatto, a senior vice president in the research division at the Federal Reserve Bank of St. Louis, goes through the basics on stablecoins and CBDCs, including why regulators have worries on stablecoins and why a digital dollar could be in the offing.

David Andolfatto is a vice president for the St. Louis Federal Reserve Bank and has published widely in the field of monetary economics. David also blogs at MacroMania and is a returning guest to the podcast. He rejoins Macro Musings to talk about his thoughts on macro theory, plumbing issues, central bank digital currency, and more.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   David's Twitter: @dandolfa David's St. Louis Fed profile: https://www.stlouisfed.org/about-us/leadership-governance/bank-officers/executive-bios/david-andolfatto   Related Links:   *Some Thoughts on Central Bank Digital Currency* by David Andolfatto https://www.cato.org/cato-journal/spring/summer-2021/some-thoughts-central-bank-digital-currency   *Minutes of the Federal Open Market Committee: April 27-28, 2021* by the Fed https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20210428.pdf   David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Rothbard called Mises's The Theory of Money and Credit "the best book on money ever written." But Rothbard himself may have written the best money book for lay readers, namely What Has Government Done to Our Money? Bob Murphy joins the show to discuss this superb and eminently readable tract: a mini-course on money itself, from its origins and uses to its degradation by kings, politicians, and central bankers. In only 119 short pages, Rothbard gives us everything we need to know about this most critical commodity in society—along with the ruinous development of fully fiat (unbacked) state money. Readers also enjoy a brilliant history of money regimes, from early barter to the classical gold standard and the ultimate collapse of the Bretton Woods agreement. Read this fantastic book for free in HTML format: Mises.org/WHGD Bob Murphy's series, "Understanding Money Mechanics": Mises.org/MM Bob Murphy interviews Fed economist David Andolfatto on the devaluation of money, among other topics: Mises.org/BMS175 Hans-Hermann Hoppe reconsiders Hutt's seminal article, "The Yield from Money Held": Mises.org/HoppeHutt

Rothbard called Mises's The Theory of Money and Credit "the best book on money ever written." But Rothbard himself may have written the best money book for lay readers, namely What Has Government Done to Our Money?  Bob Murphy joins the show to discuss this superb and eminently readable tract: a mini-course on money itself, from its origins and uses to its degradation by kings, politicians, and central bankers. In only 119 short pages, Rothbard gives us everything we need to know about this most critical commodity in society—along with the ruinous development of fully fiat (unbacked) state money. Readers also enjoy a brilliant history of money regimes, from early barter to the classical gold standard and the ultimate collapse of the Bretton Woods agreement. Read this fantastic book for free in HTML format: Mises.org/WHGD Bob Murphy's series, "Understanding Money Mechanics": Mises.org/MM Bob Murphy interviews Fed economist David Andolfatto on the devaluation of money, among other topics: Mises.org/BMS175 Hans-Hermann Hoppe reconsiders Hutt's seminal article, "The Yield from Money Held": Mises.org/HoppeHutt]]>

Rothbard called Mises's The Theory of Money and Credit "the best book on money ever written." But Rothbard himself may have written the best money book for lay readers, namely What Has Government Done to Our Money? Bob Murphy joins the show to discuss this superb and eminently readable tract: a mini-course on money itself, from its origins and uses to its degradation by kings, politicians, and central bankers. In only 119 short pages, Rothbard gives us everything we need to know about this most critical commodity in society—along with the ruinous development of fully fiat (unbacked) state money. Readers also enjoy a brilliant history of money regimes, from early barter to the classical gold standard and the ultimate collapse of the Bretton Woods agreement. Read this fantastic book for free in HTML format: Mises.org/WHGD Bob Murphy's series, "Understanding Money Mechanics": Mises.org/MM Bob Murphy interviews Fed economist David Andolfatto on the devaluation of money, among other topics: Mises.org/BMS175 Hans-Hermann Hoppe reconsiders Hutt's seminal article, "The Yield from Money Held": Mises.org/HoppeHutt

Rothbard called Mises's The Theory of Money and Credit "the best book on money ever written." But Rothbard himself may have written the best money book for lay readers, namely What Has Government Done to Our Money? Bob Murphy joins the show to discuss this superb and eminently readable tract: a mini-course on money itself, from its origins and uses to its degradation by kings, politicians, and central bankers. In only 119 short pages, Rothbard gives us everything we need to know about this most critical commodity in society—along with the ruinous development of fully fiat (unbacked) state money. Readers also enjoy a brilliant history of money regimes, from early barter to the classical gold standard and the ultimate collapse of the Bretton Woods agreement. Read this fantastic book for free in HTML format: Mises.org/WHGD Bob Murphy's series, "Understanding Money Mechanics": Mises.org/MM Bob Murphy interviews Fed economist David Andolfatto on the devaluation of money, among other topics: Mises.org/BMS175 Hans-Hermann Hoppe reconsiders Hutt's seminal article, "The Yield from Money Held": Mises.org/HoppeHutt

Rothbard called Mises's The Theory of Money and Credit "the best book on money ever written." But Rothbard himself may have written the best money book for lay readers, namely What Has Government Done to Our Money? Bob Murphy joins the show to discuss this superb and eminently readable tract: a mini-course on money itself, from its origins and uses to its degradation by kings, politicians, and central bankers. In only 119 short pages, Rothbard gives us everything we need to know about this most critical commodity in society—along with the ruinous development of fully fiat (unbacked) state money. Readers also enjoy a brilliant history of money regimes, from early barter to the classical gold standard and the ultimate collapse of the Bretton Woods agreement. Read this fantastic book for free in HTML format: Mises.org/WHGD Bob Murphy's series, "Understanding Money Mechanics": Mises.org/MM Bob Murphy interviews Fed economist David Andolfatto on the devaluation of money, among other topics: Mises.org/BMS175 Hans-Hermann Hoppe reconsiders Hutt's seminal article, "The Yield from Money Held": Mises.org/HoppeHutt

David Andolfatto, a senior vice president in the research division at the Federal Reserve Bank of St. Louis, goes beyond the politics of the U.S. debt to tackle what it is, whether it’s a problem, and what steps policymakers should be taking now. Along the way, he challenges common assumptions about the debt level and the debate around it.

Ron Paul used the fall in purchasing power since the founding of the Fed to argue that the central bank had hurt regular Americans. Fed economist David Andolfatto disagrees, but Bob pushes back. Mentioned in the Episode and Other Links of Interest: The YouTube version of this interviewDavid Andolfatto critiques Ron Paul's argument against the FedBob's rebuttal to Andolfatto“Has the Fed Been a Failure?” by White et alBob's forthcoming book on Understanding Money Mechanics For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.

Ron Paul used the fall in purchasing power since the founding of the Fed to argue that the central bank had hurt regular Americans. Fed economist David Andolfatto disagrees, but Bob pushes back. Mentioned in the Episode and Other Links of Interest: The https://youtu.be/3SgTe37PnI4 (YouTube version) of this interview. http://andolfatto.blogspot.com/2011/03/ron-pauls-money-illusion-sequel.html (David Andolfatto critiques Ron Paul's) argument against the Fed. https://mises.org/library/inflation-harmless-or-even-good (Bob's rebuttal) to Andolfatto. https://www.cato.org/publications/working-paper/has-fed-been-failure ("Has the Fed Been a Failure?") by White et al. Bob's forthcoming book on https://mises.org/library/understanding-money-mechanics-0 (Understanding Money Mechanics). http://bobmurphyshow.com/contribute (Help support) the Bob Murphy Show. The audio production for this episode was provided by http://podsworth.com/ (Podsworth Media).

David Andolfatto, senior vice president and economist at the Federal Reserve Bank of St. Louis, talks about how a hot money credit program could help kick-start the stalled economy as a result of the COVID-19 pandemic.

This interview includes many great topics -Bitcoin, is it digital gold or will it be a currency -Are the federal reserve banks teaching house members about crypto, bitcoin and other alt coins -What are the economical benefits of Bitcoin and how will it impact in the future -Does crypto and bitcoin threaten the centralization of central banks or will they coincide and work separately for different purposes -How the Federal and Central banking works and why it won't be jeopardized Be sure to like, subscribe and follow our channel here on Youtube as well as our podcast. Host: Jouell Wright Host's Twitter: @JuellZ3 BTC Donations: 3Q2PYP3npyW9ynbkyJvv6AdJYs84fnZJXH BCH Donations: qr0n5zhdnazfqkuzj8xvt4fxladenz3dpy23l0hnwy Ethereum Donations: 0x85fbeb96a1124198F75Bd60Ff1Ea4005216c53Bc --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/tradeu/support

In this Best of 2019 episode, I selected the clips that seemed most representative of what crypto was about this year, which I call, The Year Things Got Geopolitical. My only regret is that none of the clips about DAOs lent themselves well to this episode. However, years from now, after we've got global stablecoins pinging around the world at a high transactions-per-second rate, the crypto community has made peace with U.S. regulators, and more of our lives seems to take place in the borderless digital world, perhaps we'll find it ironic that DAOs were burbling up right around the same time. Thank you to our sponsors!  Kraken: https://www.kraken.com Crypto.com: http://crypto.com/ CipherTrace: http://ciphertrace.com/unchained Episode links:  Unchained Interview with Vitalik Buterin: https://unchainedpodcast.com/vitalik-buterin-on-whether-or-not-ethereum-is-blowing-it/ Unchained Interview with Hester Peirce: https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/ Unchained Interview with Ted Livingston: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/ Unchained Interview with Glen Weyl and Santiago Siri: https://unchainedpodcast.com/how-blockchains-can-help-create-little-democracies-everywhere/ Unchained Interview with Christian Catalini: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/ Unchained Interview with Martin Chorzempa and Dovey Wan: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/ Unchained Interview with Emily Parker: https://unchainedpodcast.com/crypto-in-china-what-it-really-looks-like/ Unchained Interview with Sandra Ro: https://unchainedpodcast.com/sandra-ro-why-crypto-friendly-laws-are-coming-in-the-us/  Unchained Interview with Patrick McHenry: https://unchainedpodcast.com/congressman-patrick-mchenry-bitcoin-will-be-of-enormous-value/ Unchained Interview with David Andolfatto: https://unchainedpodcast.com/fed-economist-on-the-prospect-of-the-usd-losing-global-reserve-status-who-cares/ Unchained Interview with Yeonmi Park: https://unchainedpodcast.com/yeonmi-park-on-why-doing-business-with-north-korea-is-like-buying-a-ticket-to-a-concentration-camp/ Unchained Interview with Alex Gladstein: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/  

In this Best of 2019 episode, I selected the clips that seemed most representative of what crypto was about this year, which I call, The Year Things Got Geopolitical. My only regret is that none of the clips about DAOs lent themselves well to this episode. However, years from now, after we’ve got global stablecoins pinging around the world at a high transactions-per-second rate, the crypto community has made peace with U.S. regulators, and more of our lives seems to take place in the borderless digital world, perhaps we'll find it ironic that DAOs were burbling up right around the same time. Thank you to our sponsors!  Kraken: https://www.kraken.com Crypto.com: http://crypto.com/ CipherTrace: http://ciphertrace.com/unchained Episode links:  Unchained Interview with Vitalik Buterin: https://unchainedpodcast.com/vitalik-buterin-on-whether-or-not-ethereum-is-blowing-it/ Unchained Interview with Hester Peirce: https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/ Unchained Interview with Ted Livingston: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/ Unchained Interview with Glen Weyl and Santiago Siri: https://unchainedpodcast.com/how-blockchains-can-help-create-little-democracies-everywhere/ Unchained Interview with Christian Catalini: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/ Unchained Interview with Martin Chorzempa and Dovey Wan: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/ Unchained Interview with Emily Parker: https://unchainedpodcast.com/crypto-in-china-what-it-really-looks-like/ Unchained Interview with Sandra Ro: https://unchainedpodcast.com/sandra-ro-why-crypto-friendly-laws-are-coming-in-the-us/  Unchained Interview with Patrick McHenry: https://unchainedpodcast.com/congressman-patrick-mchenry-bitcoin-will-be-of-enormous-value/ Unchained Interview with David Andolfatto: https://unchainedpodcast.com/fed-economist-on-the-prospect-of-the-usd-losing-global-reserve-status-who-cares/ Unchained Interview with Yeonmi Park: https://unchainedpodcast.com/yeonmi-park-on-why-doing-business-with-north-korea-is-like-buying-a-ticket-to-a-concentration-camp/ Unchained Interview with Alex Gladstein: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/  

David Andolfatto, senior vice president at the Federal Reserve Bank of St. Louis, gives his thoughts on Facebook's Libra, including why regulatory issues will make it hard to compete with the US dollar, and why Bitcoin wouldn't have such issues. He also says, "who cares?" about the US dollar losing global reserve status, pointing out that many prosperous countries have currencies that don't function as global reserves. He tells us how he would design a central bank digital currency, and why, even if central banks enabled citizens to open accounts with them, thus bypassing commercial banks, it wouldn't drive banks out of business. We also cover how that could affect fractional reserve banking and credit creation, the People's Bank of China's soon-to-be-issued digital yuan, and why blockchains haven't yet substantially helped the unbanked, as they were originally touted to do. Thank you to our sponsors!  Kraken: https://www.kraken.com CipherTrace: http://ciphertrace.com/unchained Crypto.com:  https://crypto.com Episode links:  St. Louis Federal Reserve: https://www.stlouisfed.org David Andolfatto: https://research.stlouisfed.org/econ/andolfatto/sel/ David's blog: http://andolfatto.blogspot.com Letter from House Reps to Fed Chair Jerome Powell: https://static.coindesk.com/wp-content/uploads/2019/10/Foster-Hill-US-Crypto.pdf Talk on blockchain, cryptocurrency and central banks: https://www.stlouisfed.org/dialogue-with-the-fed/blockchain https://www.stlouisfed.org/~/media/files/pdfs/dwtf/blockchain_082918.pdf?la=en Blog post on cost efficiency of a centrally managed ledger: http://andolfatto.blogspot.com/2017/12/fedcoin-and-blockchain.html?spref=tw David’s paper on the impact of central bank digital currency private banks: https://s3.amazonaws.com/real.stlouisfed.org/wp/2018/2018-026.pdf Raskin and Yermack paper: https://ccl.yale.edu/sites/default/files/files/Raskin_Max_and_Yermack_David_The%20Future%20of%20Central%20Banking.pdf David on FedCoin: http://andolfatto.blogspot.com/2015/02/fedcoin-on-desirability-of-government.html  Philadelphia Federal Reserve banker Patrick Harker on a G20 CBDC being inevitable: https://www.reuters.com/article/us-usa-fed-harker-digital/feds-harker-digital-central-bank-currency-inevitable-idUSKBN1WH1L4 Related Unchained interview: Dong He and Yan Liu on central bank digital currencies: https://unchainedpodcast.com/the-imf-on-how-to-design-central-bank-digital-currencies/

David Andolfatto, senior vice president at the Federal Reserve Bank of St. Louis, gives his thoughts on Facebook's Libra, including why regulatory issues will make it hard to compete with the US dollar, and why Bitcoin wouldn't have such issues. He also says, "who cares?" about the US dollar losing global reserve status, pointing out that many prosperous countries have currencies that don't function as global reserves. He tells us how he would design a central bank digital currency, and why, even if central banks enabled citizens to open accounts with them, thus bypassing commercial banks, it wouldn't drive banks out of business. We also cover how that could affect fractional reserve banking and credit creation, the People's Bank of China's soon-to-be-issued digital yuan, and why blockchains haven't yet substantially helped the unbanked, as they were originally touted to do. Thank you to our sponsors!  Kraken: https://www.kraken.com CipherTrace: http://ciphertrace.com/unchained Crypto.com:  https://crypto.com Episode links:  St. Louis Federal Reserve: https://www.stlouisfed.org David Andolfatto: https://research.stlouisfed.org/econ/andolfatto/sel/ David's blog: http://andolfatto.blogspot.com Letter from House Reps to Fed Chair Jerome Powell: https://static.coindesk.com/wp-content/uploads/2019/10/Foster-Hill-US-Crypto.pdf Talk on blockchain, cryptocurrency and central banks: https://www.stlouisfed.org/dialogue-with-the-fed/blockchain https://www.stlouisfed.org/~/media/files/pdfs/dwtf/blockchain_082918.pdf?la=en Blog post on cost efficiency of a centrally managed ledger: http://andolfatto.blogspot.com/2017/12/fedcoin-and-blockchain.html?spref=tw David's paper on the impact of central bank digital currency private banks: https://s3.amazonaws.com/real.stlouisfed.org/wp/2018/2018-026.pdf Raskin and Yermack paper: https://ccl.yale.edu/sites/default/files/files/Raskin_Max_and_Yermack_David_The%20Future%20of%20Central%20Banking.pdf David on FedCoin: http://andolfatto.blogspot.com/2015/02/fedcoin-on-desirability-of-government.html  Philadelphia Federal Reserve banker Patrick Harker on a G20 CBDC being inevitable: https://www.reuters.com/article/us-usa-fed-harker-digital/feds-harker-digital-central-bank-currency-inevitable-idUSKBN1WH1L4 Related Unchained interview: Dong He and Yan Liu on central bank digital currencies: https://unchainedpodcast.com/the-imf-on-how-to-design-central-bank-digital-currencies/

David Andolfatto is a vice president of the St. Louis Federal Reserve Bank and is published widely in the field of monetary economics. He also blogs at MacroMania, and has recently published on issues such as the zero lower bound, the symmetry of the Fed’s inflation target, a new standing repo facility, and MMT. David is a returning guest to Macro Musings, and he joins the show today to talk about these issues.  David and David also discuss the safe asset shortage, average and flexible inflation targeting, and the legal, political, and economic restraint surrounding negative interest rates.   Transcript for the episode: https://www.mercatus.org/bridge/podcasts/05062019/safe-assets-symmetric-inflation-and-mmt   David Andolfatto’s Twitter: @dandolfa David Andolfatto’s blog: http://andolfatto.blogspot.com/   Related Links:   *Is Low Inflation Really a Mystery?* by David Beckworth https://macromarketmusings.blogspot.com/2019/04/is-low-inflation-really-mystery.html   *Why the Fed Should Create a Standing Repo Facility* by David Andolfatto and Jane Ihrig https://www.stlouisfed.org/on-the-economy/2019/march/why-fed-create-standing-repo-facility   David Beckworth’s blog: macromarketmusings.blogspot.com David Beckworth’s Twitter: @DavidBeckworth   Disclaimer: Anything that David Andolfatto says reflects his own personal views and not the views of the Federal Reserve.

David Andolfatto is not only a professor of Economics at SFU, he’s also a vice president of research at the Federal Reserve Bank of St. Louis. In this episode, PhD student Shirleen Manzur interviews David about cryptocurrencies like Bitcoin, one of his main interests. Among other things, David and Shirleen talk about the pros and cons of cryptocurrencies, their role in the economy now and in the future, and how they can be regulated by the government.

Since the rise of digital currencies and cryptocurrencies, central banks are considering the role these new forms of money may play in our evolving digital economy. One of the ideas studied is the notion of a central bank digital currency. While people and companies can hold central bank liabilities in the form of cash, only licensed banks have access to digital cash accounts with central banks. We’re joined by David Andolfatto, VP of Research at the Federal Reserve Bank of St. Louis. David was previously on the podcast to discuss his idea for Fedcoin, a central bank issued cryptocurrency. In a recent paper, he explores the impact central bank digital currencies may have on the monopolistic banking sector. Topics covered in this episode: The state of central bank research on digital currencies and cryptocurrencies The idea that central banks may hold Bitcoin reserves David’s new paper on the impact of central bank digital currencies (CBDC) The potential impacts of CBDC’s on the banking sector and our economy The role of fractional reserve banking in our economy How fractional reserve banking applies to cryptocurrencies The Debreu model and the need for money in an entirely liquid market David’s outlook for the future of Bitcoin and cryptocurrencies Episode links: Assessing the Impact of Central Bank Digital Currency on Private Banks (paper) Smart Contracts and Asset Tokenization (article) My perspective on the Bitcoin Project (article) The Trust Machine: The Story of Bitcoin (article) Fedcoin: On the Desirability of a Government Cryptocurrency (article) David's last appearance on the podcast Thank you to our sponsors for their support: Simplify your hiring process & access the best blockchain talent . Get a $1,000 credit on your first hire at toptal.com/epicenter. This episode is hosted by Brian Fabian Crain and Sébastien Couture. Show notes and listening options: epicenter.tv/266

Part of our central banking perspectives, with guest David Andolfatto, VP of Research at the St. Louis Federal Reserve is a thought leader on cryptocurrency and the new market places popping around it. Central bankers have often been hesitant to speak about crypto, but David has been crypto-educator since 2014. His community policy briefings usually are usually packed to standing-room only. In this episode we discuss how central banks are not only warming up to blockchain but are now exploring use cases of blockchain. We talk about how blockchain is just like the economy of favors we use every day with our coworkers, friends, and family (and how we are already using a distributed, gossip-based ledger). In addition, we touch on the new moral issues created in the world of smart-contracts and why some economists think bitcoin will die. Interview & show notes by: Dang Du Links: Andolfatto.blogspot.com Twitter.com/dandolfa Follow A Bit Cryptic Podcast: Twitter.com/keepitcryptic Medium.com/@abitcryptic Facebook.com/abitcryptic Instagram.com/keepitcryptic If you like what you heard, please leave us a 5-star review and share the podcast! Disclosure: the co-host of this podcast segment is a former employee of the Federal Reserve Bank of St. Louis.

By now, just about everyone has heard of bitcoin, but what’s beyond that? Listen to St. Louis Fed economist David Andolfatto talk about the details of cryptocurrency, blockchain and regulation and how they differ – or don’t – from banking systems past and present.

David is the Vice President of the St. Louis Federal Reserve Bank, and has published widely in the field of monetary economics. He also writes for his blog, MacroMania, where he covers a multitude of economic topics. David joins the show today to discuss the economics behind the Phillips Curve, and to help provide a greater understanding of the debate surrounding it. They also discuss the mystery of low inflation in the United States, the excess money demand problem, and the important role debt plays within international monetary policy. David Beckworth’s blog: macromarketmusings.blogspot.com David Beckworth’s Twitter: @DavidBeckworth David Andolfatto’s Twitter: @dandolfa David Andolfatto’s blog: andolfatto.blogspot.com

David Andolfatto is a vice president of the St. Louis Federal Reserve Bank and a professor of economics at Simon Fraser University. He joins the show to discuss life at the St. Louis Fed, equity-based finance as a means of averting financial crises, and challenges in using monetary policy to drive nominal growth. Finally, David also clarifies some of the misconceptions surrounding Blockchain technology and explains what this technology may mean for Federal Reserve policy. David Beckworth’s Twitter: @davidbeckworth David Beckworth’s Blog: http://macromarketmusings.blogspot.com/ David Andolfatto’s Twitter: @dandolfa David Andolfatto’s Blog: http://andolfatto.blogspot.com/ Related links The Diamond-Dybvig Model on bank runs: https://www.macroeconomics.tu-berlin.de/fileadmin/fg124/financial_crises/literature/Diamon_Dybvig_Bank_Runs__Deposit_Insurance__and_Liquidity.pdf David Andolfatto on “A Dirty Little Secret” about monetary policy: http://andolfatto.blogspot.com/2014/11/a-dirty-little-secret.html

For orthodox Bitcoiners central banks are often seen as the incarnation of evil. But , alas, in the case of two Carribean central banking economists the feeling of reprehension wasn’t reciprocated. Winston Moore and Jeremy Stephen were formerly associated with the Central Bank of Barados and fascinated by the potential of cryptocurrencies, they explored the consequences of their central bank holding Bitcoin as part of their international reserves. They joined us for a discussion of central banking, the pecularities of monetary policy in a small island nation and what Bitcoin could bring to the equation. Topics covered in this episode: The function of central banks The role international reserves hold for central banks The peculiar challenges of central banks of small island nation states How speculative attacks on central banks work Why central banks may want to hold cryptocurrencies as part of their portfolio How Bitt plans to issue Barbados Dollar using the Bitcoin blockchain and the open asset protocol Episode links: Paper on inclusion of cryptocurrencies in international reserve portfolio of Central Bank of Barbados [PDF] Barbados Cryptocurrency Startup Bitt Bitt launches Barbados Dollar on blockchain Winston Moore's Website Jeremy Stephen's Website EB Episode 83 with David Andolfatto on Fedcoin and central bank issued cryptocurrencies This episode is hosted by Brian Fabian Crain and Meher Roy. Show notes and listening options: epicenter.tv/121

Many people think of Bitcoin as the ultimate contender against the power of central banks, most importantly the Federal Reserve System. But that is certainly not the only way that cryptocurrencies and the blockchain can be used and one particularly interesting idea is that central banks could issue their own cryptocurrencies. To discuss how this could be done and what the consequences could be we were joined by David Andolfatto, a Vice President of Research at the Federal Reserve Bank of St. Louis and a professor of Economics at Simon Fraser University. The views and opinions expressed by ou guest are his own and should in no way be attributed to his employer. Topics covered in this episode: What makes good money? How does Bitcoin fare in comparison? What is Fedcoin and how could it work? Why the tension between a governments desire for control and the desires for ‘permissionless innovation’ could make this difficult to implement Whether Fedcoin would threaten fractional reserve banking Why competition between currencies, both governmental and non-governmental, could be a good thing Episode links: David Andolfatto: Why Gold and Bitcoin Make Lousy Money David Andolfatto: On the Desirability of a Government Cryptocurrency Business Insider Interview with David Andolfatto Robert Sams: Seignorage Shares This episode is hosted by Brian Fabian Crain and Sébastien Couture. Show notes and listening options: epicenter.tv/083