The Human Action Podcast

Bob goes solo to give a point-by-point rebuttal to James Lindsay's recent essay arguing that "national divorce means national suicide." Bob argues that James employs inconsistent claims and ignores the tremendous economic boon to an independent Texas. James Lindsay's Article "National Divorce is National Suicide": https://Mises.org/HAP434a Bob's Book "Common Sense: The Case for an Independent Texas": https://Mises.org/HAP434b AntiWar.com Article on Gaza: https://Mises.org/HAP434c Scott Horton's Interview with Arnon Soffer: https://Mises.org/HAP434d

Academic VP of the Mises Institute, Joe Salerno, joins Bob to discuss his talk at the Supporters Summit, centering on the mainstream's focus on "rules vs. discretion" in monetary policy. Salerno explains how President Eisenhower's administration marked a pivot away from the ideology of inflation. Dr. Salerno's Talk at the 2023 Supporters Summit: https://Mises.org/HAP433a

Economist Peter St. Onge summarizes some of the major financial and government news stories of the day. Bob's Mises University Talk 'Price Inflation: Corona vs. QE': https://Mises.org/HAP432a

Bob goes solo to discuss a recent Twitter controversy, in which opponents of a proposed tax argued that unrealized capital gains couldn't possibly be a form of income. Bob cites both Austrian theory and corporate accounting practice to respond that all capital gains are income, which is not to say that they ought to be taxed. The dispute is important because understanding the definition of "income" sheds light on the role of market prices in guiding entrepreneurial action. Bob Talks to David Schizer on the Moore Ruling: https://Mises.org/HAP431a Bob's Econlib Article on Capital and Income: https://Mises.org/HAP431b

Economic giant Robert Solow died in December 2023. He was a Nobel laureate, and four of his PhD students went on to also receive the Nobel. He is known for the growth model named in his honor. Garett Jones of GMU joins Bob to discuss the work of Solow, focusing on the possible tension between the Solow model's conclusions about capital accumulation vis-à-vis the Austrian School.

Murray Sabrin joins Bob to discuss his upcoming online course on the economics of the US healthcare system, including practical solutions. The course begins in mid-January 2024. Dr. Sabrin's New Online Course: https://Mises.org/HAP429a IPAK-EDU.org is offering the following discounts: 50% off until Jan 6th with code: COUNTMEIN 25% off after January 6th with code: JACKSAYS75

Mises' work explains how laissez-faire economies have incentives to be peaceful with each other, and how, inversely, tariffs and protectionism create isolation, instability, and war. His words are especially prescient today as conflicts rage and tensions between superpowers continue to rise—mirroring the rise in state power across the globe. Dr. Jonathan Newman joins Bob to break down the history of warfare, how states fund war, and why war is more destructive in the modern era. Dr. Newman's Article on the History of Warfare: https://Mises.org/HAP421a Dr. Murphy on Private Military Defense: https://Mises.org/HAP421b 'Free Trade vs. Protectionism' MisesU 2023 Lecture: https://Mises.org/HAP421c Bob and Jonathan's Talks from the Mises Circle in Fort Myers: https://Mises.org/HAP421d

Recently Yaron Brook and Bryan Caplan debated the merits of anarchism at the Soho Forum. Bob critiques Brook's opening statement. The Soho Forum Debate: https://Mises.org/HAP419a Bob's Book on Market Anarchy, Chaos Theory: https://Mises.org/HAP419b Rothbard's Book on Natural Rights and the State, For a New Liberty: https://Mises.org/HAP419c Hans-Herman Hoppe's Book on Private Defense, The Private Production of Defense: https://Mises.org/HAP419d Join us in Fort Myers on November 4 to cut through the campaign talking points and offer an uncompromising look at what is coming next. Use Code "FL2023" for $10 off admission: https://Mises.org/FL23 Human Action Podcast listeners can get a free copy of Per Bylund's How to Think About the Economy: https://Mises.org/HAPodFree

Brian Albrecht joins Bob to discuss the work of this year's Nobel (Memorial) Prize Winner Claudia Goldin, with an emphasis on the male-female wage gap. Claudia Golden and Tyler Cowan Discuss The Gender Earnings Gap: https://Mises.org/HAP418a Claudia Golden's Paper on The Pill: https://Mises.org/HAP418b More Content from Brian: https://Mises.org/HAP418c

Jonathan Newman rejoins Bob to explore more of the mechanics and political implications of the Fed's current state of insolvency. The Mercatus Article on Quantitative Easing: https://Mises.org/HAP417a Furman's Op-Ed in the WSJ: https://Mises.org/HAP417b Join us in Fort Myers on November 4 to cut through the campaign talking points and offer an uncompromising look at what is coming next. Use Code "FL2023" for $10 off admission: https://Mises.org/FL23 Human Action Podcast listeners can get a free copy of Per Bylund's How to Think About the Economy: https://Mises.org/HAPodFree

Andreas Granath is a recovering socialist who discovered the truth and beauty of Austrian economics and libertarianism. He joins Bob to discuss his recent article explaining the different definitions of "inflation" and why it matters. Andreas' Mises Wire Article on CPI: https://Mises.org/HAP416a The Silly IMF Tutorial on Inflation: https://Mises.org/HAP416b Bob's Mises University Lecture on Price Inflation: https://Mises.org/HAP416c Yaron Brook & Łukasz Dominiak Debate on Minarchy vs. Anarchy: https://Mises.org/HAP416d Join us in Fort Myers on November 4 to cut through the campaign talking points and offer an uncompromising look at what is coming next. Use Code "FL2023" for $10 off admission: https://Mises.org/FL23 Human Action Podcast listeners can get a free copy of Per Bylund's How to Think About the Economy: https://Mises.org/HAPodFree

Alex Pollock has decades of experience in financial markets, including a position as President of the Federal Home Loan Bank of Chicago. He explains to Bob the mechanics of the Fed's current insolvency and its implications for ordinary Americans.

Dr. Jonathan Newman joins Bob to break down the data used in a popular productivity vs. pay graph. They show why you should be wary of charts coming from agenda-driven institutions and how you can spot manipulated data. The charts mentioned during this episode are available at: https://Mises.org/HAP414Charts Gene Epstein on the Bob Murphy Show: https://Mises.org/HAP414a The Economic Policy Institute 2022 Paper: https://Mises.org/HAP414b The Economic Policy Institute 2015 Paper: https://Mises.org/HAP414c Gene Epstein's Mises University 'Dirty Data' Lecture: https://Mises.org/HAP414d FRED Blog Post on the Chart and Price Indices: https://Mises.org/HAP414e

Lawyers for two of the Proud Boys convicted for their role in the January 6 assault on the Capitol are filing appeals claiming that they are being subject to a "trial tax," being punished for rejecting a plea deal offer. Bob uses the occasion to explain his long-standing objection to plea deals. Article on the 'Trail Tax' Imposed on the Proud Boys: https://Mises.org/HAP413a Ex-Proud Boys Leader Sentenced Despite Not Being in Washington on Jan. 6th: https://Mises.org/HAP413b Twitter Thread on Plea Deals and Justice: https://Mises.org/HAP413c

Ryan McMaken joins Bob to discuss the surprisingly negative reaction (from a Reason writer and Tyler Cowen) to Oliver Anthony's hit song, "Rich Men North of Richmond." Ryan and Bob defend the lyrics, arguing that Anthony doesn't say anything objectionable from either a libertarian or economic perspective. Listen to Oliver Anthony's "Rich Men North of Richmond": https://Mises.org/HAP412a Christian Britschgi's article in Reason on Oliver Anthony: https://Mises.org/HAP412b Tyler Cowan's Bloomberg Editorial: https://Mises.org/HAP412c

Peter Lewin joins Bob to discuss his work with Nicolás Cachanosky on uniting Austrian capital theory with mainstream finance. Peter's New Book on Capital and Finance: https://Mises.org/LewinBook

Peter St. Onge joins Bob to discuss his latest piece at Mises.org on "China's Doom Loop." They cover a wide range of topics, including the contrast in leadership between Xi Jinping and Deng Xiaoping, the dollar as global reserve currency, the Belt and Road Initiative, and Jim Rogers' prediction that the 21st century would belong to the Chinese empire. Peter's Article on China: https://Mises.org/HAP410a

Jonathan Newman joins Bob to discuss the argument being put forth by Alan Blinder, James Galbraith, and other progressive economists, who claim that the Federal Reserve's rate hikes couldn't possibly be responsible for the quelling of consumer price inflation. Jonathan and Bob stress the important role of expectations as a "transmission mechanism" from Fed policy to impacts on prices. Galbraith's Article on the Fed's 'Soft Landing': https://Mises.org/HAP409a The Paper on the Forward Guidance Paradox That Mentions Krugman: https://Mises.org/HAP409b

Ryan McMaken joins Bob to discuss the recent US Women's World Cup elimination, and to dispel the myth that markets are discriminatory. After defending Megan Rapinoe's failed penalty kick, they dismantle her outspoken views on "equal pay" in sports, and examine the left's claim that law is required to fix prejudice in the labor market.

As Fed staffers no longer predict an impending recession, economists on social media are all assuring themselves that Americans are in store for a "soft landing." Mises Fellow Jonathan Newman joins Bob to explain why the data still support the case for recession and point out the eerie similarity to the calm before the storm in 2008. Robert Lucas' Nobel Prize Winning Lecture: https://Mises.org/HAP407a Bob's Eerie Article from 2007 on the Recession: https://Mises.org/HAP407b 'Bernanke Was Wrong' Compilation: https://Mises.org/HAP407c 'Peter Schiff Was Right' Compilation: https://Mises.org/HAP407d

David Brady Jr. discusses his recent article at Mises.org, in which he argues that the newly launched "FedNOW" system isn't a CBDC. Even so, there are dangers from FedNOW, such as exacerbating bank runs. David also explains the new Mises Apprenticeship program, of which he is a member. David's Article on Mises.org: https://Mises.org/HAP406a George Selgin Cato Article on FedNow: https://Mises.org/HAP406b

George Gammon, host of the popular Rebel Capitalist show, warns that the Fed won't have to force the public to adopt a central bank digital currency (CBDC). Instead, the public might clamor for it, being promised safe, high-interest checking accounts at the Fed, just like Jamie Dimon. The Rebel Capitalist show: https://Mises.org/HAP405a Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: https://Mises.org/Nashville23

Robbie "The Fire" Bernstein is a co-host with Dave Smith of the popular podcast Part of the Problem, as well as his own podcast Run Your Mouth. He joins Bob to walk through the shocking and hilarious moves by Biden officials to downplay recent allegations of corruption. Find More from Robbie Including His Tour Dates: https://Mises.org/HAP404a $5.1M Payment to Biden Businesses: https://Mises.org/HAP404b Biden Attorneys on The Hunter WhatAspp Message: https://Mises.org/HAP404c

Bob walks through a recent interview of MMT champion Warren Mosler, in which he claims that Fed rate hikes lead to larger government interest expenses and hence support economic growth and inflation. Bob presents both theoretical and empirical evidence against Mosler's claims. Bob's Debate with Warren Mosler: https://Mises.org/HAP403a Bob's Review of Stephanie Kelton: https://Mises.org/HAP403b Bob's EconLib Article on Austerity: https://Mises.org/HAP403c Technical Article on Why the Treasury Can't Overdraft: https://Mises.org/HAP403d

The Mises Institute's Executive Editor Ryan McMaken joins Bob to discuss his latest article, in which Ryan spells out the state of the M2 money supply and possible implications for consumer prices and an impending recession. Ryan's Mises.org article on M2: https://Mises.org/HAP402a Ryan's QJAE article on the inverted yield curve: https://Mises.org/HAP402b

Mises Institute Fellow Patrick Newman joins Bob to discuss a recent tweet from Stephanie Kelton, which argued that the government's "red ink makes our black ink possible." Patrick and Bob point out that these MMT tautologies are very misleading at best. Patrick also lays out the argument in his journal article, saying that MMT's debt monetization won't cause a boom-bust cycle, but will still reduce living standards.

University of Rochester economist Steve Landsburg joins Bob to discuss the abysmal performance of ChatGPT on his undergraduate exam. They also discuss the importance of market prices in guiding behavior and the unexpected problems with the government handing out "free" goodies. Bob's article "Superman Needs an Agent:" https://Mises.org/HAP400a Steven's Book The Armchair Economist: https://Mises.org/HAP400b More Economic brainteasers: https://Mises.org/HAP400c

Jonathan Newman joins The Human Action Podcast to discuss his recent Twitter controversy over the claim that market prices can be "wrong" (i.e. in disequilibrium) if they are "sticky." Jonathan Newman's Twitter controversy on sticky prices: https://Mises.org/HAP399a Joe Salerno on Mises's Monetary Theory: https://Mises.org/HAP399b Bagus and Howden on market disequilibrium and sticky prices: https://Mises.org/HAP399c

Per Bylund joins Bob to discuss his new paper at the QJAE, which points out several flaws in the MMT claim that money is valued in order to pay taxes. Per's QJAE article: https://Mises.org/HAP398a

Bob originally invited Brian Albrecht (Chief Economist of the International Center for Law & Economics) to discuss the work of Armen Alchian, but on the day of recording, Robert Lucas happened to die. Bob and Brian discuss rational expectations, real business cycle theory, and how Alchian cracked the military's top secrets. Brian on Alchian's famous "Costs and Outputs" paper: https://Mises.org/HAP396a

Dr. Paul Cwik joins Bob to discuss the inverted yield curve's "signal" of an impending recession. Dr. Cwik's dissertation on inverted yield curves and economic downturns: https://Mises.org/HAP395a Bob on the link between inverted yield curves and recessions: https://Mises.org/HAP395b Bob's Understanding Money Mechanics: https://Mises.org/Mechanics

Jonathan Newman joins Bob to dissect Paul Krugman's latest NYT op-ed, in which he derides Ron DeSantis as paranoid for thinking a central bank digital currency (CBDC) could be used to control citizens. Krugman's op-ed in the New York Times: https://Mises.org/HAP391a Bob breaking down negative interest rates: https://Mises.org/HAP391b

Jeff and Bob review the history and impact of The Human Action Podcast—formerly Mises Weekends—and discuss where the podcast is headed. Get Jeff's new book A Strange Liberty: Politics Drops Its Pretenses: https://Mises.org/Strange

Bob is joined by guest Peter St. Onge to discuss how SVB's CEO, as well as Bernie Madoff, had key positions advising the Fed and SEC. Then they discuss how we should think about central banks losing money. How the SEC was Charmed by Madoff: https://Mises.org/HAP389a Bob's Understanding Money Mechanics: https://Mises.org/HAP389b

With commercial banks exposed by the recent bailouts, Americans question whether “their money” is truly safe despite the promises of FDIC insurance. Jeff and Bob walk through the mechanics of how a full reserve bank could work in a truly free market based on the concepts and taxonomy of Mises’s Theory of Money and Credit. Mises's A Theory of Money and Credit: https://Mises.org/TMC Bob's study guide to A Theory of Money and Credit: https://Mises.org/HAP388a John Cochran, 'The Safest Bank the Fed Won't Sanction': https://Mises.org/HAP388b

This past weekend saw extraordinary actions by the Fed to address the meltdown of Silicon Valley Bank. Did the central bank break the law by effectively authorizing unsecured loans to banks based on the face value—rather than significantly lower market value—of those banks' Treasury holdings? Bob's study guide to A Theory of Money and Credit: https://Mises.org/HAP387a

Progressives view all aspects of human life as a struggle against forces of oppression. Earlier this week on BBC, Professor Mariana Mazzucato suggested governments across the West should simply print money not only to help Ukraine, but also to finance other "wars" against climate change, inequality, and more. Should national treasuries essentially adopt a permanent wartime footing and print far more money, as Mazzucato and Warren Mosler recommend? Hint: Jeff and Bob say "No." Jeff's article "A Permanent Wartime Economy": https://Mises.org/HAP386a Bob's debate with Warren Mosler: https://Mises.org/HAP386b Bob's article in The American Conservative on the Greenbacker movement: https://Mises.org/386c

With global worldwide debt now over $300 trillion and interest rates rising, the US dollar is once again a relative safe haven in a slowing economy. Currencies competing with the Dollar face a deadly race to stave off a sovereign debt crisis. Is the dollar now unbound, as the dominant political tool of the dominant nation? The Dollar Milkshake Theory: https://Mises.org/HAP385a Thorsten Polleit, The Global Currency Plot: https://Mises.org/HAP385b Bob's book, Understanding Money Mechanics: https://Mises.org/Mechanics

Tom Woods joins the show for a look at the hottest political topic of the day, namely national divorce. This is a spirited discussion of the politics, economics, and mechanics of how America might break up. Watch 'The Economics of National Divorce Part I' with Ryan McMaken": https://Mises.org/HAP352

With Yale economics professor Yusuke Narita suggesting mass suicide—seppuku—as the answer to Japan's rapidly aging demographics, Jeff and Bob take a hard look at the economics and humanity of greying America. Richard Hanania, "Gerontocracy Versus Western Civilization": https://Mises.org/HAP383a Bob on opting out of Social Security: https://Mises.org/HAP383b

Jeff and Bob break down this week's Davos WEF conference and consider whether global elites really have the mechanisms to impose their plans. Johnny Vedmore's analysis of Schwab's origins: https://Mises.org/HAP379a Scott Greer says America's right-want needs to stop dwelling on Schwab: https://Mises.org/HAP379b Schwab bragging about penetrating Cabinets: https://Mises.org/HAP379c

Jeff and Bob record a special Thanksgiving episode for Money Talk 1010 AM on what it really takes to fix the US economy. Mark Thornton on the coming economic crisis: https://Mises.org/HAP371A Listen to Jeff on Money Talk 1010 every Thursday at 9:00am ET: https://Mises.org/MoneyTalk

Daniel McCarthy joins Jeff and Bob to consider the deep unseriousness of American politics and electorate. Willmoore Kendall's The Conservative Affirmation: https://Mises.org/Kendall

Jeff joins Chris Casey of WindRock Wealth Management for a deep analysis of next week's punishing midterm elections.

Criticisms of hapless Senate candidate John Fetterman are labeled "ableist," while Elon Musk's takeover of Twitter is deemed fascist. Jeff and Bob take a hard look at the linguistic battlefield and the corruption of language as an institution. Jeff's paper on language, "Evolution or Corruption?": https://Mises.org/HAP367-1 George Orwell's essay "Politics and the English Language": https://Mises.org/HAP367-2 Ken Smith's Junk English: https://Mises.org/HAP367-3 Bryan Caplan on "Privilege": https://Mises.org/HAP367-4

Free Markets are often criticized for producing ugly, dystopian, consumer-driven landscapes, but is this true? Jeff explains how we need more than intellectual appeal to advance the cause of liberty—we need an appeal to beauty. Watch the other talks from our 40th Anniversary Celebration: https://mises.org/SS2022

Dr. Bob Murphy and Jeff Deist discuss the nauseating elevation of former Fed Chair Ben Bernanke to Nobel Prize winner.

UK entrepreneur and founder of the Cobden Centre Toby Baxendale joins Bob to discuss meeting Hayek, the history of economists supporting 100% reserve banking, and the tools central banks and governments will use to enact "financial repression."

Daniel McAdams of the Ron Paul Institute joins Jeff and Bob to discuss the economic and political ramifications of the Nord Stream 2 pipeline sabotage. Read "The Economics of War" from Human Action: https://Mises.org/HAP363-1 Read a study Bob co-authored on Europe's energy crisis: https://Mises.org/HAP363-2

Bob and Jeff unravel the corrosive and nonsensical policy of "inflationism," and consider its deep cultural effects. Read Jeff's talk from the recent Ron Paul Institute conference: Mises.org/HAP360-1