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Robert P. Murphy



Articles by Robert P. Murphy

Johnny Vedmore on Klaus Schwab, Kissinger, and the CIA

17 days ago

Johnny Vedmore is an independent journalist from Cardiff, Wales. He discusses his masterful article on Klaus Schwab’s mentors, including Henry Kissinger and John Kenneth Galbraith. Mentioned in the Episode and Other Links of Interest: The YouTube version of this interviewJohnny Vedmore’s article on Klaus SchwabPart 1, Part 2, Part 3, Part 4, and Part 5 …

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The New World Order and Dehumanization on the Left and Right

24 days ago

Bob critiques the economic views of Yuval Harari, who predicts “useless people” because of technological advances. Bob then showcases similar thinking from right-wingers. He ends by addressing a common critique of the Christian God. Mentioned in the Episode and Other Links of Interest: Part 1, Part 2, Part 3, Part 4, and Part 5 of …

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Keynesians and Market Monetarists Didn’t See Inflation Coming

24 days ago

It is interesting that the founder and leader of the market monetarists declared in January 2020 that the world was about to enter a “golden age” of low inflation for the Federal Reserve. Original Article: “Keynesians and Market Monetarists Didn’t See Inflation Coming” This Audio Mises Wire is generously sponsored by Christopher Condon. 

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Jon Stewart Asks Great Questions of Federal Reserve Chief

April 18, 2022

In a recent episode of “The Problem With Jon Stewart,” the former Daily Show host asks former president of the Kansas City Fed Thomas Hoenig why the Fed couldn’t have bailed out homeowners, or just “quantitative ease” away the Treasury’s debt. Hoenig gives muddy answers, so Bob tries to clarify. Mentioned in the Episode and …

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Keynesians and Market Monetarists Didn’t See Inflation Coming

April 18, 2022

The government’s latest report puts the twelve-month official consumer price inflation rate at 8.5 percent, the highest since December 1981: As economists debate the causes of, and cure for, this price inflation, it’s worth recounting which schools of thought saw it coming. Although individuals can be nuanced, generally speaking the Austrians have been warning that …

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Behind Klaus Schwab, the World Economic Forum, and the Great Reset: Part 5

April 13, 2022

Bob completes his series on the elites who are literally trying to take over the world. He first explains Schwab’s connection to the Global Government Summit, and then finishes reading key excerpts from Schwab’s book on Covid-19 and the Great Reset. Mentioned in the Episode and Other Links of Interest: Part 1, Part 2, and …

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Behind Klaus Schwab, the World Economic Forum, and the Great Reset: Part 4

March 28, 2022

Bob continues his series, this time focusing on the creepy worldview of WEF speaker Yuval Harari, and further reviews Schwab’s book on Covid-19 and the Great Reset. Mentioned in the Episode and Other Links of Interest: Part 1 and Part 2, and Part 3 of this seriesThe WEF’s bio for its founder, Klaus SchwabSchwab’s books …

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Behind Klaus Schwab, the World Economic Forum, and the Great Reset: Part 3

March 9, 2022

Bob continues his series on Klaus Schwab and the Great Reset, highlighting an interesting remark in Biden’s SOTU, Strobe Talbott’s open support for global government, and the introduction to Schwab’s book on Covid-19 and the Great Reset. Mentioned in the Episode and Other Links of Interest: Part 1 and Part 2 of this seriesThe WEF’s …

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Böhm-Bawerk’s Critique of the Exploitation Theory of Interest

February 22, 2022

Austrian economist Eugen von Böhm-Bawerk is known among historians of economic thought for his formidable History and Critique of Interest Theories(1884). Before offering his own explanation of the phenomenon of interest (in a second volume which appeared five years later), Böhm-Bawerk first systematically classified and refuted all previous explanations. In my own history of economic …

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Bob Murphy vs. Dave Smith on the Johns Hopkins Lockdown Study

February 22, 2022

Bob explains the friendly exchange he had with Dave Smith regarding the new Johns Hopkins study that concluded lockdowns did little to reduce mortality. Smith had tweeted that in a sane world, all those favoring lockdowns would be publicly disgraced, while Bob argues that these studies are so open-ended that people on both sides can …

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Why Austrians Stress Ordinal Utility

February 11, 2022

Sometimes people—even other economists—are incredulous that the Austrians deny the possibility of interpersonal utility comparisons. Original Article: “Why Austrians Stress Ordinal Utility” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

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Why Austrians Stress Ordinal Utility

February 3, 2022

David Friedman recently posted a critique of Austrian economics as laid out in the Rothbardian tradition. In his essay, Friedman repeats a claim he has made before—namely that economists used to agree with the Austrians that utility was ordinal, but after the publication of John von Neumann and Oskar Morgenstern’s work on game theory in 1947, …

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Understanding Money Mechanics

December 8, 2021

This book provides the intelligent layperson with a concise yet comprehensive overview of the theory, history, and practice of money and banking, with a focus on the United States. Although the author considers himself an Austrian school economist, most of the material in this book is a neutral presentation of historical facts and an objective …

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Joe Weisenthal Thinks Debasing the Dollar Is the Moral Thing to Do

December 8, 2021

In one recent thread, Weisenthal mocked the people worried about the falling purchasing power of the US dollar, and claimed that it would be immoral for currency to maintain its value over time. Original Article: “Joe Weisenthal Thinks Debasing the Dollar Is the Moral Thing to Do” This Audio Mises Wire is generously sponsored by …

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Joe Weisenthal Thinks Debasing the Dollar Is the Moral Thing to Do

November 25, 2021

Joe Weisenthal is an editor and host at Bloomberg who has recently been using his large Twitter platform to cast stones at the inflation hawks. In one recent thread, Weisenthal mocked the people worried about the falling purchasing power of the US dollar, and claimed in fact that it would be immoral for currency to maintain …

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Understanding the Price of Money

October 19, 2021

In a money economy, the money commodity is on one side of every transaction, and hence reduces the number of relevant prices. The direct exchange ratio between any two commodities can easily be computed from their respective money prices. The “price” or purchasing power of money is the array of goods and services for which …

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Critiquing an MMT TED Talk

October 13, 2021

Bob provides a running refutation of Stephanie Kelton’s recent TED talk on Modern Monetary Theory (MMT). Mentioned in the Episode and Other Links of Interest: Stephanie Kelton’s TED TalkBob’s review of Kelton’s book explaining MMTBob’s article on opting out of Social SecurityKelton’s intro to MMT, The Deficit MythBob’s interview of a founder of MMT, Warren …

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COMMON SENSE: The Case for an Independent Texas

October 5, 2021

Bob covers some of the key points in his new pamphlet on restoring the Republic of Texas. Mentioned in the Episode and Other Links of Interest: Bob’s new pamphlet, COMMON SENSE: The Case for an Independent TexasBob’s recent appearance on Tim Pool’s showBob’s article on opting out of Social Security ​For more information, see BobMurphyShow.com. …

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Rebutting Paul Krugman on the “Austrian” Pandemic

September 15, 2021

Paul Krugman’s “logical problem” with ABCT derives entirely from his superficial understanding of the theory. Original Article: “Rebutting Paul Krugman on the “Austrian” Pandemic” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

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Mark Spitznagel Teaches the Economists How to Invest

September 14, 2021

Bob reviews Mark Spitznagel’s latest book, Safe Haven: Investing for Financial Storms, on which he was a consultant. Bob explains that Spitznagel rejects the alleged dichotomy between risk and return, and then gives a numerical example to illustrate the two schools of thought. Mentioned in the Episode and Other Links of Interest: Bob’s appearance on Jordan …

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Rebutting Paul Krugman on the “Austrian” Pandemic

September 10, 2021

In a recent column for the New York Times, the world’s most famous Keynesian, Paul Krugman, attacked Austrian business cycle theory (ABCT). In addition to repeating his decades-old claim that ABCT suffers from an internal contradiction, as well as his charge that the Austrians misdiagnosed the 2008 financial crisis, in his latest piece Krugman argued that the 2020 pandemic really was a “reallocation shock” along Austrian lines. Yet even here, Krugman claims, the Austrian prescription of laissez-faire is dead wrong: as a new paper presented at the Jackson Hole monetary conference allegedly demonstrates, we need easy money from the Fed in order to rearrange labor without causing needless unemployment.
It won’t surprise mises.org readers to learn that I

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The Absolute State of Money in 2021

September 8, 2021

Jeff Deist: You recently completed a series of articles for the Mises Institute, which we will publish in book form, on how money works today. Why is it important for average people to understand the mechanics of the plumbing of central and commercial banks? Bob Murphy: There’s two main reasons. First, it’s intrinsically interesting. That’s …

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Rebutting Paul Krugman on the “Austrian” Pandemic

September 7, 2021

In a recent column for the New York Times, the world’s most famous Keynesian, Paul Krugman, attacked Austrian business cycle theory (ABCT). In addition to repeating his decades-old claim that ABCT suffers from an internal contradiction, as well as his charge that the Austrians misdiagnosed the 2008 financial crisis, in his latest piece Krugman argued that …

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M. Night Shyamalan Is Giving You Permission to Be a Superhero

August 12, 2021

Bob reviews the “Unbreakable” movie trilogy, arguing that M. Night Shyamalan knows we need to awaken the superheroes among us. They might not even know who they are—yet. Mentioned in the Episode and Other Links of Interest: The YouTube trailer for “Unbreakable,” the first movie in the trilogy under discussion ​For more information, see BobMurphyShow.com. …

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Bob Murphy Critiques Curtis Yarvin’s Explanation of Inflation

August 6, 2021

In a May 2021 essay, Curtis Yarvin (aka Mencius Moldbug) argues that the American economy runs on an inflation machine. Yarvin claims that the best way to measure the amount of inflation is to look at the change in aggregate personal net worth over a given period. Murphy explains why this is wrongheaded. Mentioned in …

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“They Said What?!” John Lennon edition

August 5, 2021

Bob unveils a new recurring series, in which he gives the context of infamous quotations. In this episode, he covers two allegedly shocking quotes from John Lennon, John Maynard Keynes’ “in the long run we’re all dead,” Trump on Nazis being very fine people, Dan Quayle misspelling potato, Obama’s “you didn’t build that,” and Bohm-Bawerk …

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Bidenomics

July 22, 2021

Download the slides from this lecture at Mises.org/MU21_PPT_27. Recorded at the Mises Institute in Auburn, Alabama, on 22 July 2021.

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What Did Bob Learn? Part 3 of 3

June 29, 2021

Bob concludes his series on areas where he’s changed his mind. This episode covers the economics of climate change, fractional reserve banking, the US gold standard, his notorious inflation bets, Nelson Nash’s Infinite Banking Concept, and the God of the Bible. Mentioned in the Episode and Other Links of Interest: Bob’s chapter on the gold …

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Beyond the Fed: “Shadow Banking” and the Global Market for Dollars

June 28, 2021

[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in 2021.] Although it conjures up scary imagery, shadow banking is simply a term for banking operations that occur through financial intermediaries that are not traditional commercial banks. The term was coined in 2007 by …

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