EPISODE · Mar 14, 2023 · 41 MIN
Why fiat money means higher inflation & why a radical Reserve Bank review is needed w/ Darren Brady Nelson - EP179
from Economics Explored · host Gene Tunny, Darren Brady Nelson
In his recent Spectator Australia article, Darren Brady Nelson argues for a radical, not a reserved review of Australia’s central bank, the Reserve Bank of Australia (RBA), which he describes as reckless. In Economics Explored episode 179, Darren provides an Austrian economics perspective on central banks, fiat money, and inflation. Show host Gene Tunny wraps up the episode with a discussion of the historical evidence on different monetary systems and inflation, evidence which confirms economies with fiat money are much more inflation prone. Gene then discusses whether a return to the gold standard would be desirable.Please get in touch with any questions, comments and suggestions by emailing us at [email protected] or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP179Darren’s thoughts on the current review of the Reserve Bank of Australia [1:46]How the RBA interprets the stability of the currency objective [6:54]What is the Austrian School? [10:19]Would the Austrians recommend abolishing the central bank? [21:08]The Bank of England’s report on modern banking [25:54]The need for a broader review of the Reserve Bank of Australia [30:35]Fiat money systems are much more prone to inflation than commodity money systems [34:20]Links relevant to the conversationDarren’s bio on the Economics Explored website:https://economicsexplored.com/regular-guests/Darren’s opinion piece on the Spectator Australia website:The RBA (reckless bank of Australia) needs a radical, not reserved, reviewBank of England paper on money creation:Money creation in the modern economy | Bank of England Minneapolis Fed paper on fiat money, commodity money, and inflation:Money, Inflation, and Output Under Fiat and Commodity Standards | Federal Reserve Bank of MinneapolisUS Gold Commission ReportMinority report of the Gold Commission, co-authored by Ron Paul:The Case for Gold: Minority Report of the US Gold Commission 1982 Alan Greenspan’s autobiography discusses his advice to President Reagan regarding gold:The Age of Turbulence* Another great book on Greenspan which discusses Friedman’s views too:The Man who Knew: The LIfe & Times of Alan Greenspan* *You can help support the show by buying a copy of either book via the links above. CreditsThanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.
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In his recent Spectator Australia article, Darren Brady Nelson argues for a radical, not a reserved review of Australia’s central bank, the Reserve Bank of Australia (RBA), which he describes as reckless. In Economics Explored episode 179, Darren provides an Austrian economics perspective on central banks, fiat money, and inflation. Show host Gene Tunny wraps up the episode with a discussion of the historical evidence on different monetary systems and inflation, evidence which confirms economies with fiat money are much more inflation prone. Gene then discusses whether a return to the gold standard would be desirable.
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Why fiat money means higher inflation & why a radical Reserve Bank review is needed w/ Darren Brady Nelson - EP179
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