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Excellent , fascinating presentation, thankyou Bob. Have you developed, or discussed elsewhere what the optimal reserves should be in a free banking system? I guess Im reminded that communists always preach utopia but is capitalism that delivers. Wonder if “free banking “ is our utopia? It would seem to me that the “right” level of reserves would be that which leads to most banks surviving most of the time sans central bank? Mmm. And in this era, what specie should those reserves be in?

MURRY drew a line in the sand… and this is why he’s relevant… 10 minutes.

These annotations remind me of my 11th grade English teacher (in a good way)

People just don't get it, its immigration.

Makes no difference we have A small group of crony capitalists seeking profits to rule the world by controlling govermnent's and the military

Andrew Napolitano is a fundamentally good man.

All this to say that human interactions can't be tested empirically but only "begriffen" or understood a priori. Our understanding of ideas like "mine" or "thine" and the constraints and conflicts they cause are part of the predicted behavior oh humans, not because they can be scientifically tested, but because they are predictable in the rules of our language. These rules are widely understood (verstanden). From there he quickly slices thinner and thinner segments of human interaction. So predictably , we know no one can simultaneously perform two contradictory actions ( not sure about this, suicide comes to mind ) aka be in two places at the same time, predict the future or avoid the law of diminishing returns . Therefore we know that if money supply increases, its value drops or that if we have a state that owns the means of production it will be unable to compare the layers of production with its output. Then he jumps to include prices and money supply and socialism or rent ceilings as part of the predictably - apodicticaly- wrong praxis. I think the jump from the origins of language ,and whether it reflects an underlying logic, to say that any economic theory is wrong a priori is making too big a jump. I could see how a socialist could argue along the same lines saying , for example, that collaboration and sharing resources is also part of the internal logic precisely because it can't be proven empirically but "a priori" . It is hard to dispute precisely because there is no way to do so as per his reasoning. This speech seems a bit lazy to me in the sense that it is looking for what it is convenient more than anything else: X is innate in humans so a combination of X,Y, Z and any word that contains those letters must be true.

My father lost his brother, Merle V. Davis on Enowetok February 22, 1944. We moved in 1950 to Colorado from the Panhandle of Oklahoma. We had Japanese American farmer neighbors that sent sons to Europe in the 144nd Division to die. The parents were sent to camps. Got to know both sides of the history.

DiLorenzo, quoting von Mises from a book written in 1922: "...socialism is a spoiler of what thousands of years of civilization has created..." von Mises wrote this in the wake of a capitalist war that killed some 20 million people, wounded another 20 million or so, and destroyed hundreds of billions of dollars worth of property, and incidentally, led to another capitalist war less than twenty years later where the death and destruction were far, far, worse. Which tells you everything you need to know about von Mises. We can't blame him for not foreseeing WW2, but his inability to acknowledge the destruction of WW1 is incredible. Now DiLorenzo is touting von Mises as being "prescient"! Is that supposed to be a joke?

You’re missing that rich people do not spend money. They save. Most budget deficit money goes to people who spend money. So you get inflation!!!

Wow, the idiocy of his joke about the government targeting a conservative gathering likes it’s a Waco situation lost him so much credibility. I unfortunately lost a lot of respect for his opinion hearing that…

Yes - let's put the giant sky scraper straight in the heart of Tornado Alley. Brilliant!!

To anyone that reads this. We need the American people to hear Ron Paul's message while he is still with us. On every joe Rogan podcast someone leave "Ron Paul" in the comments. And we all like it. Every single podcast! The American people need to hear this man! While he is still with us!

Solo Bob episodes are the best

This seem like government propaganda

Was there anything Dictator Lincoln could not do? It’s truly scary to think a president can declare the country is at war, gain special wartime powers and to this day those special wartime powers have no known limit.

Meloni is as socialist as every politician in Italy

Listening from Canada

WW2 was the last justifiable war the US needed to get involved in. This war was literally freedom vs dictatorship

Austrian economics asmr

Can’t wait to watch this!

June 2024 trying to contemplate the Real Estate Market. ...Searching for historic axioms.

Awesome video, thank you!

Sorry, but you really DIDN'T debunk MMT, but thank you for the good points about MMT. It might help a bit. You really cant see the true statments and connection and also junp to very wrong conclusions

You have a strange understanding of real idle ressources and true unemployment! You cant possible mean to compare your car waiting for you quitting the office (many people take a scheduled bus or train and be fine with it, btw) with idle workers, as if everyone unemployed should hang around like day laborers or tramps?!?

And who set up how much money of a given currency is woth a piece of gold? Supply and demand only set relative price the absolute price is NOT derived from Gold, since even the Gold had its working and material costs to be mined in first place

Are you some second level comedian or a serious economist? You cant possibly be serious about giving a fair perpective on MMT. Molser, Mitchel, Kelton and Co are much smarter than you here pretend to be. You couldnt really be listening properly to how MMT'ers explained situations like Weimar or Covid or Putins war

I wish an "Austrian mainstreamer" would for once seriously try to think about the points of MMT! If this was your best to be fair and objective, this talk was a bad bit of comedy although starting good

Lucas Engelhardt start so well, if not really serious about being fair. Latest with the Weimar hyperinflation and the COVID-inflation he is wrongly comparing two very different situations, extremley simplifying and leaving out important bits of information. And many MMTlers DO speak lot of what happend in both the cases and how it can be understood under the lense of MMT! How could you have missed it??? Not listend to several hours of "The MMT podcast"? Not read Warren's paper on Weimar hyperinflation?

A great talk. Very enjoyable and all true.

One of his best lectures. It is so easy to make fools of the socialists, but of course they won't listen or debate.

Verdomme wat is die vrouw slim.

Full reserve banking & why it's good, financially & economically. If all deposits are 100% backed in hard currency by the time it's accessible to depositors & remain so as long as they're accessible, *on-net consumption* - equal to the amount deposited - *is deferred* over the course of the deposit's maturity (whether by the depositor themselves, _the bank, or other investment/lending entities_ [granted the bank lends for a longer term than the maturity of deposits utilized]). Given that one simple rule, lending intermediaries are free to lend as they wish. Society's not misled into believing they have access to money that's not there in full. There's no risk of bank runs, & thereby no need for a ‘lender of last resort’. There's no inflationary double-spending - thereby cantillon effects, distortions along the capital structure, & heightened societal time preferences. The only risk in banking is whether they lend to sound ventures or not. The only risk to depositors is to those who explicitly lend their money to the bank (time deposits). Deposits immediately accessible would be risk-free (on-demand deposits).

Mises Institute is a joke. Don't be fooled. Research it.

Ivan Lendl knows !! he said democrats are commies.

The ideal situation is to have laissez faire banking there would be some 100% reserve accounts because there would be a market for such .

Correction: "How the (((Talmudic))) courts killed natural law.

58:50 before that we can see a stagnation in wages, causing a reduction in demand, causing decreased interest rates, increasing private household debt spending, causing the pump in the market which then later crashed

My cousin came to me and said she wants socialism, i didnt have the facts to argue with her so i bought this book, its so great

We need to remember that Rothbard wrote his piece on abolishing the Fed and liquidating its assets in the 90s when the balance sheet was under $500 billion. Its around $8 trillion now. Banks dont have the reserves to absorb those assets and any policy where the U.S. just writes off its debt will spark a massive run on the dollar before it becomes law. Best case scenario is that politicians lock the Fed out of manipulating the money supply and interest rates and reduce it to being a mere holding company of its existing portfolio until winds down to nothing.

As if we have capitalism In the USA

Great overview Bob! I enjoyed it. Totally agree. I would love to see a part 2 on the free banking example in Canda, and part 3 on why the period between central banks in the US was also NOT a good example of free banking. That would make for a good series, imho!

I agree completely with the moral case against IP, but still struggle to argue against people who say, 'What about medicines?' or insert innovation with large necessary investment that won't be worth it if people can immediately copy you.

who benefits from inflation? well, if you have a debt, with inflation it will became more affordable to pay. Usually goverment have huge debts, so they benefit from that.

Thanks, Bob.

when governments funds are used to buy pampers where are the savings? Unless you count the used pampers in landfills. Most government spending is used for consumables not buying equity (a property or asset that increases in value.)

The government funds the public? For example, farmers in the US grow corn. This corn has to be sold to the public. The public wants corn. So, they will give up some of their time (stored as currency) in exchange for corn. The government can print the currency for this transaction and interfere. Or the government might fund electric cars, using the same logic, but the public does not want that product. You will wind up with thousands of cars sitting in lots, while the price is of steel goes up because it is scarce now because the stee was used to make the electric car. Well then if the Farmer needs vanadium steel blades for their cultivators, the farmers have to go out in the world market for the steel. But China will not accept dollars for the blades because the dollar has not value. The US must then find a trading partner that will accept dollars for RMB.

Brent is wright. When you barrow US dollars you have to repay the loan in US dollars.

You Dr. Sledge, are a very profound person

There is no world record skyscraper being built in Oklahoma. The US doesnt build world record breaking skyscrapers because this isnt 1910.