InFi: the Future of Finance

Bob uses a recent tweet from Steve Keen to weigh in on an old controversy. Government deficits don't cause price inflation per se, but they often encourage the central bank to create more money, which is inflationary. The distinction matters: a deficit is a fiscal phenomenon, but the inflation mechanism requires monetary policy—specifically, central bank accommodation of government borrowing. Bob unpacks why Keynesians, Austrians, and MMT economists talk past each other on this question, and where each school gets the causation right and wrong. Related: - https://x.com/ProfSteveKeen/status/2083718398119166163  - https://cdn.mises.org/Making%20Economic%20Sense_3.pdf  - https://mises.org/quarterly-journal-austrian-economics/deficit-myth-modern-monetary-theory-and-birth-peoples-economy  - https://www.youtube.com/watch?v=oaUlKM1z4kI  - https://link.springer.com/article/10.1023/A:1027301323209  Chapters: 0:00 — Intro 0:20 — Steve Keen's tweets on deficits + What deficits are (and are NOT) 6:00 — The role of the central bank: monetizing the deficit 9:40 — Why "deficits cause inflation" is imprecise 13:10 — MMT vs. Austrian economics on money printing 16:50 — Real constraints vs. fiscal constraints 20:05 — Can a government ever run out of money? 23:30 — Historical examples of deficit-driven inflation 27:00 — What Steve Keen gets right (and wrong) 29:35 — The takeaway: deficits, money, and your wallet Watch the video version of this episode here: https://youtu.be/jDMoPoX54mw  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com

Bob explains the numerous flaws with NYC Mayor Mamdani's proposal to have government-run grocery stores sell key items at 30% below retail. Bob also explains the problem with a popular meme asking why people pay taxes if the government can just print money. MAMDANI MARTS — WHAT COULD GO WRONG? NYC Mayor Mamdani wants to open five city-run grocery stores selling a core set of items at 30% below typical retail prices. It sounds like a win for struggling New Yorkers — but the economics tell a very different story. Bob walks through the cascade of problems this creates: - The Competition Problem - The "Savings" Illusion - The Shelf-Stripping Problem - Who Actually Benefits?  - The Opportunity Cost - Better Alternatives Exist Bob then responds to a Libertarian Party-retweeted image asking why people pay taxes if government can print money, warning it echoes MMT-style misconceptions: at current spending levels, replacing taxation with money printing would trigger massive inflation and currency collapse, similar to financing everything by borrowing without taxation. He cites the Fed's balance-sheet expansion during COVID and the ensuing high inflation to illustrate limits of monetary financing. Watch the video version of this episode here: https://youtu.be/U9p7sJjQOvY  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com

Bob draws on three clips from a popular video discussing the banking sector, pre- and post-Fed. Bob dispels myths about the "wildcat" banks of the so-called Free Banking era, and shows that the Fed clearly led to more economic instability (as well as inflation). Related: - https://www.youtube.com/watch?v=z4uTadogtI4  - https://infineo.ai/podcast/100  - https://www.minneapolisfed.org/research/quarterly-review/free-banking-wildcat-banking-and-shinplasters  - https://infineo.ai/resources/blog/does-history-show-government-debt-paydown-causes-a-crash  - https://www.fte.org/wp-content/uploads/WhiteSelginLastrapesFed1.pdf  Watch the video version of this episode here: https://youtu.be/U9p7sJjQOvY  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com

Alex Tabarrok is a professor of economics at George Mason University. He joins Bob to discuss the problems with the typical economic analysis of crime, which (in the hands of Gary Becker) advocated increasing the punishment to bolster deterrence. Related: - https://marginalrevolution.com/marginalrevolution/2015/09/what-was-gary-beckers-biggest-mistake.html  - https://www.goodreads.com/author/quotes/17285.Jane_Jacobs Watch the video version of this episode here: https://youtu.be/KQYX_hTk3Tg  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com

Spurred by the NYC rent freeze, Bob lays out the theory and history of rent control, explaining why it hurts the people it ostensibly is supposed to help. He also shows why a "revisionist" paper actually confirms the textbook arguments against rent control. Related: - https://mason.gmu.edu/~atabarro/RentControl  - https://sci-hub.st/10.1016/j.jue.2006.06.004  Watch the video version of this episode here: https://youtu.be/oxfG95w8x2Q  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com

Using the 2009 testimony of Brad DeLong as a foil, Bob defends the gold standard from the typical accusation that it was responsible for the Great Depression. Bob shows that even after leaving gold, both the UK and US remain mired with double-digit unemployment for longer than prior depressions had lasted. Related: - https://infineo.ai/resources/blog/Did-Gold-Cause-the-Great-Depression  - https://fee.org/articles/the-depression-youve-never-heard-of-1920-1921  Watch the video version of this episode here: https://youtu.be/wt0rAynxgGc  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com 

Bob presents several lines of evidence to argue that the Federal Reserve under Alan Greenspan helped fuel the housing bubble in the early to mid-2000s. He also pushes back against the claim that it was an Asian savings glut to blame. Related: - https://cdn.mises.org/understanding_money_mechanics_with_cover_image_attached.pdf  - https://mises.org/mises-daily/did-fed-or-asian-saving-cause-housing-bubble  - https://mises.org/mises-daily/krugmans-call-housing-bubble  - https://www.cato.org/briefing-paper/greenspans-monetary-policy-retrospect  - https://mises.org/mises-daily/worst-recession-25-years  Watch the video version of this episode here: https://youtu.be/mRAZ6HuO0b4 Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com 

Bob goes through a recent Substack post (adapted from his book) by Arin Dube, a leading economist pushing for aggressive minimum wage hikes. Bob shows the weaknesses in Dube's results, and gives an alternative measure detailing just how chilling minimum wage hikes may be on teen employment. Related: - https://arindube.substack.com/p/a-minimum-wage-natural-experiment  - https://www.econlib.org/library/Columns/y2014/Murphyminimumwage.html  Watch the video version of this episode here: https://youtu.be/VmDrwERlWxc  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com 

Brent Johnson (of "dollar milkshake" fame) recently posted a video relaying the Triffin Dilemma to our current monetary situation. Bob pushes back, arguing that there was no problem with the dollar being tied to gold, and that its days as the global reserve are fewer than Brent thinks. Related: - https://www.youtube.com/watch?v=Bej0-8r8Rmk  - https://www.youtube.com/watch?v=0ghdkFVKBW4  - https://www.youtube.com/watch?v=19xHntPZVvg  - https://mises.org/mises-daily/putting-country-back-gold  Watch the video version of this episode here: https://youtu.be/Mq2bkA_1sZ8  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com 

Bob launches a 10-part series on money, banking, insurance, and blockchain. This initial lecture gives the definition of money, explains the properties of a good money, and surveys various monies through history. Related: - https://miltonfriedman.hoover.org/internal/media/dispatcher/215061/full  - https://courses.cit.cornell.edu/econ4260/out/radford_pow.pdf  - https://cdn.mises.org/Study%20Guide%20to%20the%20Theory%20of%20Money%20and%20Credit_2.pdf  - https://cdn.mises.org/understanding_money_mechanics_with_cover_image_attached.pdf  Watch the video version of this episode here: https://youtu.be/x3z2kIKr9uY  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com 

Bob points out the numerous fallacies in a recent video arguing government debt is simply national savings. Related: - https://www.youtube.com/watch?v=rMfCrIhlAm8  - https://infineo.ai/resources/blog/richard-murphy-on-the-economics-of-christmas  - https://www.youtube.com/watch?v=1Fj0zRmEWYc  - https://infineo.ai/resources/blog/a-biz-vs-a-bank-vs-the-fed-part-3-of-3  - https://www.econlib.org/library/Columns/y2015/Murphywardebt.html  Watch the video version of this episode here: https://youtu.be/rbGLQy4oSdc  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com 

Robert Rapier has decades of experience in fossil and biofuels, including six years with ConocoPhillips. He joins Bob to correct a common misconception about US refineries. Although in practice they focus on heavy sour crude (sourced from Canada, Mexico, Saudi Arabia, and Venezuela), they are physically capable of handling the light sweet produced by the fracking boom. It just makes more economic sense to export those barrels abroad and fetch a higher price. Rapier's analysis gives a better understanding of US energy independence in these volatile times. Related: - https://www.forbes.com/sites/rrapier/2026/04/05/debunking-a-persistent-myth-us-refineries-cant-handle-shale-oil - https://infineo.ai/resources/blog/iran-conflict-and-complexities-of-global-oil-trade-1-of-2  Watch the video version of this episode here: https://youtu.be/79JO1WSDwFY  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com 

Bob draws on the work of Robert Aro to show how the Fed's massive reverse repo operations explain (a) why consumer price inflation wasn't worse after Covid and (b) why the Fed's tightening hasn't yet led to a market crash. Related: - https://mises.org/podcasts/human-action-podcast/robert-aro-feds-reverse-repo-trick  - https://infineo.ai/podcast/71 Watch the video version of this episode here: https://youtu.be/AZkKEYa3O0g  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com 

Bob gives the historical context and the implications of the US federal debt exceeding 100% of GDP. He also shows why the dismissal by MMTer Stephanie Kelton misses the mark. Related: - https://www.newsweek.com/us-debt-bigger-than-gdp-does-it-matter-11903945  - https://www.cbo.gov/publication/61270  - https://www.congress.gov/crs-product/RS22331  - https://www.fxcintel.com/research/analysis/cips-growth-may-2025  Watch the video version of this episode here: https://youtu.be/iMY7rWgGfH0  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com 

Bob looks at the latest figures to give an update on the US oil and gasoline status, in light of the ongoing standoff with Iran. He points out that certain "irrational" government policies now seem understandable. Watch the video version of this episode here: https://youtu.be/Y7CsutJkguE  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com