The Human Action Podcast

This weekend, we feature a talk that Jeff Deist gave at our recent Mises Circle event in Phoenix, Arizona. Deist lays out four possible strategic options for Libertarians, including the political option, the strategic withdrawal option, winning hearts and minds, and actual resistance—civil disobedience.

Our guest this weekend is Louis Rouanet, a former summer fellow at the Mises Institute. Louis writes frequently for Mises.org, and he is currently a student at the Paris Institute of Political Studies. Jeff gets Louis' take on the recent terrorist attacks in Paris, and finds out what the mood is among the French people. They discuss whether the French—like Americans after 9/11—will allow a crackdown on civil liberties in the name of fighting a "war on terror". Jeff and Louis also examine the role that French history (especially in the Middle East and Africa) plays on this whole mess. If you are interested in what is happening in France from a Libertarian perspective, you will enjoy this interview.

Our guest this weekend is Tom DiLorenzo, a professor of economics and history at Loyola University Maryland, and also a friend and Senior Fellow at the Mises Institute. Our topic is the PC cancer that is spreading across campuses and universities in America—not only Yale and the University of Missouri. Tom is particularly well equipped to handle this topic, having fought the PC monster throughout his academic career. He took on the Lincoln Myth, which is one of his great achievements. He also took on and exposed the evil of the Hamiltonian Federalists as the great centralizers in American history. This is an interesting and informative interview on what is happening with PC on campus, from an insider and academic: Tom DiLorenzo.

That’s what William Boyes says must be done to change education. Boyes makes his case this weekend as part of the Mises Circle at the Hilton Phoenix Airport Saturday, November 7, as he joins Ron Paul, Lew Rockwell, Charles Goyette, and me to examine how to build a world where states are weak and society is strong. Watch at mises.org/live Public schools at every level paint the economy as merely a machine needing tinkering. There is no free market or Austrian human action perspective. Thus, economics departments are all about modeling and mathematics. This system left Boyes with a PhD in Economics, but with no clue about the real economy. Do prospective students understand this? Are they naïve about what life is like in academia? Knowing what he knows now, would Boyes still follow that high math track to an economics PhD?

Bob Murphy is our returning guest this weekend, as we wrap up a three-part series on the lousy, anti-market healthcare system in the US. He’s co-authored a terrific new book called 'The Primal Prescription', which may well be the first thorough analysis of the modern American healthcare system by an Austrian economist. Bob eviscerates the arguments for Obamacare, and debunks all of the many myths progressives use to claim a “right” to healthcare—and to justify interfering with the very market forces that could make medical treatments cheaper and better. His co-author, a libertarian ER doctor, provides some great practical advice about how you should navigate your own health issues, your own doctors, and the absurd insurance networks to protect your health and pocketbook.

Dr. Michel Accad is a practicing cardiologist who blogs for a medical audience at alertandoriented.com. He's written several articles about healthcare for mises.org, and you won't find many MDs as well versed in Austrian economics. Dr. Accad talks about practicing medicine in the Age of Obamacare, where every symptom and every treatment must fit into an insurance company code. Doctors are miserable, in debt like never before, and slaves to billing systems that consume their time. Worst of all, they've become de facto employees rather than trusted protectors of their patients' well-being. Without rational market pricing, will the system simply devolve until it collapses? Will a completely state-run system, like those in the UK or Canada, emerge in the US? Or will doctors at the vanguard of open pricing and cash for treatment become a viable alternative?

Charles Hugh Smith and I discuss the absurdly anti-market healthcare system in the US, which has been captured both by regulators and insurance lobbyists. Why do US consumers tolerate not knowing what drugs and procedures really cost? What will it take to allow market pricing in medicine? Will the best and brightest continue to shun medical school in an age of Obamacare? And will the market overcome the system, through cash-only clinics, concierge care arrangements, and medical tourism? If you're outraged by what the state has done to the profession of medicine, stay tuned for great interview.

Our guest this weekend is Edward Stringham, professor of Economics at Trinity College in Hartford, Connecticut. He is the author of a fantastic new book called 'Private Governance: Creating Order in Economic and Social Life'. In this book, Ed looks back at the history of private legal systems, and in so doing demolishes the idea that only the state can manage and adjudicate human conflicts. Today, Ed gives some concrete, real-world examples of how private governance operates in our statist world. If you're interested in Rothbardian and Hoppean anarcho-capitalism, you'll find Ed's book a great addition to your library, and you'll enjoy hearing this interview with Edward Stringham.

Rod Martin, a co-founder of PayPal and world renown philosopher-capitalist, joins Jeff for a wide-ranging interview covering such topics as the refugee situation in Europe, unrest in the Middle East, and why some cultures are more prosperous than others. Martin contrasts the difficulties world governments have in confronting global macro-crises with the hope and resilience of technological innovation and entrepreneurship.

Bill Bonner, founder of Agora Financial, joins the show to discuss the hysteria preceding Janet Yellen's announcement last week that the Fed would not raise interest rates. We also consider various ugly endgames for the US dollar, and whether federal debt will all come crashing down with a bang or a whimper.

Our guest this week is Patrick Barron, a professor of economics and a student of global currency markets. Patrick and I dissect the Fed's big announcement this past week not to raise interest rates, and consider whether Janet Yellen and other central bankers really believe in what they're doing. Is it all just to save themselves from the judgment of history, by kicking the can down the road? Have they read, or even considered, Austrian arguments on money and banking? Or are they simply so wedded to Keynesian orthodoxy that they literally don't know what else to do? And what type of precipitating events might spell the end of US dollar imperialism?

Our guest this weekend is Professor Per Bylund, whose article on immigration (https://mises.org/library/refugees-and-migrants-world-government-meddling) elicited plenty of discussion on mises.org and social media earlier this week. Dr. Bylund argues that property rights, not government immigration policies, should serve as the natural regulator of immigration and human movement. Since the state is never legitimate, "open borders" is conceptually irrelevant. Our focus as libertarians should be on property, freedom of association, and the equally important freedom of dissociation. Migrants do not enjoy unbridled freedom of movement when such movement becomes a matter of trespass. We discuss several arguments made by Hans Hermann Hoppe regarding externalities caused by forced integration and "public lands." As usual, the problem lies with states themselves: disruptive wars and bad economic policies cause tremendous human dislocations, while welfare state incentives encourage immigration for the wrong reasons. If you're interested in the divisive topic of immigration from a libertarian perspective, stay tuned.

Our guest this weekend is Jim Rickards, the author of the 'New York Times' bestseller 'The Death of Money' and a well-known expert in geopolitics and global capital. Jim and Jeff discuss the unfolding drama at the Fed, which can't decide when—if ever—QE will come to an end. They also discuss possible endgame scenarios for liquidating unprecedented amounts of sovereign, commercial, and household debt; whether coming monetary shocks will present the IMF with an opportunity to demand a global currency reset, and who wins and loses when the game of musical chairs stops. This is a must-hear interview for anyone interested in currency wars, central banks, and the unholy politics behind it all. See Jim Rickards' 'Strategic Intelligence' newsletter: http://agorafinancial.com/publications/awn

Last Monday's mini-crash in equity markets reminded many people of the dark days following the Crash of 2008. The 400 richest people in the world collectively lost $124 billion—at least on paper—in a single day. And the average investor may get tired of seeing his or her net worth take a nosedive every 7 or 8 years. Here to make sense of market crashes is our own Dr. Joe Salerno. Why does the financial press fail to see monetary inflation as the cause of stock bubbles? Why is deflation portrayed as an enemy to be defeated, rather than a sign of a more productive economy? Why do even seasoned financial experts fail at timing the market? And are deflationary crashes actually the cure for a sick economy?

Brazil is in a meltdown: its stock markets are crashing, inflation is over 10%, and huge numbers of people are marching in the street to demand the impeachment of President Dilma Rouseff. And while collectivism runs deep in Brazilian politics and academia, the tide may be turning—some protesters now carry signs demanding “Less Marx, More Mises.” Our friend Helio Beltrão, President of Mises Institute Brazil, is here to explain what’s going on. Will Brazil continue to unravel, even as it prepares to host the world for the 2016 Summer Olympics? Or is there a path forward, led by a growing movement eager to shrug off the old guard of Marxist cronies?

Dr. Nair recently spoke at our Mises Boot Camp seminar, and did a great job presenting our introductory course on money. She explains the origins of money, how it evolved, how it derives value, and how it should function in society. Her lecture is a great 30 minute refresher course for anyone familiar with the evolution of money from the perspective of Menger and Mises, and it's the perfect introduction to share with your friends and family who haven't studied economics.

This weekend we feature part of a talk by our old friend Dr. Robert Higgs, a longtime Senior Fellow at the Mises Institute and libertarian stalwart. Bob, author of the famous 'Crisis and Leviathan', recently spoke at Mises University on the critical topic of war and the growth of the state. He considers war the "master key" that enables government to grow in size, scope, and power. This poignant speech is not to be missed by anyone who cares about peace and liberty.

Recorded at Mises University 2015, Tom discuses the impact that Mises has had on his life, his time as a summer fellow at the Mises Institute, and the importance of the Mises Institute in spreading the ideas of liberty.

Jeff and Bob discuss his new book, 'Choice: Cooperation, Enterprise, and Human Action', Bob's new opportunity at Texas Tech University, and all things Bob Murphy. http://store.mises.org/Choice-Cooperation-Enterprise-and-Human-Action-P10979.aspx

Karl-Friedrich Israel is a Mises Institute Summer Fellow and a PhD candidate under Professor Guido Hülsmann. The focus of his research is to identify and confront the prevailing arguments for central banks. Karl and Jeff discuss the current situation in Greece from his perspective as a German. Old hostilities between the north and south in Europe are being inflamed, which calls into question the entire purpose of the Eurozone. Would Greece be better off simply leaving the Euro and resurrecting the drachma? Would the less profligate Eurozone nations cheer this? And has the ECB failed as miserably as the US Fed in creating price stability?

Tate Fegley, a Summer Fellow at the Mises Institute, combines his work in criminal justice at Boise State University with Hoppean and Rothbardian analyses of private law and private police. Tate and Jeff discuss what crime and punishment might look like in a libertarian society, and how to convince skeptical libertarians that private police can do a better job of dealing with violence, theft, and fraud. Private, competing defense agencies would operate with completely different incentives than state police: unlike government cops, private cops get fired when crime goes up. Private police have a direct financial interest in avoiding escalation of conflicts, avoiding legal liability for death or injuries, and avoiding damage to their agency's reputation. And under a Hoppean insurance model, both insurance companies and property owners have a direct incentive to prevent, rather than merely respond, to crime. Finally, they discuss how direct restitution, rather than lengthy taxpayer-funded incarceration, would be a more economically efficient and more humane approach to helping crime victims. If you're interested law and justice under anarcho-capitalism, stay tuned for a great interview.

Jeff Deist and Patrick Barron discuss European integration, which pits creditor nations like Germany against hapless debtors like Greece under the yoke of the Eurozone. With the Euro operating as a political project rather than a real currency, spendthrifts like Greece chronically find themselves unable to service debt. Greece, says Patrick, represents an example of Say's Law in action and a clear refutation of Keynes's belief that creating artificial demand via cheap credit stimulates production. Think Greece can't happen here? Look no further than California, with its public pension crisis and huge debts. If you're looking for a sober and hard-hitting analysis of what's really at issue in Greece, stay tuned for a great discussion with Patrick Barron.

Łukasz Dominiak's research as a Summer Fellow at the Mises Institute involves the cultural aspects of a libertarian legal system, with an emphasis on the works of Hans-Hermann Hoppe. Łukasz and I discuss what a private law society might look like in Europe, starting with Hoppe's example of "10,000 Liechtensteins." We discuss how private law develops from tradition and custom, rather than top-heavy state edicts. And because states destroy culture—in fact states view culture, custom, and tradition as enemies—reducing state power will cause cultural institutions to reassert themselves. Łukasz concludes that a truly libertarian society would be far less libertine than most western nations today, because high-risk individuals would bear more of the direct costs stemming from their lifestyle decisions. We discuss the tension between liberty and free immigration in supposedly democratic states, where arbitrary national borders rather than private property boundaries cloud the issue. And we discuss the Hoppean conception of private defense, where protection against invaders would be largely a function of collective agreements and insurance arrangements. If you're interested in Hoppe, private law, and the role of culture in libertarian theory, stay tuned for a great interview.

Demelza Hays, a Summer Fellow at the Institute and a graduate student of the Toulouse School of Economics in France, represents the new breed of young libertarians. Having grown up reading Rothbard, she's already firmly in the anarcho-capitalist camp. And unlike her parent's generation, she recognizes that America is far from the freest place on earth. Since her teenage years Demelza has developed an ex-pat mentality, living abroad both in India and France. Demelza, like many anti-state Millennials, is serious about engaging in personal secession from the American leviathan. Now she's preparing to become a resident of Liechtenstein and obtain a PhD in economics. Her academic interests, particularly in the area of blockchain technology and decentralized currencies, fit with her personal views and personal life. If you're a young person (or not so young person) interested in expatriating, and you want to know the job skills and mentality required, stay tuned for a fascinating interview.

Our guest this week is Louis Rouanet, a Summer Fellow at the Mises Institute and a formidable young Austro-libertarian scholar. Louis studies economics at the Paris Institute of Political Studies, and has published several articles at mises.org relating to his research work at the Institute. Jeff and Louis discuss the deep French libertarian tradition, which goes far beyond Bastiat and Jean-Baptiste Say. In fact, French economics was once a close cousin of the Austrian school. And while we tend to see France as hopelessly statist and egalitarian today, its intellectual traditions are radically liberal. Is France lost forever to the EU political project, and the likes of Hollande and Piketty? Or can she reclaim both her sovereignty and her liberty in the 21st century?

Governments, at least modern western governments, have always hated cash transactions. Cash is private, and cash is hard to tax. So politicians trump up phony reasons like drug trafficking and money laundering to win support for bad laws like the Bank Secrecy Act of 1970, which makes even small cash transactions potentially reportable to the Feds. Today cash is under attack like never before. Ultra low interest rates are the norm for commercial bank accounts. In Europe, as the ECB ventures into negative nominal interest rates, certain banks threaten to charge customers for depositing cash. Meanwhile, certain European bonds now pay negative yields, effectively turning them into insurance products rather than financial assets. And some economists now call for the outright abolition of cash, which shows just how far some will go in their crazed belief that economic prosperity can be commanded by forcing us to spend rather than save. The War on Cash is real, and it will intensify. Here to explain is Dr. Joe Salerno, who spoke on the subject at our recent Mises Circle event in Stamford, Connecticut.

James Grant, of 'Grant's Interest Rate Observer', recently joined us at our event in Stamford, Connecticut to discuss his new book 'The Forgotten Depression'. If you've never heard of the Depression of 1921, it's because the federal government and the (then new) Federal Reserve did the opposite of what they did in 2008: federal spending was cut, the federal budget was balanced, and interest rates were allowed to rise. In other words, real austerity measures were implemented. The result? A short economic contraction that healed itself. If you want to understand why TARP stimulus, too big to fail bank bailouts, and quantitative easing make our current economic crisis worse, there's nobody better than Jim Grant to explain.

Our guest this week is uniquely qualified to discuss modern progressives from a libertarian perspective. Jim Ostrowski, whom Murray Rothbard called "one of the finest people in the libertarian movement," is a lawyer, writer, activist, and chronicler of progressive dysfunction in his native New York. He's the author of 'Progressivism: A Primer on the Idea Destroying America', which explains progressivism more as personal psychology than a coherent view of the world. If you're interested in how progressives managed to capture the 20th century, stay tuned. Modern progressives believe the state should control, or at least involve itself, in nearly every aspect of human activity. They believe countless things about government and human nature that are manifestly not true. Deeply hostile to liberty, they never accept responsibility for the disasters caused by the political, economic, legal, cultural, and social policies they advocate. But should libertarians engage with progressives? Should we attempt to match their long march through the West's great institutions? Or should we write them off as hopelessly statist products of the dominant culture?

David Stockman is our guest this week in the second of a two-part interview. Stockman was a congressman, Ronald Reagan’s budget director, and a private equity fund manager who saw the devastation brought to American companies by an economy built on cheap debt instead of real productivity. His book 'The Great Deformation' is a tour de force exposé of crony capitalism, an indictment of Treasury Department and Federal Reserve bailouts following the crash of 2008, and one of the most important books on crony capitalism ever written. His Contra Corner website (davidstockmanscontracorner.com) is a daily must-read for anyone interested in the truth about our rigged economy.

David Stockman is our guest this week in the first of a two-part interview. Stockman was a congressman, Ronald Reagan’s budget director, and a private equity fund manager who saw the devastation brought to American companies by an economy built on cheap debt instead of real productivity. His book 'The Great Deformation' is a tour de force exposé of crony capitalism, an indictment of Treasury Department and Federal Reserve bailouts following the crash of 2008, and one of the most important books on crony capitalism ever written. His Contra Corner website (http://davidstockmanscontracorner.com) is a daily must-read for anyone interested in the truth about our rigged economy.

In this first installment of a two-part interview, Jeff Deist and Joseph T. Salerno discuss the health and vitality of the Austrian school, the impact of the South Royalton conference, Joe's relationship with and memories of Rothbard, and why so many factions seem to persist within Austrian economics. Joe also gives some great insights into the state of academia, whether it's wise for libertarians to pursue a PhD., and the tactical advantage of targeting intelligent laypeople. If you’re interested in promoting Austrian economics—or ever thought about an academic career—this show is for you.