Understanding Money Mechanics with Bob Murphy (WiM397)

Bob Murphy joins me in-person at ARC Forum 2023 in London to discuss his book, 'Understanding Money Mechanics.' We talk about the nature of money, the cartels of central banking, the modern monetary theory, and the optimism of artificial intelligence. Bob Murphy is an author and economist. He has authored several economics textbooks. He is also the chief economist at Infineo. This podcast was filmed at the Alliance for Responsible Citizenship Conference in London, England.// GUEST // Website: https://robertbryce.com/ Substack: https://robertbryce.substack.com/Twitter: https://twitter.com/pwrhungry // SPONSORS // In Wolf's Clothing: https://wolfnyc.com/NetSuite: https://netsuite.com/whatismoneyiCoin Hardware Wallet (use discount code BITCOIN23): https://www.icointechnology.com/Mind Lab Pro: https://mindlabpro.com/breedloveCrowdHealth: https://www.joincrowdhealth.com/breedloveWasabi Wallet: https://wasabiwallet.io/Bitcoin Apparel (use discount code BREEDLOVE): https://thebitcoinclothingcompany.com/Feel Free Tonics (use discount code BREEDLOVE): https://botanictonics.comCarnivore Bar (use discount code BREEDLOVE): https://carnivorebar.com/// OUTLINE // 00:00:00 - Coming up 00:00:37 - Intro 00:02:11 - Helping Lightning Startups with In Wolf's Clothing 00:02:57 - Introducing Bob Murphy 00:03:29 - Introduction to Bob's Book 'Understanding Money Mechanics' 00:05:05 - What is Money? 00:06:21 - Difficulty of Understanding Money 00:10:47 - Money as an Attribute 00:12:49 - Fiat Currency and Fiduciary Media 00:13:57 - How Do Banks Create Money? 00:16:39 - Economic Mismatch of Banking System 00:19:09 - Faults with Fractional Reserve Banking 00:22:33 - Contract Violation by the Bank 00:24:27 - Emergence of Central Bank 00:29:13 - The Cartels of Central Banking 00:31:20 - Global Collusion of Central Banking 00:35:03 - Run Your Business from Anywhere with NetSuite 00:36:07 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet 00:37:04 - Modern Monetary Theory 00:41:53 - Previlleged Market Actor 00:43:40 - Free Market Interest Rate 00:44:40 - Supply Creates Its Own Demand 00:47:33 - Keynesian Economics and First-Order Thinking 00:49:49 - Incentives of Pseudo Economics 00:51:02 - Symbiotic Relationship of Central Banking 00:54:55 - Stolen Purchasing Power 00:56:00 - Description and Criticism of MMT 00:59:40 - Optical Illusion of Accounting 01:02:39 - Discussing Fiat Currency 01:05:37 - Enhance Your Brain Power with Mind Lab Pro 01:06:44 - Take Control of Your Healthcare with CrowdHealth 01:07:46 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet 01:08:37 - 2008 vs. 2020 Financial Crisis 01:12:33 - Forecasting Inflation 01:15:58 - Outlook on the Economic Future 01:18:15 - Optimism of Artificial Intelligence 01:23:13 - Where to Find Bob on the Internet// PODCAST // Podcast Website: https://whatismoneypodcast.com/Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?RSS Feed: https://feeds.simplecast.com/MLdpYXYI// SUPPORT THIS CHANNEL // Bitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7 Sats via Strike: https://strike.me/breedlove22Sats via Tippin.me: https://tippin.me/@Breedlove22Dollars via Paypal: https://www.paypal.com/paypalme/RBreedlove// WRITTEN WORK // Medium: https://breedlove22.medium.com/Substack: https://breedlove22.substack.com/// SOCIAL // Breedlove Twitter: https://twitter.com/Breedlove22WiM? Twitter: https://twitter.com/WhatisMoneyShowLinkedIn: https://www.linkedin.com/in/breedlove22Instagram: https://www.instagram.com/breedlove_22TikTok: https://www.tiktok.com/@breedlove22All My Current Work: https://vida.page/breedlove22