Economic system
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7 episodes with Free banking
3 episodes with Free banking
4 episodes with Free banking
2 episodes with Free banking
2 episodes with Free banking
2 episodes with Free banking
2 episodes with Free banking
2 episodes with Free banking
'Free Banking' advocates want banks to be able to issue their own currency and let the market dictate answers to questions regarding things like the currency's relation to various precious metals and optimal levels of bank reserves. Such advocates historically have argued that the market would settle on something like a gold standard but have disagreed about fractional reserves. Russ leads an informative discussion of how bitcoin fits into this picture. Join in for a discussion of what may be the future of banking, bitcoin, or both!
// GUEST //X: https://x.com/ericyakesWebsite: https://epochvc.io/ // SPONSORS //The Farm at Okefenokee: https://okefarm.com/iCoin: https://icointechnology.com/breedloveHeart and Soil Supplements (use discount code BREEDLOVE): https://heartandsoil.co/In Wolf's Clothing: https://wolfnyc.com/Blockware Solutions: https://mining.blockwaresolutions.com/breedloveOn Ramp: https://onrampbitcoin.com/?grsf=breedloveMindlab Pro: https://www.mindlabpro.com/breedloveCoinbits: https://coinbits.app/breedlove // PRODUCTS I ENDORSE //Protect your mobile phone from SIM swap attacks: https://www.efani.com/breedloveNoble Protein (discount code BREEDLOVE for 15% off): https://nobleorigins.com/Lineage Provisions (use discount code BREEDLOVE): https://lineageprovisions.com/?ref=breedlove_22Colorado Craft Beef (use discount code BREEDLOVE): https://coloradocraftbeef.com/ // SUBSCRIBE TO THE CLIPS CHANNEL //https://www.youtube.com/@robertbreedloveclips2996/videos // OUTLINE //0:00 - WiM Episode Trailer1:33 - Eric's Professional Background5:53 - The Dimensions of Money12:55 - Centralized Power and Bitcoin19:55 - The Farm at Okefenokee21:21 - iCoin Technology22:51 - Evolution is Biological Innovation30:58 - Is Money Subjective or Objective?33:59 - Bitcoin and Trust42:17 - Heart and Soil Supplements43:17 - Helping Lightning Startups with In Wolf's Clothing44:09 - Free Banking vs the State55:23 - Bitcoin: Perfect Information1:10:24 - The Addiction of Money Printing1:13:48 - Mine Bitcoin with Blockware Solutions1:15:14 - Onramp Bitcoin Custody1:17:11 - The Corruption of Academia and Central Banking 1:18:30 - Bitcoin's Global Energy Bounty Program1:22:43 - The Physics and Morality of Bitcoin1:32:18 - Mind Lab Pro Supplements1:33:28 - Buy Bitcoin with Coinbits1:34:56 - Wisdom, Religion, and Tradition1:49:25 - Inventing the Individual1:57:08 - Bitcoin and Enlightenment2:05:35 - Where to Find Eric Yakes // PODCAST //Podcast Website: https://whatismoneypodcast.com/Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsERSS Feed: https://feeds.simplecast.com/MLdpYXYI // SUPPORT THIS CHANNEL //Bitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7Sats via Strike: https://strike.me/breedlove22Dollars via Paypal: https://www.paypal.com/paypalme/RBreedloveDollars via Venmo: https://account.venmo.com/u/Robert-Breedlove-2 // SOCIAL //Breedlove X: https://x.com/Breedlove22WiM? X: https://x.com/WhatisMoneyShowLinkedin: https://www.linkedin.com/in/breedlove22/Instagram: https://www.instagram.com/breedlove_22/TikTok: https://www.tiktok.com/@breedlove22Substack: https://breedlove22.substack.com/All My Current Work: https://linktr.ee/robertbreedlove
Meet Chijioke Dozie, the co-founder steering Carbon through Nigeria's increasingly noisy neobank scene. In this candid chat with Andile Masuku, Dozie makes a case for zigging while others zag—specifically, charging for value while competitors burn cash on free services. It's a stance that might raise eyebrows in Nigeria's price-sensitive market, but as you'll hear, it's backed by 12 years of hard knocks and savvy iteration. Episode Overview: Carbon spotted a massive gap in Nigeria circa 2012 - imagine a market of 180 million people where barely 200,000 had credit cards. It's the kind of statistical disparity that makes you do a double-take. The conversation reveals how this reality shaped Carbon's contrarian approach to building a licensed digital bank in Africa's largest economy. Key topics: - The distinction between neobanks across different markets - Trust-building in digital banking through institutional frameworks - The evolution from free services to value-based pricing - The impact of founder experience on investor confidence - Market size challenges in African banking Notable points: 1) Carbon achieved profitability in 2018 and 2019, having raised only $12 million in equity 2) The company has processed loans for over 5 million Nigerians across three economic cycles 3) Nigeria's credit-to-GDP ratio was only 6% compared to South Africa's 70% when Carbon started 4) The company is shifting away from digital-only to include offline touchpoints Be sure to listen out for a particularly candid moment when Dozie reflects on two key decisions made during pivotal moments in Carbon's history—choices he admits he would reconsider if given the chance.
Matt speaks with Larry White about the principles of free banking, focusing on how competitive banking systems can operate without centralized control. Larry highlights historical examples and the theoretical frameworks supporting free banking, emphasizing the benefits of decentralized monetary systems. References "The Theory of Free Banking: Money Supply under Competitive Note Issue" by Larry White Link: https://www.amazon.ca/Theory-Free-Banking-Supply-Competitive/dp/091396913X "Free Banking in Britain: Theory, Experience, and Debate, 1800-1845" by Larry White Link: https://www.amazon.ca/Free-Banking-Britain-Experience-1800-1845/dp/0521379838 "Competition and Currency: Essays on Free Banking and Money" by Lawrence H. White Link: https://www.amazon.ca/Competition-Currency-Essays-Banking-Money/dp/0814779786 "Money, Bank Credit, and Economic Cycles" by Jesús Huerta de Soto Link: https://www.amazon.ca/Money-Credit-Economic-Cycles-Jesus/dp/1933550030 "The Denationalisation of Money" by Friedrich Hayek Link: https://www.amazon.ca/Denationalisation-Money-Friedrich-Hayek/dp/0255360872 "The Experience of Free Banking" by Kevin Dowd Link: https://www.amazon.ca/Experience-Free-Banking-Kevin-Dowd/dp/0415099357 "Money and the Market: Essays on Free Banking" by Kevin Dowd Link: https://www.amazon.ca/Money-Market-Essays-Free-Banking/dp/0415140552 Thanks to our patrons including: Amy Willis, Kris Rondolo, and Christopher McDonald. To become a patron, go to patreon.com/curioustask
We take money and banking and finance for granted -- but the way they exist in the world is not the only way they could exist. Lawrence H White joins Amit Varma in episode 397 of The Seen and the Unseen to discuss ideas, ideologies, money, crypto and the field he pioneered, free banking. (FOR FULL LINKED SHOW NOTES, GO TO SEENUNSEEN.IN.) Also check out: 1. Lawrence H White on Twitter, Wikipedia, Cato, GMU, Amazon and Google Scholar. 2. Free Banking in Britain – Theory, Experience and Debate 1800-1845 -- Lawrence H White. 3. The Clash of Economic Ideas -- Lawrence H White. 4. Better Money: Gold, Fiat, or Bitcoin? -- Lawrence H White. 5. The Incredible Insights of Timur Kuran — Episode 349 of The Seen and the Unseen. 6. The Long Divergence — Timur Kuran. 7. The Problem With Digital Public Goods -- Episode 56 of Everything is Everything. 8. Seeing Like a State — James C Scott. 9. Javier Milei's speech at the World Economic Forum in Davos. 10. For a New Liberty -- Murray Rothbard. 11. Laissez Faire Books. 12. Capitalism and Freedom -- Milton Friedman. 13. Power and Market -- Murray Rothbard. 14. Economics in One Lesson — Henry Hazlitt. 15. Capitalism: The Unknown Ideal -- Ayn Rand. 16. Man, Economy and State -- Murray Rothbard. 17. Gold and Economic Freedom -- Alan Greenspan. 18. The Ideological Origins of the American Revolution -- Bernard Bailyn. 19. Is Nonprice Competition in Currency Inefficient? -- Lawrence H White & Donald J Boudreaux. 20. Demonetisation and welfare -- Shruti Rajagopalan and Lawrence H White. 21. Narendra Modi takes a Great Leap Backwards — Amit Varma. 22. Anarchy, State and Utopia -- Robert Nozick. 23. Civilization III. 24. The Fatal Conceit — Friedrich Hayek. 25. The Private Mint In Economics: Evidence from American Gold Rushes -- Lawrence H White. 26. Narrative of the Life of Frederick Douglass -- Frederick Douglass. 27. Lombard Street - A Description of the Money Market -- Walter Bagehot. 28. Has Government Any Role in Money? -- Milton Friedman and Anna Schwartz. 29. Antifragile -- Nassim Nicholas Taleb. 30. What Really Happened? — Lawrence H White on the 2008 Financial Crisis. 31. Gambling with Other People's Money -- Russell D Roberts. 32. The Financial Crisis and the Free Market Cure -- John Allison. 33. Check Your Financial Privilege -- Alex Gladstein. 34. Resistance Money: A Philosophical Case for Bitcoin -- Andrew Bailey, Bradley Rettler and Craig Warmke. 35. Bitcoin, Blockchain and Cryptoassets -- Fabian Schär and Aleksander Berentsen. 36. The Denationalisation of Money -- Hayek. 37. The Theory of Free Banking -- George Selgin. 38. Money: Free and Unfree -- George Selgin. 39. The Experience of Free Banking -- Kevin Dowd. 40. Fixing the Knowledge Society -- Episode 24 of Everything is Everything. 41. The Four Quadrants of Conformism — Paul Graham. 42. The Outlaws -- Episode 61 of Everything is Everything. 43. Guru -- Mani Ratnam. 44. Sholay -- Ramesh Sippy. 45. Don -- Chandra Barot. 46. Red Plenty -- Francis Spufford. 47. Not I: Memoirs of a German Childhood -- Joachim Fest. 48. The Madeira, Lords of Atlantis, Man Or Astro-Man?, Satan's Pilgrims and Badmarsh & Shri on Spotify. 49. Godzilla Minus One -- Takashi Yamazaki. 50. Amarcord -- Federico Fellini. 51. Roma -- Federico Fellini. 52. I Vitelloni -- Federico Fellini. This episode is sponsored by CTQ Compounds. Check out The Daily Reader and FutureStack. Use the code UNSEEN for Rs 2500 off. Amit's newsletter is active again. Subscribe right away to The India Uncut Newsletter! It's free! Amit Varma and Ajay Shah have launched a new video podcast. Check out Everything is Everything on YouTube. Check out Amit's online course, The Art of Clear Writing. Episode art: ‘Money on the Mind' by Simahina.
Bob continues his feud with George Selgin, explaining why the alleged free banking period in Scotland doesn't show that free-market banks would carry low reserve ratios.Reason Debate Between Bob and George Selgin: Mises.org/HAP453aGeorge Selgin Interview on Free Banking: Mises.org/HAP453bSelgin's Response to Bob on Twitter: Mises.org/HAP453cRothbard's Economic Controversies: Mises.org/HAP453dJoin us in October for a weekend of celebration at the 2024 Mises Institute Supporters Summit in Hilton Head, South Carolina. Registration is open for Mises Members at Mises.org/SS24The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree
Bob continues his feud with George Selgin, explaining why the alleged free banking period in Scotland doesn't show that free-market banks would carry low reserve ratios.Reason Debate Between Bob and George Selgin: Mises.org/HAP453aGeorge Selgin Interview on Free Banking: Mises.org/HAP453bSelgin's Response to Bob on Twitter: Mises.org/HAP453cRothbard's Economic Controversies: Mises.org/HAP453dJoin us in October for a weekend of celebration at the 2024 Mises Institute Supporters Summit in Hilton Head, South Carolina. Registration is open for Mises Members at Mises.org/SS24The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree
George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute and professor emeritus of economics at the University of Georgia. He is the author of numerous books, including ‘The Theory of Free Banking', ‘Floored! How a Misguided Fed Experiment Deepened and Prolonged the Great Recession' and ‘The Menace of Fiscal QE'. George is one of the founders, with Kevin Dowd and Lawrence H. White, of the Modern Free Banking School, which draws its inspiration from the writings of F. A. Hayek on denationalization of money and choice in currency. In this podcast, we discuss how marine biology helps you understand economics, how the Fed fundamentally changed after the Global Financial Crisis, understanding the Fed's abundant reserves policy, and much more. Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive
Larry White is a professor of economics at George Mason University and is the author of a new book titled, *Better Money: Gold, Fiat, or Bitcoin?* Larry is also a returning guest to Macro Musings, and he rejoins the podcast to discuss this book and the comparison among those monetary standards. David and Larry specifically discuss the bottom-up vs. top-down theories of money, the basics and functionality of a gold, bitcoin, and fiat standards, the future of money, and more. Transcript for this week's episode. Larry's Twitter: @lawrencehwhite1 Larry's Mercatus profile Larry's GMU profile David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Join the Macro Musings mailing list! Check out our new Macro Musings merch! Related Links: *Better Money: Gold, Fiat, or Bitcoin?* by Lawrence White *Larry White on Stablecoins, Money Market Funds, and the History of Free Banking* by Macro Musings
In deze aflevering van Holland Gold Interviews gaan Paul Buitink en Robert Snijder van Wissenkerke in gesprek met Kees de Kort en Lex Hoogduin. Kees heeft al vaker in onze show aangegeven dat in zijn ogen de ECB al 25 jaar meer fout dan goed doet. We hebben Lex Hoogduin gevraagd na te denken over oplossingen en deze aan Kees voor te leggen. Lex zet drie scenario's uiteen: een beperkter mandaat voor de ECB, de mens uit de ECB halen of de ECB compleet afschaffen en toewerken naar een systeem van free banking. Daarna volgt er een boeiend gesprek over de impact van gratis geld, voortdurende begrotingstekorten en over free banking. De discussie benadrukt het belang van discipline en lange termijn denken. Tot slot wordt er nog nagedacht hoe de geesten rijp te maken voor een nieuwe wind. Wilt u aanwezig zijn bij ons volgende evenement? Koop dan hier uw kaarten: https://www.hollandgold.nl/evenement2023/ Overweegt u om goud en zilver aan te kopen? Dat kan via de volgende website: https://bit.ly/3xxy4sY Twitter: @Hollandgold: https://twitter.com/hollandgold @lexhoogduin: https://twitter.com/lexhoogduin @paulbuitink: https://twitter.com/paulbuitink @jorisbeemsterb: https://twitter.com/JorisBeemsterb1 @SvenKuijpers: https://twitter.com/SvenKuijpers Time stamps: 00:00 Intro 01:35 Probleemanalyse Kees 22:43 Hoe laag kan de rente 24:50 Waar komt de inflatie vandaan 28:36 Mogelijkheid 1: strengere afspraken ECB 39:29 Mogelijkheid 2: mens uit de centrale bank 44:05 Mogelijkheid 3: free banking 59:04 Draagvlak creëren 01:13:52 Outro Let op: Holland Gold vindt het belangrijk dat iedereen vrijuit kan spreken. Wij willen u er graag op attenderen dat de uitspraken die worden gedaan door de geïnterviewde niet persé betekenen dat Holland Gold hier achter staat. Alle uitspraken zijn gedaan op persoonlijke titel door de geïnterviewde en dragen zo bij aan een breed, kleurrijk en voor de kijker interessant beeld van de onderwerpen. Zo willen en kunnen wij u een transparante bijdrage en een zo volledig mogelijk inzicht geven in de economische marktontwikkelingen. Al onze video's zijn er enkel op gericht u te informeren. De informatie en data die we presenteren kunnen verouderd zijn bij het bekijken van onze video's. Onze video's zijn geen financieel advies. U alleen kunt bepalen hoe het beste uw vermogen kunt beleggen. U draagt zelf de risico's van uw keuzes. Bekijk onze website: https://www.hollandgold.nl
Mr. Luna joins me to discuss the definition of money throughout history, the significance of Bitcoin's market volatility, and why responsibility is so important. Luna is the host of the Spanish Bitcoin podcast Lunaticoin. // GUEST // Twitter: https://twitter.com/lunaticoin Website: https://lunaticoin.com/ Podcast: https://www.youtube.com/c/lunaticoin// SPONSORS // In Wolf's Clothing: https://wolfnyc.com/iCoin Hardware Wallet (use discount code BITCOIN23): https://www.icointechnology.com/Gold Investment Letter: https://www.goldinvestmentletter.com/CrowdHealth: https://www.joincrowdhealth.com/breedloveWasabi Wallet: https://wasabiwallet.io/Casa (use discount code BREEDLOVE): https://keys.casa/Bitcoin Apparel (use discount code BREEDLOVE): https://thebitcoinclothingcompany.com/Feel Free Tonics (use discount code BREEDLOVE): https://botanictonics.comCarnivore Bar (use discount code BREEDLOVE): https://carnivorebar.com/// OUTLINE // 00:00:00 - Coming up 00:00:29 - Intro 00:02:02 - Helping Lightning Startups with In Wolf's Clothing 00:02:48 - Introducing Mr. Luna 00:03:46 - Life Story and Bitcoin Journey 00:06:22 - How Robert Got into Bitcoin 00:07:28 - Orange Pill Moment 00:09:05 - The Inflection Point 00:11:07 - How Robert Got the Bitcoin Signal 00:12:37 - The 'Matrix' of Bitcoin 00:13:36 - Historical Impact of Money 00:18:11 - How Political Decisions Changed the Meaning of Money 00:23:23 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet 00:24:20 - Maximize Your Profits with Gold Investment Letter 00:25:16 - Take Control of Your Healthcare with CrowdHealth 00:26:18 - An Era of Free Banking 00:28:17 - The Financial Honeypot 00:29:41 - What is Money? 00:32:04 - Money is a Medium of Communication 00:34:22 - Will Bitcoin be the Money? 00:39:54 - The Question of Liability 00:44:18 - The Significance of the Asset Cost 00:45:35 - Bitcoin's Market Cap, Volatility, and Purchasing Power 00:49:38 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet 00:50:30 - Hold Bitcoin in the Most Secure Custody Model with Casa 00:51:18 - Perspective on the Bitcoin Philosophy 00:56:50 - How Bitcoin is Weakening the State 01:00:06 - Bitcoin Secures Private Property Rights 01:03:40 - With Great Power Comes Great Responsibility 01:08:11 - Where to Find Luna on the Internet// PODCAST //Podcast Website: https://whatismoneypodcast.com/Apple Podcast: https://podcasts.apple.com/us/podcast...Spotify: https://open.spotify.com/show/25LPvm8...RSS Feed: https://feeds.simplecast.com/MLdpYXYI// SUPPORT THIS CHANNEL // Bitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7 Sats via Strike: https://strike.me/breedlove22Sats via Tippin.me: https://tippin.me/@Breedlove22Dollars via Paypal: https://www.paypal.com/paypalme/RBreedloveDollars via Venmo: https://account.venmo.com/u/Robert-Breedlove-2The "What is Money?" Show Patreon Page: https://www.patreon.com/user?u=32843101// WRITTEN WORK // Medium: https://breedlove22.medium.com/Substack: https://breedlove22.substack.com// SOCIAL // Breedlove Twitter: https://twitter.com/Breedlove22WiM? Twitter: https://twitter.com/WhatisMoneyShowLinkedIn: https://www.linkedin.com/in/breedlove22/Instagram: https://www.instagram.com/breedlove_22/TikTok: https://www.tiktok.com/@breedlove22All My Current Work: https://vida.page/breedlove22
The Anarchist Experience Episode 425 Year 9 Week 1 Download Episode Rich, MC, and KS discuss KS’s trouble with the passport office and these HEADLINES: – John Kerry Declares War on US Farmers: Gov't Farm Confiscations ‘Not Off The Table' – In Lieu of Free Banking -https://theanarchistexperience.wordpress.com/ -http://www.anarchistexperience.com -https://soundcloud.com/the-anarchist-experience -http://feeds.soundcloud.com/users/soundcloud:users:131041866/sounds.rss -http://patreon.com/theanarchistexperience -https://www.clubhouse.com/club/the-anarchist-experience -https://t.me/theanarchistexperience -https://t.me/anarchistexperience -https://www.flote.app/AnarchistExperience […]
Silicon Valley Bank and Signature Bank are the two midsize banks that just collapsed. But... how can we have major bank failures, with billions of dollars at stake. Didn't we learn how to regulate banks during the financial crisis of the Great Recession? That was barely 15 years ago! In this episode, my guest, Dr. Lawrence White, explains that almost always when a bank run occurs, it's on a bank that's already insolvent! And he explains that we've been here before. That is, we've experienced how increases in interest rates have caused bank crises in the past. Dr. White has much to say about the impact of the FDIC on our banking system. He tells me about a time before FDIC when banks functioned just fine... that the relied on capital reserves to attract depositors - not an FDIC sign on their window! But Dr. White doesn't just leave here. In the perspective segment of our conversation, he provides an alternative banking system - one without an FDIC and with minimal regulations. To learn more about Dr. White and his extensive research and publications, you can visit his academic homepage. In addition, below is a link to another podcast conversation with Dr. White: S2E11: History of US Inflation. Also, this is the link to The Daily, a New York Times podcast episode about Barney Frank. Adel Host of the History Behind News podcast SUPPORT: Click here and join our other supporters in the news peeler community. Thank you.
Hugh Rockoff is a professor of economics at Rutgers University and has done extensive work in U.S. monetary history. He joins the show to discuss the criteria for an ideal monetary union and argues that the U.S. didn't really become an optimal currency area until the 1930s. David and Hugh then discuss whether a present-day example, the Eurozone, fits these criteria. They also talk about interesting chapters in U.S. monetary history, including the Civil War, the Free Banking Era, and the bimetallism debate of the late 1800s. Transcript for the episode can be found here. Check out our new Macro Musings merch here, and use the promo code NGDP for 10% off! Hugh's Rutgers profile David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox! Related Links: *History of the American Economy* by Hugh Rockoff and Gary Walton *How Long Did It Take the United States to Become an Optimal Currency Area?* by Hugh Rockoff *"The Wizard of Oz" as a Monetary Allegory* by Hugh Rockoff *The Free Banking Era: A Re-Examination* by Hugh Rockoff
The CoinWeek Podcast is brought to you by PCGS. To check out this quarter's PCGS grading specials, visit www.pcgs.com.This week on the CoinWeek Podcast- we are going to talk about The Spirit Bank of Chicago and its enigmatic founder Seth Paine. The Spirit Bank of Chicago was founded in 1852 when Free Banking rules allowed for an explosion in that industry. Paine's bank was based on his deeply felt spiritual beliefs and it wasn't long before it garnered the attention of foes that wished to do it in. It's a fascinating story of humanism, persecution, and resilience and you will learn all about it next, when author Nancy Schumm joins us, on the CoinWeek Podcast.
In the thirty-first episode, recorded at block #759450, hosts Turbo, Mitch, and Don talk with Eric Yakes about his recent article Bitcoin Banking Systems: Full Reserve vs. Free Banking.Find more on Eric:Twitter - @ericyakesHis Book: The 7th Property: Bitcoin and the Monetary Revolution Website - yakes.ioArticle - Bitcoin Banking Systems: Full Reserve vs. Free BankingSponsors: VoltageVoltage provides enterprise-grade services for Lightning. Voltage gives everyone the power to run their own Lightning Node without the hassle of dealing with the command line, updates, hardware, or uptime complications through a user-friendly web-based dashboard and API. You can also get inbound liquidity with their Flow product. Sign up on their waitlist for their next-gen platform and join the community on discord.www.voltage.cloudTwitter - @voltage_cloudTwitter Info: -@OrangePillAddix-@TurboHodl-@WittyUsername30-@kc_hodlKansas City Bitcoin MeetupKcBitcoiners.comIntro music by Coma-Media from PixabayDisclaimer: This podcast is for entertainment purposes only and should not be used as financial advice.
George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a frequent guest of the podcast, and he rejoins David on Macro Musings once again to discuss their top three articles from the past few weeks related to macroeconomics and monetary policy. Specifically, David and George talk about Jerome Powell's recent criticism of nominal GDP targeting, Lael Brainard's recent comments regarding FedNow and real-time payments, the debate surrounding the Fed's campaign against inflation, and a lot more. Transcript for the episode can be found here. George's Twitter: @GeorgeSelgin George's Cato profile David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox! Related Links: *A Conversation Between Federal Reserve Chair Jerome Powell and Peter Goettler* via the Cato Institute *The Return of Inflation Makes Deficits More Dangerous* by Greg Ip *Jerome Powell's Dilemma: What if the Drivers of Inflation Are Here to Stay?* by Nick Timiraos *Primer: What is a Real-time Payments System, and Who Should Operate it?* by Thomas Wade *Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth *Anchors Aweigh: The Transition from Commodity Money to Fiat Money in Western Economies* by Angela Redish
Andrew Chapados hosts alongside a DAILY Livestream debutant, New York-based Rebel reporter Jeremy Loffredo. On this mid-week edition of the show, Andrew and Jeremy discuss President Joe Biden's advice as we enter hurricane season: get vaccinated. Plus, the European Central Bank is warning that "free banking" that comes along with crypto needs to be addressed with central bank digital currencies. Finally, New Zealand PM and former president of the International Union of Socialist Youth Jacinda Ardern says that an uncensored internet is a "weapon of war."
La orden ejecutiva 6102 del 5 de abril de 1933 prohibió la acumulación privada de oro y expropió onzas, lingotes y certificados de todos los ciudadanos americanos. Esta orden es muy icónica y hace llevarnos las manos a la cabeza pero ¿sabemos por qué se llego a ella? Entender su contexto es un viaje apasionante que empieza cuando en américa se utilizaba el dinero privado -- antes de que EEUU tuviera su propio billete -- en la época de la banca libre americana. En el pod de inicio de la quinta temporada, Daniel Fernández me acompaña para revivir la apasionante historia de cómo el dinero dejo de ser libre para acabar siendo una abstracción en papelitos verdes de la FED. Entre 1837 y 1974 rescatamos capítulos como: Free Banking americano Fin del dinero privado y guerra civil americana Banca nacional Pánicos de 1873, 1893 y 1907 Creación de la FED Crash del 29 Orden ejecutiva 6102 y las locuras de Roosevelt La ley 93-373 y la legalización del oro Es un pod apasionante en el que te das cuenta que nuestros tatarabuelos entendían mucho mejor la diferencia entre dinero, medio de intercambio, fungibilidad y unidad de cuenta. Un pod para abrir conciencias. Escúchame en Fountain aquí https://bit.ly/Fountain_Lunaticoin Más información en mi BLOG https://bit.ly/LunaticoinBLOG Notas y cronología de la preparación del pod: https://bit.ly/L160_NotasBlog Twitter: https://twitter.com/lunaticoin Contenido adicional en mi Patreon https://bit.ly/Patreon_Luna Mención especial a los sponsors de este podcast: Compra bitcoin sin KYC en HodlHodl: https://bit.ly/hodlhodl-luna Infórmate sobre Minería en Braiins: https://bit.ly/Braiins_Luna Vive con cripto en Bitrefill: https://bit.ly/Bitrefill_Luna Toma prestado con bitcoin en http://bit.ly/Lend_Lunaticoin LINKS DE INVITADO: Twitter: https://twitter.com/danfmsg Youtube: https://www.youtube.com/c/DaniFernandezcanaleconomia
Moltissime delle conclusioni in questo video sono molto superficiali, anche a causa della ragione divulgativa. Quindi vi rimando a molti link per approfondire il tema 1. Effetti del Qe sull'economia https://urly.it/3950_ 2. Target 2 https://urly.it/3950a 3. Titoli di stato, perché dobbiamo ripagarli? Https://urly.it/3950f 4. Prospetto informativo sui titoli di stato https://urly.it/3950h 5. Perché il qe non genera inflazione? Https://urly.it/3950m 6. Deborghing https://urly.it/3950n 7. Gli aggregati monetari https://urly.it/3950p 8. Friedman VS Freebanking https://urly.it/3950q 9. Minibot https://urly.it/3950r 10. L'inghilterra stampa moneta? Https://urly.it/3950t 11. Oro e freebanking, ci pensa Mario! Https://urly.it/39511ù Per info: http://urly.it/3gs02
Nic Carter is Partner of Castle Island VC, host of the On the Brink Podcast, repeat Bankless guest, and recent victim of a Bitcoin maximalist (cyber hornets) attack. Why was he swarmed? As a result and for many other reasons, he's distancing himself from these cyber hornets. Will others follow his lead? Many assumed Nic was a Bitcoin maximalist, but really he's just Nic Carter. Who are you and what do you stand for? ------
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Scottish pounds are much maligned in England. (And among mystified Australian customs officers, I can report.) But what if these funny looking scraps of paper, which claim to be equivalent to a Bank of England banknote, actually hold the secret to the best form of money of all?I believe they do. That's why I kept three different Scottish banks' banknotes in my wallet for years, hoping to find someone who would listen to me about the secret they revealed. And that secret could radically change how you view money, central banks and wealth.Find out what Free Banking is, and why it's best, in this video with George Selgin…Check out the other videos in this series here: Which money is best? Gold! With John Butlerhttps://www.youtube.com/watch?v=ENVEkTuS2NMWhich money is best? Tally Money! With Cameron Parryhttps://www.youtube.com/watch?v=SGfroH61_4QWhich money is best? CBDCs…? With John Butlerhttps://www.youtube.com/watch?v=zeZ218pzZeEWhich money is best? Cryptocurrency!https://www.youtube.com/watch?v=Wgvxk2Ny8eo Which money is best? Silver! with Boaz Shoshanhttps://www.youtube.com/watch?v=P2cvz1HHvokWant to hear more from Fortune & Freedom?Sign up to the FREE Fortune & Freedom daily email with Nigel Farage.You'll get the truth about your money – behind the headlines, jargon and spin.Smart ideas about investing from real experts Nigel trusts.Daily intelligent insight, in plain English, about the threats to your money and how you could avoid them.Free, uncensored, direct to you.Click here to sign up now: https://subscribe.fortuneandfreedom.com/1803010/inv-yt
Teachers' industrial action, coastal safety warning, east coast gas priority, no free banking for charities, Peter Hickman on TT 2022 & new head teachers at Ballakermeen and QE2. It's Update with Andy Wint #iom #manxradio #news
Double-digit inflation during WWI, and then again in the '70s! Thankfully, Professor White explains that in the past high inflation looked like a Christmas tree, meaning that it came down just as fast as it had shot up. During our podcast conversation, Professor White answered the following questions: Is inflation due to issues of supply chain or supply of money? What was inflation like during the previous major pandemic, the Spanish flu? How did the Fed handle inflation during the Great Depression? What do the famous Nixon tapes reveal about his handling of inflation? How did Volker tame inflation? What did Milton Friedman and Ben Bernanke say about the Great Depression and the Fed's handling of inflation? Is fiat money terrible for inflation? In this episode, Prof. Lawerence White, Dept. of Economics, George Mason University, tells us about the history of inflation, banking and money. He has been a visiting lecturer at the Swiss National Bank and the Federal Reserve Bank of Atlanta. His forthcoming book is Better Money, Fiat, Gold or Bitcoin. I hope you enjoy this episode and gain some perspective about the history of U.S. inflation. Adel Host of ThePeel.news podcast U.S. Economy Series SUPPORT: To continue our free podcast program, we depend on our listeners' support. So please click this link https://anchor.fm/the-peel-news/support and join our other supporters in the news peeler community. Thank you.
George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute and is also a long-time returning guest of Macro Musings. He rejoins the podcast to talk about central bank digital currency, stablecoins, and the future of the Fed's balance sheet and operating system. Specifically, David and George also discuss the challenges presented by CBDC and Fed accounts, how they could create financial instability, George's proposal for wholesale CBDC, and more. Check out Conversations with Tyler: https://conversationswithtyler.com, and subscribe to Conversations with Tyler on your favorite podcast app. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings George's Twitter: @GeorgeSelgin George's Cato Institute profile: https://www.cato.org/people/george-selgin Related Links: *Central Bank Digital Currency as a Potential Source of Financial Instability* by George Selgin https://www.cato.org/cato-journal/spring/summer-2021/central-bank-digital-currency-potential-source-financial-instability#old-fashioned-bank-runs *Money and Payments: The U.S. Dollar in the Age of Digital Transformation* by the Federal Reserve Board of Governors https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf *George Selgin on the Past, Present, and Future of a Real-Time Payments System* https://www.mercatus.org/bridge/podcasts/11112019/george-selgin-past-present-and-future-real-time-payments-system David's Twitter: @DavidBeckworth David's blog: http://macromarketmusings.blogspot.com/
Nic and Matt return for another week of news and deals. In this episode: Latest on the infrastructure bill The latest on the platinum coin Zany things that financial regulators said this week Gensler continues to misrepresent the free banking era How bad was the wildcat banking era really? Why are financial regulators so interested in free banking? The SEC and CFTC are nearing the end of their fiscal year The prospects for 'pipe to crypto' Why miners are participating in 'demand response' programs Matt's 20-year-old cereal Twitter adds lightning tips and NFT authentication Binance is under CFTC investigation Biden's new OCC nominee is anti-bank, anti-crypto FASB takes comment on GAAP treatment of digital assets Content mentioned: George Selgin on antebellum Free Banking 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 This episode is brought to you by Withum, a top 25 accounting firm with a cutting-edge Digital Currency and Blockchain Technology practice. To learn more, visit withum.com/crypto.
Collin (AKA: Heavily Armed Clown) and I discuss his essay, Fiat Lux: The Origins of Modern Money. We cover: History of fiat money "Free" Banking in the US The Boom and Bust Cycle How History repeats itself mojitos and then some... Go to wtfhappenedin1971.com Check out the Bitcoin Echo Chamber podcast Check out my latest article published on Bitcoin Magazine, BITCOIN BLOWBACK: A HISTORY OF DOLLAR HEGEMONY, ECONOMIC WARFARE AND A BRIGHT ORANGE ALTERNATIVE Send me a tip on Strike @pgibs Check out my music video"ETF" HERE Join the band at ETF615.com Citadel21 Volume 6 https://www.citadel21.com/etf-economic-earworms-of-the-sound-money-revolutionhttps://www.citadel21.com/ To learn more about Bitcoin fundamentals... Go to: bitcoinonepager.com Hope you're saving savings by stackin' those sweet, sweet, sats at savingsavings.io (AKA) SwanBitcoin.com/philGet 10% off the SHAmory game at checkout when you use the promo code Phil10 Rate, Subscribe, and Review the show, and share it with someone who's curious about Bitcoin and needs a place to start.
George Selgin, director of the Center of Monetary Alternatives at the Cato Institute joins the show to discuss Bitcoin, Free Banking, and stablecoins. In this episode: Why George refers to Bitcoin as a synthetic commodity money Why George was excited by the possibility for synthetic commodity money What conditions would have to hold for Bitcoin to be considered money Why money is a spectrum rather than binary Are stablecoins prone to bank runs? Is Tether's melange of underlying collateral sufficient? How should stablecoins be regulated? Why are regulators looking into stablecoins today? Comparing stablecoins to Money Market Mutual Funds Why money market funds broke the buck in 08 Are stablecoins as systemic as money market funds? George's objections to Gorton and Zhang's paper on free banking and stablecoins George's definition of free banking Was the 1830s-60s period in the U.S. a period of genuine free banking? The actual causes of bank failures in the pre-Civil War period Why 'unit banking' was so fragile What lessons can be taken from Canada's experience with free banking in that era Why the history of Free Banking is a red herring in the stablecoin debate George's recommendations for a primer on free banking George's reflections on Hal Finney's reference to his work Why bank failures are often the consequence of regulation Content mentioned in this episode: Selgin, Synthetic Commodity Money The Alt-M Blog Selgin, Money Free and Unfree White, Free Banking in Britain Selgin, The Theory of Free Banking Dowd, The Experience of Free Banking Gorton and Zhang, Taming Wildcat Stablecoins Sponsor notes: This episode is brought to you by Withum, a top 25 accounting firm with a cutting-edge Digital Currency and Blockchain Technology practice. To learn more, visit withum.com/crypto.
Larry White is a professor of economics at George Mason University and is a returning guest to the show. He rejoins Macro Musings to talk about stablecoins, the history of free banking, and money market funds reform. Specifically, David and Larry also discuss the critiques levied against stablecoins, their impact on the banking system, and why stablecoins could be considered the new version of money market mutual funds. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Larry's Twitter: @lawrencewhite1 Larry's GMU profile: https://economics.gmu.edu/people/lwhite11 Larry's Alt-M profile: https://www.alt-m.org/author/white/ Related Links: *Should We Fear Stablecoins?* by Larry White https://www.alt-m.org/2021/06/24/should-we-fear-stablecoins/ *Taming Wildcat Stablecoins* by Gary Gorton and Jeffery Zhang https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3888752 *Overview of the Recent Events and Potential Reform Options for Money Market Funds* by the President's Working Group on Financial Markets https://home.treasury.gov/system/files/136/PWG-MMF-report-final-Dec-2020.pdf Larry White on India's Demonetization and Austrian Macroeconomics: https://macromusings.libsyn.com/47-larry-white-on-indias-demonetization-and-austrian-macroeconomics David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth
A reading of "Why Central Bankers Invoke Free Banking to Attack Stablecoins" by Nic CarterCoinDesk columnist and partner at Castle Island Ventures, a public blockchain-focused venture fund, Nic Carter, voices the opinions of both parties, those in support of CBDCs and those for the use of Stablecoins to help us better understand the full picture.Read the story here.This episode is sponsored by Kava and Nexo.io-Kava lets you mint stablecoins, lend, borrow, earn and swap safely across the world's biggest crypto assets. Connect to the world's largest cryptocurrencies, ecosystems and financial applications on DeFi's most trusted, scalable and secure earning platform with kava.io.-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.
In this episode of Inflated Expectations, I am joined by Nic Carter, partner at Castle Island Ventures and co-founder of Coin Metrics. We discuss the issues of Bitcoin energy consumption, the increasingly politicized role of the Federal Reserve, the potential for Free Banking, and the challenges faced by monetary regimes today. --- Get unparalleled access to the greatest minds in macro at Blockworks' three day, executive summit in Bretton Woods. August 11 - 13. Apply to attend today. https://blockworks.co/brettonwoods/inflated --- Inflated Expectations is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, visit http://blockworks.co/podcasts.
Guests:Bob Hockett (twitter.com/rch371) Larry White (twitter.com/lawrencehwhite1)Host:Richard Yan (twitter.com/gentso09)Today's motion is “The US urgently needs to catch up on CBDC.”Central Bank Digital Currencies are sort of like government-run Paypal accounts. They allow the government to do scalpel-like fiscal policies more easily, such as airdropping cash to citizens and stimulating spending. At the same time, CBDC could also allow the government to track individual spending behaviors. China is obviously leading the effort in CBDC adoption for all major countries. As of recording time, it's already run multiple trials in various major cities. This has spurred a debate as to whether the US should follow suit.We discussed:* CBDC and privacy * The consensus from the right and the left on the importance of CBDC, but the lack of urgency for implementation* Countries adopting Bitcoin as a legal tender* Hype vs reality: The possibility of China's CBDC becoming a currency to settle international trade and therefore be a real threat to USD* CBDC's potential cannibalization of private banks If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.Please note that nothing in our podcast should be construed as financial advice.Source of select items discussed in the debate (and supplemental material):Bob's article explaining his position: https://thehill.com/opinion/technology/497427-americas-digital-sputnik-momentLarry's article explaining his position: https://www.cato.org/cato-journal/spring/summer-2021/should-state-or-market-provide-digital-currencyGuest bios: Bob Hockett is a professor at Cornell Law School, focusing on Corporate Law and Financial Regulation. He is a fellow of the Century Foundation and a regular commissioned author for the New America Foundation. Bob also does regular consulting work for the Federal Reserve Bank of New York, the International Monetary Fund, Americans for Financial Reform, the 'Occupy' Cooperative, and a number of federal and state legislators and local governments. He is the author of the book “Financing the Green New Deal: A Plan of Action and Renewal.”Larry White is a senior fellow at the Cato Institute's Center for Monetary and Financial Alternatives. He is also a professor of economics at George Mason University. He has written five books on banking and monetary policy, including The Clash of Economic Ideas, The Theory of Monetary Institutions, and Free Banking in Britain. He is editor and co-editor of various publications, including Renewing the Search for a Monetary Constitution and The History of Gold and Silver. He also writes regularly for the Center for Monetary and Financial Alternatives publication called Alt‐M.
Matt and Nic are back for another roundup. In this episode: Elon is back Our take on the mining council Is Twitter Spaces killing Clubhouse? Prepare yourself for Kazakh FUD Is Chia driving up hard drive prices? OneRiver's green Bitcoin ETF The SEC asks for help regulating crypto The key catalysts we're watching in China Lael Brainard spreads historical fake news about free banking The Fed is concern trolling stablecoins Why neo Free Banking can work today Content mentioned in this episode: Hass McCook on OTB Fed Governor Lael Brainard's speech This episode supported by: Sovryn, DeFi on Bitcoin Eventus, global leader in trade surveillance, market risk and transaction monitoring solutions
✅ LYN ALDEN and I discuss portfolio that will HELP YOU profit from DOLLAR losing reserve currency status, click this link to check it out!!
New rules for borders and self-isolation, those Steam Packet answers, should Manx charities bank for free and the jettisoned Animal Welfare Bill. It's Update with Andy Wint #iom #news #manxradio
Handel first goes into the death of Prince Philip, the husband of Britain's Queen Elizabeth II.He then goes into California unveiling a sweeping wildfire prevention plan!And, free banking? A new bill tackles access and racial equity - Handel goes into it.
Free banking in California? Handel goes into a new bill that would tackle that!And, Neil Saavedra, 'The Fork Reporter,' joins him to talk restaurant workers and the ketchup shortage.
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Kia ora,Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect New Zealand.I'm David Chaston and this is the International edition from Interest.co.nz.Today we lead with news that in a world of rising uncertainty, markets are getting increasingly cautious.In the US, durable goods orders rose more in September from August than anticipated by analysts. However, they showed zero growth on a year-on-year basis. But orders for non-defense capital goods did rise +2.6% on a year-on-year basis and that shows a recovering mood in the boardroom.American retail sales marked time last week, barely expanding from the prior week, and showing only a tepid year-on-year expansion and half the rate we noted last week.Also tame is the latest consumer sentiment survey which ticked lower in October because consumers are less optimistic about the short-term outlook than a month ago.In their housing market, it is now clear that part of the current demand is because many who rent are now buying. The American home ownership rate has taken a sharp turn up in 2020 rising to levels last seen about 15 years ago and reversing the long interim decline.In China, industrial profits rose more than +10% in September compared with the same month in 2019 amounting to a massive NZ$140 bln in the month alone. It contributed to a recovery that now sees all of 2020 gains exceeding the same nine months in 2019.In South Korea, they released their Q3-2020 GDP result overnight showing a rise from Q2, but it is still -1.3% lower than the same quarter in 2019. It is a result dragged down by their international trade activity.In the UK, as negative interest rates approach, one of their largest banks is warning that it could start changing for current accounts which are presently free.In Australia, ANZ is the latest of the big four banks to warn markets of a major hit to profits. Only CBA has avoided that ignominy so far.Wall Street is banking yesterday's losses and struggling to rise today, down marginally in afternoon trade. Overnight European markets fell further by about another -1% although Paris was down another -1.8%. Yesterday, Shanghai and Tokyo ended their trading day flat, although Hong Kong fell -0.5%. Both the ASX200 and the NZX50 Capital Index retreated a sharp -1.7%.The latest global compilation of COVID-19 data is here. The global tally is 43,653,000 and up +437,000 since yesterday. The largest number of reported cases globally are still in the US, which rose +80,000 since yesterday to 8,979,000. In Australia, they are not getting any resurgence. There have now been 27,527 COVID-19 cases reported, and that is +14 more cases than we reported yesterday with zero in Victoria but most in NSW. The UST 10yr yield is down -1 bp today at just below 0.78%. The price of gold is up another +US$5 today to US$1909/oz.Oil prices have recovered some today, up +US$1 to now at just on US$39.50/bbl in the US, while the international price is up a bit less to just over US$41/bbl.The Kiwi dollar is firmer at 67.2 USc. Against the Australian dollar we have also firmed to 94.1 AUc. Against the euro we are up at 56.8 euro cents. And that means our TWI-5 is now at 70.3The bitcoin price starts today higher at US$13,607 with a strong +5.3% rise. In fact, in NZ currency it is now above NZ$20,000 for the first time in almost three years.You can find links to the articles mentioned today in our show notes.And get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. We will do this again tomorrow.
Monetary economist George Selgin agrees with Bob on the flaws with MMT, but then the two continue their debate (started at the Soho Forum) on fractional reserve free banking. The episode also includes George's background and thoughts on Bitcoin. Mentioned in the Episode and Other Links of Interest: The YouTube version of this episodeGeorge's monograph Praxeology and UnderstandingMises' book Theory and HistoryBob's review of MMTGeorge and Bob debate at the Soho ForumGeorge's article (co-authored with Larry White) defending fractional reserve free banking. Bob's recent QJAE contribution to the debate.George's articles at Alt-M on Canadian free banking, and 3 devoted to Scotland: one, two, and three.George's interview on crytopcurrency. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.
Monetary economist George Selgin agrees with Bob on the flaws with MMT, but then the two continue their debate (started at the Soho Forum) on fractional reserve free banking. The episode also includes George's background and thoughts on Bitcoin. Mentioned in the Episode and Other Links of Interest: The YouTube version (https://youtu.be/JR7NJohZo-k) of this interview. George's monograph Praxeology and Understanding (https://mises.org/library/praxeology-and-understanding-analysis-controversy-austrian-economics-0). Mises' book Theory and History (https://mises.org/library/theory-and-history-interpretation-social-and-economic-evolution). Bob's review of MMT (https://qjae.scholasticahq.com/article/17385-book-review-the-deficit-myth-modern-monetary-theory-and-the-birth-of-the-people-s-economy). George and Bob debate at the Soho Forum (https://youtu.be/UDLCa7maGZA). Bob's recent QJAE contribution (https://mises.org/library/more-quibbles-problems-theory-and-history-fractional-reserve-free-banking) to the debate. George's articles at Alt-M on three (https://www.alt-m.org/2018/11/13/scottish-banks-and-the-bank-restriction-1797-1821-part-3/). George's interview on crytopcurrency (https://www.cato.org/multimedia/media-highlights-tv/george-selgin-discusses-cryptocurrency-monetary-economics-coinspice). Help support (http://bobmurphyshow.com/contribute) the Bob Murphy Show. The audio production for this episode was provided by Podsworth Media (http://podsworth.com/).
Welcome to Finance and Fury. Today’s episode – look at the potential kinds of money what are the best kinds of money are the best for the population In the modern economy - The unprecedented expansion of money supply – created some economic and political consequences is only possible with certain kinds of money Different forms of money – One world currency – digital backed, Fiat currency, Different gold standards Then rate these - Look at their stability, degree of central control and how open they are to abuse - Types of currency – One world digital currency – still technically hypothetical in its implementation Nothing new here – the concept has been around for a while - John Maynard Keynes proposed this – back in 1944 at the Bretton Woods conference – this single world currency was named the “Bancor” At the same time this conference created the International Monetary Fund (IMF) The IMF already has a super-national currency called “Special Drawing Rights” (SDR) made up of a composite of fiat currencies – covered this in past episodes along with the potential for what is being proposed in some circles as the solution to current financial situation - reset of currencies in a digital form If the SDR is the backing – could be a global currency would be digital and controlled by a group like the IMF This would be a cashless society - money would be represented by digits on a screen – more so than what it already is Fiat – money control by government decree Under fiat money – most are on a floating exchange rate – since the peg to gold was removed in 1971 - monetary policy removed a lot of the limits that were imposed on central banks and government spending No longer had to adjust the supply of money in order to maintain the currency’s peg to the value of gold money could be printed in order to meet any number of social goods – through Government deficits such as full employment, stimulation of the economy and government spendingBottom of Form Result has been for fiat currencies to be inflated – so in real terms they are worth a fraction of their purchasing power in 1971 Since 1971 was also the year workers’ wages in real terms have been growing slowly – especially in countries like the US and EU GDP growth has been sluggish compared to the prosperity enjoyed during the 19thand early 20th century classical gold standard era Result has been for hard asset prices like property to also be inflated A lot of this came from the inflation targets – where there has been a justifiable reason – especially currently need for central banks to inject new money supply ever increasing amounts simply to prevent default on unsustainable debt levels can be seen as the logical outcome of the fiat money experiment. Historically governments have seldom been able to resist the temptation to print more fiat money Types of gold standards - Historically it was used as a means of exchange – in form of coinage for several thousand years – but physical gold as money had two major downsides – it is heavy and hard to carry around – also have to try and store it and puts you at risk of having it robbed also - the demand for money through most of history was many times greater than the amount of gold available Using physical gold would cap capacity for economies if it were the sole means of exchange - Hence the invention of money backed by gold - Government gold standard During the classical gold standard eras – depending on the nation it did differ – but through most of the 18th, 19thand early 20th centuries the way governments pegged their currencies to gold was through the control of supply – if your currency was in demand – can produce more of it – and if not – cease creating new money until the amount of money came back to be in line with the gold reserves of the nation This stability is not perfect but it is better than any other option that humans have come up with to date – due to the fact that gold can keeps a stable value (due to limited supply and it doesn’t rot away) So money pegged to the value of gold also takes on this stability - This is what is meant by a gold standard – money whose value is pegged to the value of gold. It also had a built-in way for a currency to maintain the peg to the price of gold – through the conversion of gold to money and money to gold Say that a nations currency was weakening relative to the official peg to gold - for example in the US the peg was first set at $20.67 up until 1934 at $35 an ounce – people would go to the bank to buy gold with their dollars as they would make a small profit. The bank would sell the gold and retire the dollars from circulation. This reduction in supply would continue until the demand for dollars would again raise their value to the official peg with gold. If the opposite was the case and the dollar became overvalued relative to gold then people would take their gold to the bank and exchange it for dollars in order to make the small profit. The bank would buy the gold with newly created dollars. This would increase the supply of dollars until the value of the dollar fell back to its official peg price with gold. At this point people would no longer come to the bank to exchange gold for dollars because the profit on the trade had disappeared. Before 1971 maintaining this peg to gold through the control of money supply was the primary function of a country’s central bank. Apart from the stability that the peg with gold provided, the other great advantage of the gold standard is that is provided monetary discipline. Governments could not print as much money as they wanted. The supply of money could only be used to maintain the peg with gold. When governments wanted to print more money, for example to finance a war, they would abandon the gold standard as this is the only way they could do it. Distributed Gold Standard – prior to the previously mentioned government gold standard – this type was at the individual bank level rather than at the Central bank level In countries that didn’t have a Government run peg - individual banks issued their own notes In the US for example – back before 1913 - seven thousand US banks issued their own notes on average This type of system had its peak between the period of 1837 – 1864 – seen as the “Free Banking” era when banks had practically no federal regulation but were instead managed at the state level Each of these banks maintained the peg of its notes to the value of gold through the control of supply – but at the individual bank level This system demonstrated that a gold-pegged currency does not need government mandate to operate It does have relevance for today as it is some proof that that non-government organisations could initiate their own gold-pegged currency – however – would need government approval to do so Another benefit of the free banking model over central bank gold-pegged currencies is the inherent competition it creates In an economy – competition is good – this can extend to a currency as well – as this can be good for the customer A secondary market for the notes of various banks during the free banking era meant that banks had every incentive to minimize risk in the loans they made Any fall in the traded value of their notes would be bad for business and could lead to a run on the bank Banks with poor risk management would lose out to those firms that where better able to maintain their currency’s peg with gold. There was little moral hazard due to the banks not being too big to fail This free banking era did have some downsides due to this – and has been criticised for the number of bank defaults that occurred in some states - was used as an argument in favour of currency issue by central banks – making it centralised However research has shown that the cause of a spate of bank closures, especially in Indiana in January 1855 was not due to the size of the bank or the banks fault at all – was likely to be due to the failure from the state governments ability to manage their own finances Back with this system - For a bank to operate it was required to purchase state bonds as these bonds were collateral for the issue of notes Looking at 1854 Indiana state bond prices fell about 26% - this loss of collateral value meant banks could no longer repurchase their notes from customers for gold as they no longer had sufficient collateral to do so. It is interesting to wonder how much longer the free banking era would have continued without the state government obligation to buy their bonds. What if the banks could simply keep physical gold (specie) as collateral? Rating the forms of money – A way of rating the forms of currency comes down to individual self-responsibility With a One World digital currency every aspect of the money is done for the individual. Government gold-pegged money imposes monetary discipline on the government. Competition between currencies during a free banking scenario enables people to maintain the integrity of money by choosing which currency to use. Because monetary value is ultimately created by confidence – this can either come from people from use due to it being the best or from the state control leaving no other choice – Centralised control diminishes and general prosperity increases proportionally Friedrich Hayek put in his paper Choice in Currency – A Way to Stop Inflation. Hayek suggested that if people were given a choice in the currency they used they would naturally choose those that held their value. The use of stable money owned by people is also the best form of money for the real economy. Comes back to the core of the Cantillon Effect states that when there is new money those closest to the issue of it benefit most. This is one reason way the current monetary expansion by the Federal Reserve increases government debt and valuations in the share and property market but does not stimulate the real economy. Banks, large corporates and government are all closer to the Federal Reserve than people. Rating the each types of money Stability - Can it inflate - Digital currency and Fiat – yes - Forms of gold standard – no degree of central control - Competition in the price and return of money - Digital currency and Fiat – none – even Government gold standard has none - Distributed gold standard – yes – between banks across state lines and nations how open they are to abuse by governments - through control and Supply - Digital currency and Fiat – technically unlimited - Forms of gold standard – dependent on demand – which depends on the productivity of a nation Digital currency would probably be the worst – then the current system – with a form of gold backed system being better – but still has problems It all comes back to control - The one-world currency option increases the centralisation of authority seen with fiat money. Rather than being a solution to current financial issues it is likely to increase them with the consequent social and economic effects - Look at another interesting concept of a people gold standard Thank you for listening to today's episode. If you want to get in contact you can do so here: http://financeandfury.com.au/contact/
Lawrence H. White is a professor of economics at George Mason University, and a senior fellow at the Cato Institute. He is considered an expert on banking and monetary policy, and has written a number of books on money and banking including, The Clash of Economic Ideas (Cambridge University Press, 2012), The Theory of Monetary Institutions (Basil Blackwell, 1999), Free Banking in Britain (2nd ed., Institute of Economic Affairs, 1995), and Competition and Currency (NYU Press, 1989). Recently I’ve been more vocal on twitter about gold’s failings as ‘money'. On one of those posts, Lawrence responded, and a lengthy back-and-forth ensued. It was suggested that we move the conversation over to a podcast format for a more in-depth discussion. Keyvan Devani (Total Bitcoin Podcast) and Daniel Prince (Once BITten podcast) thought it might be fun to join in on the action too. Despite my thinking that this may cause Lawrence to feel as though he would be ganged-up on, he agreed to come on for a chat, so we put it together! Enjoy! -- More from Lawrence: TWITTER: https://twitter.com/lawrencehwhite1 WEBSITE: https://www.alt-m.org/author/white/ More from my co-hosts: TWITTER (Keyvan): https://twitter.com/keyvandavani TWITTER (Daniel): https://twitter.com/princey1976 More from me: TWITTER: http://bit.ly/2P7PUjA YOUTUBE: https://bit.ly/3aBbZxg MEDIUM: http://bit.ly/2Zk0Dex INSTAGRAM: http://bit.ly/30r7IqY If you’re in Canada, and looking to buy bitcoin, Shakepay is an excellent option. They have the fastest sign up, funding and withdrawals I’ve ever seen. They also have really great rates. Use this affiliate link to buy $100+ of bitcoin and we both get $10 fee: https://shakepay.me/r/FEW1DR0
Larry White, economics professor at George Mason University and senior fellow at the Cato Institute’s Center for Monetary and Financial Alternatives, joins the show to discuss free banking, the history of dollarization, and the prospects for a crypto-native banking system. In this episode: - Why CBDCs might not be a good idea - The legacy of dollarization in Ecuador - How the Scottish free banking system worked - What would have to change for free banking to re-emerge today - The prospects for Bitcoin banks issuing notes – and one problem with the idea - The prospects for restoring a cash-like standard of privacy and autonomy in a digital context - The prospects for crypto-dollarization
We open this week’s Bulletin podcast with a look at analysis from KMPG which reveals a jump in company Administrations in the third quarter of this year. Reflecting pressures being felt in the economy the increase is not a good sign for the remainder of this year. Following a strong growth in 2019, the Asset Finance sector has succumbed to the lack of confidence in terms of business investment. We review the latest figures from the Finance and Leasing Association report which highlight stalled growth in terms of volumes of business being written. To close this podcast, with bank charges often a bone of contention, good news from TSB of an extension of its Free Banking offer for start ups and businesses switching their banking.
With Dear Leader still out sick, Hodey Johns, Sarah Brady Wagner, Paul Copeland, and Dale Melchin give their opinions and questions about a variety of subjects; from election rigging to living as anarchists.
George Selgin on the Mind-Bending Methods of Modern Monetary Theory
Join Marty as he sits down with Matthew Mežinskis, co-host of the Crypto Voices podcast, to discuss Base Money, Free Banking, how Bitcoin plays into these concepts, and much more. Follow Crypto Voice on Twitter: www.twitter.com/crypto_voices Follow Marty on Twitter: www.twitter.com/MartyBent Thank you to our sponsor BlockFi! Go to www.blockfi.com/talesfromthecrypt to get $25 of free crypto collateral for loans under $10k and $50 of free crypto collateral for loans above $10k!
In the years before the Panics of 1837 and 1839, the US economy experienced an economic system remembered as the Free Banking Era. It was a time when the Jacksonian Deomcrats, and their Laissez Faire ideals were in power. How did the economy perform when the federal government decided it would go hands-off in terms of economic regulation? Listen in to find out. *** US Economics Podcast mugs are now available! Check them out at my Patreon and support the show!***
Larry White is a professor of economics at George Mason University and has written widely on monetary theory, free banking, and the Austrian School of Economics. Today, he joins the show to discuss the recent demonetization efforts in India to crack down on corruption. White argues that India’s efforts to end the circulation of large notes and begin the circulation of new notes is having pernicious effects on the Indian population. He and David also discuss Austrian Business Cycle Theory, how this theory was developed by great economists such as Ludwig von Mises, and how the theory may have played a role in the lead up to the Great Recession. David’s blog: http://macromarketmusings.blogspot.com/ Larry White’s GMU profile: http://economics.gmu.edu/people/lwhite11 Larry White’s Alt-M archive: https://www.alt-m.org/author/white/ David’s Twitter: @davidbeckworth Larry White’s Twitter: @lawrencehwhite1 Related links: “India’s Currency Cancellation: Seigniorage and Cantillon Effects” by Larry White and Shruti Rajagopalan https://www.alt-m.org/2016/11/28/indias-currency-cancellation-seigniorage-and-cantillon-effects/ *Free Banking in Britain: Theory, Experience and Debate 1800-1845* by Larry White https://www.amazon.com/Free-Banking-Britain-Experience-1800-1845/dp/0255363753 *The Clash of Economic Ideas: The Great Policy Debates and Experiments of the Last Hundred Years* by Larry White https://www.amazon.com/Clash-Economic-Ideas-Debates-Experiments/dp/110762133X *The Theory of Money and Credit* by Ludwig von Mises https://www.amazon.com/Theory-Money-Credit-Ludwig-Mises/dp/1442175958
ECONOMICS 101 Murray Rothbard's Economics 101 series 8. Mises in One Lesson Austrian economics has nothing to do with the economics of Austria. Austrian Economics (AE) began with Carl Menger in 1871. It is based on an analysis of individual action, not aggregates or groups. Economics predated Adam Smith. The British classical economics school could not solve the value paradox. It also embraced the labor theory of value. Another big fallacy was a focus on long-run equilibrium. Additionally, they separated micro and macroeconomics into two hermetically sealed spheres. Menger and Bohm-Bawerk focused systematically on individual action. The purpose of production is consumption. Value is inferred by the consumer in a subjective marginal unit value theory. This solved the value paradox. Economics is not really a quantitative subject. Value is subjective and cannot be measured. Preferences are ordinal, not cardinal. There is no separate process called distribution. Distribution comes right out of production. People prefer present goods immediately available. Production is a time structure. Capitalism is a network by which the free market responds to constant feedback. Equilibrium economics does not mention this. Austrians only talked about micro, but had not included macro until Mises’ The Theory of Money and Credit in 1912. Mises shows that more money (as opposed to more of other commodities) destroys economic calculation. Mises explains the origins of money through his regression theorem. Money must originate as a valued market commodity, not by government edict. His ideal system would be 100% reserve banking, or a true Free Banking system. Mises’ business cycle theory was a simple model. Increases in the money supply and credit go first to those close to the source and mess up the capital structure. Increases are not helicoptered out simultaneously to all. Commercial bank credit expansion, unbacked by private savings, leads to malinvestments. Recession is a necessary process by which bad investment is liquidated. Resources shift out of capital goods back into consumer goods. Mises taught his views at the University of Vienna in private seminars. He warned about the Great Depression. Socialism arose after WWI. Most recognized immediately that Socialism had an incentive problem, like “Who will take out the garbage?” Mises was one of the few who saw the real problem of Socialism was that it could not calculate. There was no price system. It couldn’t work. Neither does interventionism work. Only laissez-faire capitalism works. Mises’ crowning accomplishment was Human Action. However, Keynes’ General Theory in 1936 swept Mises aside. Hayek did not refute Keynes’ book, as he had a prior work. Mises could not find an academic post, yet he cheerfully established a teaching seminar at NYU. Mises died in 1973. Hayek got the Noble prize in 1974 based upon work that he did on Mises’ business cycle theory. The final of eight sessions of Murray Rothbard's Economics 101 series. This lecture may be the most concise overview of the core ideas of the Austrian School of Economics. A collection of eight speeches and lectures by Murray N. Rothbard, spanning from the 1970s to the early 1990s. He is speaking in a small classroom setting, explaining economics from the ground up, and systematically in the manner of a classic 101 course on the topic—but with a revolutionary approach. This lecture as on YouTube: https://youtu.be/fd87BpgTTzw Sourced from: https://mises.org/library/economics-101 We are not endorsed or affiliated with the above. https://creativecommons.org/licenses/by-nc-nd/3.0/legalcode Presented by Read Rothbard: Read Rothbard is comprised of a small group of voluntaryists who are fans of Murray N. Rothbard. We curate content on the www.ReadRothbard.com site including books, lectures, articles, speeches, and we make a weekly podcast based on his free-market approach to economics. Our focus is on education and how advancement in technology improves the living standards of the average person. The Read Rothbard Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom. Website: http://www.ReadRothbard.com iTunes: https://itunes.apple.com/us/podcast/the-read-rothbard-podcast/id1166745868 Google Play Music: https://play.google.com/music/m/Ii45fhytlsiwkw6cbgzbxi6ahmi?t=The_Read_Rothbard_Podcast Facebook: http://www.facebook.com/readrothbardclub Flickr: https://www.flickr.com/gp/145447582@N05/xB4583 Patreon: https://www.patreon.com/ReadRothbard
Steven Horwitz is the Charles A. Dana Professor of Economics at St. Lawrence University in Canton, NY and is currently Visiting Scholar at Ball State University, Indiana. Professor Horwitz is also an Affiliated Senior Scholar at the Mercatus Center Virgina, a Senior Fellow at the Fraser Institute in Canada, and a Distinguished Fellow at the Foundation for Economic Education. Steve is the author of three books, Monetary Evolution, Free Banking, and Economic Order, Microfoundations and Macroeconomics: An Austrian Perspective, and Hayek's Modern Family: Classical Liberalism and the Evolution of Social Institutions. He has written extensively on Austrian economics, Hayekian political economy, monetary theory and history, and American economic history. Steve has a series of popular YouTube videos for the Learn Liberty series from the Institute for Humane Studies and blogs at "Bleeding Heart Libertarians" and writes regularly for FEE.org. A member of the Mont Pelerin Society, he has a PhD in Economics from George Mason University and an AB in Economics and Philosophy from the University of Michigan. Check out the show notes page for all the links, books and resources mentioned by Professor Horwitz at www.economicrockstar.com/stevehorwitz
Hugh Rockoff is a professor of economics at Rutgers University and has done extensive work in U.S. monetary history. He joins the show to discuss the criteria for an ideal monetary union and argues that the U.S. didn’t really become an optimal currency area until the 1930s. David and Hugh then discuss whether a present-day example, the Eurozone, fits these criteria. They also talk about interesting chapters in U.S. monetary history, including the Civil War, the Free Banking Era, and the bimetallism debate of the late 1800s. [To learn more about the upcoming conference, Monetary Rules for a Post-Crisis World, co-hosted by the Mercatus Center and the Cato Institute, and register, please click the link below. You can also watch the conference online by clicking the link.] http://mercatus.org/monetaryconference?utm_source=MacroMusingsPodcast&utm_medium=link&utm_campaign=MonetaryRules David’s blog: http://macromarketmusings.blogspot.com/ Hugh Rockoff’s homepage: http://econweb.rutgers.edu/rockoff/ David’s Twitter: @davidbeckworth Related links History of the American Economy by Hugh Rockoff and Gary M. Walton https://www.amazon.com/History-American-Economy-Economics-Titles/dp/1111822921 “How Long Did It Take the United States to Become an Optimal Currency Area?” (National Bureau of Economic Research) http://www.nber.org/papers/h0124 “The Wizard of Oz as a Monetary Allegory” (The Journal of Political Economy) https://www.unc.edu/~salemi/Econ006/Rockoff.pdf The Free Banking Era: A Re-Examination (Dissertations in American Economic History) https://www.amazon.com/Free-Banking-Era-Re-Examination-Dissertations/dp/0405072155
Damien Fahy of moneytothemasses.com to Andy Leeks about money. This week Damien talks about the very real possibility of a negative interest rate and exactly how it may affect you. Damien also advises whether you should "short" the market and exactly what it means Money Farm (Click To Try for Free) (Don't forget to use the exclusive code MTTM20K to get an extra 10k fee free) The Best Pension Calculator On The Web - Try it now 80-20 Investor - Click here to find out more about Damien's 80 20 Investor service.
Recorded at the Mises Institute in Auburn, Alabama, on 24 July 2015.
Lawrence H. White of George Mason University talks with EconTalk host Russ Roberts about the possibility of a monetary constitution. Based on a new book, Renewing the Search for a Monetary Constitution, White explores different constitutional constraints that might be put on the government's role in money and monetary policy. Topics discussed include cryptocurrencies, the gold standard, the Taylor Rule, the performance of the Fed, free banking, and private currency.
From the session on "Monetary Theory and Policy," presented at the Austrian Economics Research Conference. Recorded 21 March 2013 at the Ludwig von Mises Institute in Auburn, Alabama.
From the session on "Monetary Theory and Policy," presented at the Austrian Economics Research Conference. Recorded 21 March 2013 at the Ludwig von Mises Institute in Auburn, Alabama.
Overdraft charges soar to £900 a year - how to avoid the fees. Where can you go to pick up a "safe" investment? And why you can't always have the investment trusts you want. See acast.com/privacy for privacy and opt-out information.
The Murray N. Rothbard Memorial Lecture, presented at the 2012 Austrian Scholars Conference. Recorded 9 March 2012 at the Ludwig von Mises Institute in Auburn, Alabama. Includes an introduction by Joseph T. Salerno.
The Murray N. Rothbard Memorial Lecture, presented at the 2012 Austrian Scholars Conference. Recorded 9 March 2012 at the Ludwig von Mises Institute in Auburn, Alabama. Includes an introduction by Joseph T. Salerno.
Gavin Andresen, Principal of the BitCoin Virtual Currency Project, talks with EconTalk host Russ Roberts about BitCoin, an innovative attempt to create a decentralized electronic currency. Andresen explains the origins of BitCoin, how new currency gets created, how you can acquire BitCoins and the prospects for BitCoin's future. Can it compete with government-sanctioned money? How can users trust it? What threatens BitCoin and how might it thrive?
Gavin Andresen, Principal of the BitCoin Virtual Currency Project, talks with EconTalk host Russ Roberts about BitCoin, an innovative attempt to create a decentralized electronic currency. Andresen explains the origins of BitCoin, how new currency gets created, how you can acquire BitCoins and the prospects for BitCoin's future. Can it compete with government-sanctioned money? How can users trust it? What threatens BitCoin and how might it thrive?
On this week's podcast: The last Banking Commission's road show and Barclays chief John Varley's suggestion that the era of free banking in the UK is at an end; more trouble for Spanish banks as JC Flowers pulls out of an investment deal with caja Banca Civica; George Osborne and his attempts to improve relations between the government and the City by not instating a new tax on bank bonuses or increasing the planned £2.5bn levy. Presented by Patrick Jenkins with Sharlene Goff and Megan Murphy. Produced by LJ Filotrani See acast.com/privacy for privacy and opt-out information.
In this episode of Two Beers With Steve I speak one on one with Prof. George Selgin, Professor of Economics at the University of Georgia's Terry School of Business. We begin our discussion with definitions of what is money and what constitutes money before we begin exploring George Selgin's theory of Free Banking. Free Banking, in a quick one sentence description, is a completely deregulated banking system, free of a central bank and the FDIC, where private banks make loans and issue their own money. In this interview Prof. Selgin describes the problems of our current system and offers a possible solution, the Free Banking system. It is becoming increasingly obvious to me, Steve, that the Federal Reserve is not the answer to the problem, but that it is the problem. More about Prof. George Selgin Good Money Book by George Selgin. Good Money tells the fascinating story of British manufacturers' challenge to the Crown's monopoly on coinage
George Selgin of West Virginia University talks with EconTalk host Russ Roberts about free banking, where government treats banks as no different from other firms in the economy. Rather than rely on government guarantees to protect depositors (coupled with regulation), banks would compete with each other in offering security and return on deposits. Selgin draws on historical episodes of free banking, particularly in Scotland, to show that such a world need not be unduly hazardous or filled with bank runs. He also talks about Gresham's Law and an episode in British history when banks successfully issued their own currency.
George Selgin of West Virginia University talks with EconTalk host Russ Roberts about free banking, where government treats banks as no different from other firms in the economy. Rather than rely on government guarantees to protect depositors (coupled with regulation), banks would compete with each other in offering security and return on deposits. Selgin draws on historical episodes of free banking, particularly in Scotland, to show that such a world need not be unduly hazardous or filled with bank runs. He also talks about Gresham's Law and an episode in British history when banks successfully issued their own currency.
Austrian economics has nothing to do with the economics of Austria. Austrian Economics (AE) began with Carl Menger in 1871. It is based on an analysis of individual action, not aggregates or groups.Economics predated Adam Smith. The British classical economics school could not solve the value paradox. It also embraced the labor theory of value. Another big fallacy was a focus on long-run equilibrium. Additionally, they separated micro and macroeconomics into two hermetically sealed spheres.Menger and Bohm-Bawerk focused systematically on individual action. The purpose of production is consumption. Value is inferred by the consumer in a subjective marginal unit value theory. This solved the value paradox. Economics is not really a quantitative subject. Value is subjective and cannot be measured. Preferences are ordinal, not cardinal. There is no separate process called distribution. Distribution comes right out of production. People prefer present goods immediately available. Production is a time structure. Capitalism is a network by which the free market responds to constant feedback. Equilibrium economics does not mention this.Austrians only talked about micro, but had not included macro until Mises’ The Theory of Money and Credit in 1912. Mises shows that more money (as opposed to more of other commodities) destroys economic calculation. Mises explains the origins of money through his regression theorem. Money must originate as a valued market commodity, not by government edict. His ideal system would be 100% reserve banking, or a true Free Banking system.Mises’ business cycle theory was a simple model. Increases in the money supply and credit go first to those close to the source and mess up the capital structure. Increases are not helicoptered out simultaneously to all. Commercial bank credit expansion, unbacked by private savings, leads to malinvestments. Recession is a necessary process by which bad investment is liquidated. Resources shift out of capital goods back into consumer goods.Mises taught his views at the University of Vienna in private seminars. He warned about the Great Depression. Socialism arose after WWI. Most recognized immediately that Socialism had an incentive problem, like “Who will take out the garbage?” Mises was one of the few who saw the real problem of Socialism was that it could not calculate. There was no price system. It couldn’t work. Neither does interventionism work. Only laissez-faire capitalism works. Mises’ crowning accomplishment was Human Action. However, Keynes’ General Theory in 1936 swept Mises aside. Hayek did not refute Keynes’ book, as he had a prior work. Mises could not find an academic post, yet he cheerfully established a teaching seminar at NYU. Mises died in 1973. Hayek got the Noble prize in 1974 based upon work that he did on Mises’ business cycle theory.The final of eight sessions of Murray Rothbard's Economics 101 series. This lecture may be the most concise overview of the core ideas of the Austrian School of Economics.
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