Is the Dollar the Global Reserve Currency Because There Is No Better Alternative?
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Economics researcher Joakim Book joins Bob to discuss his recent article on the dollar's international dominance at the American Institute for Economic Research.
US Sanctions incentivize foreign governments to find alternatives to the dollar, but none have successfully escaped Washington's grip. Joakim argues that alternative payment systems are in the works, but even international banking transactions still use US banking systems. How much longer will the US dollar be the king currency? Why aren't foreign Governments fleeing to BTC and Gold? Bob and Joakim discuss.
Chapters 00:00 Introduction 01:05 Declining Dollar Dominance 06:23 The Roles Dollars Play in International Commerce 08:29 US Sanctions and the Incentives they Create 15:08 Alternative Payment Systems that are being Built 20:29 Why Aren't Governments using Bitcoin? 28:34 Why The US Government Has too much Power 32:04 Should the Average Person Care? 37:35 Conclusion ... https://www.youtube.com/watch?v=uD7ozwiYyJE
Professor Bradley Birzer from Hillsdale College joins the show to dissect Russell Kirk's famous 1981 essay condemning libertarians. Is libertarianism necessarily utopian and unworkable, as Kirk suggests? Is it hubris to imagine we don't need the state—or even God—to prevent social chaos? Do libertarians have more in common with Communists than conservatives? Or was Kirk simply attacking an absurd strawman of the atomistic individual, with Rothbard as the particular (unstated) target of his ire? Dr. Birzer is a thoroughgoing scholar of Kirk, and provides great insights into the context and thinking behind this critique.
Russel Kirk's "Libertarians, The Chirping Sectaries": https://Mises.org/Kirk
Rothbard's "Myth and Truth About Libertarianism": https://Mises.org/HAP77a
Dr. Birzer's "Kirk and the Libertarians": https://Mises.org/HAP77b
Hornberger's "An Open Letter to Russell Kirk": https://Mises.org/HAP77c
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https://www.youtube.com/watch?v=61FZTN69WyE
Capital is the starting point of economic calculation.
Download lecture slides at Mises.org/MU23_PPT_13.
Recorded at the Mises Institute in Auburn, Alabama, on 25 July 2023.
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While the phrase "War on Drugs" was coined by the Nixon Administration, it was FDR who earned the first headlines for his "Narcotic War."
In this episode, Chris Calton details the first arrest made for marijuana in the US, the military's earliest attempts to control narcotics distribution, and how the FBI used drug laws to target black Jazz musicians.
For further reading, a Bibliographical Essay is available at https://mises.org/EC1Bib
Historical Controversies is available online at:
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https://www.youtube.com/watch?v=rh6Vp9cVoZg
Praxeology is the method of economics.
Download the slides from this lecture at https://Mises.org/MU23_PPT_05.
Recorded at the Mises Institute in Auburn, Alabama, on 24 July 2023.
Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org.
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The iron law of prohibition states that the more you attempt to enforce prohibition, the more dangerous and the more potent the drugs actually become.
Presented in Fort Myers, Florida, on November 9, 2024.
Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org.
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https://www.youtube.com/watch?v=xxSEnFQcSkU
Ryan, Tho, and Jonathan Newman look at how the state and the media treat homeschooling and why parents are increasingly looking to homeschooling as an alternative.
"Taking Back Economics Education" by Thomas DiLorenzo: https://Mises.org/RR_205_A
Get free copies of How to Think About the Economy at https://Mises.org/RothPodFREE
Get your ticket to Elections and the Economy: Do They Really Matter? in Fort Myers, Florida: https://Mises.org/Myers
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https://www.youtube.com/watch?v=sIDGud9w3EI
Recorded by the Mises Institute in the mid-1980s, The Mises Report provided radio commentary from leading non-interventionists, economists, and political scientists. In this program, we present another part of "Ten Great Economic Myths". This material was prepared by Murray N. Rothbard.
In recent decades we always have had federal deficits. The invariable response of the party out of power, whichever it may be, is to denounce those deficits as being the cause of our chronic inflation. And the invariable response of whatever party is in power has been to claim that deficits have nothing to do with inflation. Both opposing statements are myths.
Deficits mean that the federal government is spending more than it is taking in in taxes. Those deficits can be financed in two ways. If they are financed by selling Treasury bonds to the public, then the deficits are not inflationary. No new money is created; people and institutions simply draw down their bank deposits to pay for the bonds, and the Treasury spends that money. Money has simply been transferred from the public to the Treasury, and then the money is spent on other members of the public.
On the other hand, the deficit may be financed by selling bonds to the banking system. If that occurs, the banks create new money by creating new bank deposits and using them to buy the bonds. The new money, in the form of bank deposits, is then spent by the Treasury, and thereby enters permanently into the spending stream of the economy, raising prices and causing inflation. By a complex process, the Federal Reserve enables the banks to create the new money by generating bank reserves of one-tenth that amount. Thus, if banks are to buy $100 billion of new bonds to finance the deficit, the Fed buys approximately $10 billion of old treasury bonds. This purchase increases bank reserves by $10 billion, allowing the banks to pyramid the creation of new bank deposits or money by ten times that amount. In short, the government and the banking system it controls in effect "print" new money to pay for the federal deficit.
Thus, deficits are inflationary to the extent that they are financed by the banking system; they are not inflationary to the extent they are underwritten by the public.
Some policymakers point to the 1982–83 period, when deficits were accelerating and inflation was abating, as a statistical "proof" that deficits and inflation have no relation to each other. This is no proof at all. General price changes are determined by two factors: the supply of, and the demand for, money. During 1982–83 the Fed created new money at a very high rate, approximately at 15 percent per annum. Much of this went to finance the expanding deficit. But on the other hand, the severe depression of those two years increased the demand for money (i.e., lowered the desire to spend money on goods), in response to the severe business losses. This temporarily compensating increase in the demand for money does not make deficits any the less inflationary. In fact, as recovery proceeds, spending will pick up and the demand for money will fall, and the spending of the new money will accelerate inflation.
For more episodes, visit Mises.org/MisesReport
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https://www.youtube.com/watch?v=NXRhZ5LSFew
Ryan McMaken and Tho Bishop talk with economic anthropologist Jovana Diković about how a focus on "solving" global warming endangers the food supply for much of the globe, especially in the developing world. Even rich nations face a world of less food at higher prices.
Use promo code ROTHPOD for a 20% discount on Ryan McMaken's new book Breaking Away: The Case for Secession, Radical Decentralization, and Smaller Polities: https://Mises.org/RR_108_Book
Recommended Reading
"Environmental and Political Elites Are Destroying Food Production for Climate Goals" by Diković: https://Mises.org/RR_108_A
"Eat or Heat: Europeans Already Are Facing Previously Unthinkable Dilemmas" by Claudio Grass: https://Mises.org/RR_108_B
"Regime Pseudoscientists Enforce Climate Change Narrative" by Michael Rectenwald: https://Mises.org/RR_108_C
"Germany's (and Europe's) Self-Inflicted Upcoming Energy Crunch" by Weimin Chen: https://Mises.org/RR_108_D
Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard.
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https://www.youtube.com/watch?v=U0Km0mFuQ1E