The Human Action Podcast

<p>Bob responds to a new working paper from the Geo-chartalism project, which claims to offer a complete theory of the price level by combining insights from Menger, Cantillon, and Warren Mosler. Bob argues that the paper overlooks a crucial prior contribution: Mises' regression theorem, developed in <a href="https://mises.org/library/book/theory-money-and-credit">The Theory of Money and Credit</a>, which already solved the circularity problem in monetary theory that the paper claims required Mosler to resolve. Along the way, Bob also explains chartalism, Georgism, and Mises's explanation of the absolute price level.</p><p>Related:</p><ul><li class="ck-list-marker-bold" data-list-item-id="e488febb5c5585e8a3064472371997480">Bob's Paper Critiquing Kevin Carson's Studies in Mutualist Political Economy: <a href="https://mises.org/HAP548a" target="_blank">Mises.org/HAP548a</a></li><li class="ck-list-marker-bold" data-list-item-id="e2c5c7dbe84ed9f910b58df840245d902">George Charles, “The Mosler-Cantillon-Menger Synthesis”: <a href="https://mises.org/HAP548b" target="_blank">Mises.org/HAP548b</a></li><li class="ck-list-marker-bold" data-list-item-id="e239bd131f70184c1ea44d7d791dcf690">MMT vs. Austrian School Debate: <a href="https://mises.org/HAP548c" target="_blank">Mises.org/HAP548c</a></li></ul><p>The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at <a href="https://Mises.org/HAPodFree" target="_blank">Mises.org/HAPodFree</a></p>

<p>Bob sits down with researcher Robert Aro to review his recent Mises.org article on why the widely anticipated post-QT crash never materialized. They trace the answer back to the Fed's reverse repo facility, which quietly injected trillions back into the financial system even as the official balance sheet was shrinking, and what the depletion of that buffer might mean for what comes next.</p><p>Related:</p><ul><li class="ck-list-marker-bold" data-list-item-id="e488febb5c5585e8a3064472371997480">Robert's Power &amp; Market Post, "Why the Crash Was Delayed": <a href="https://mises.org/HAP547a" target="_blank">Mises.org/HAP547a</a></li><li class="ck-list-marker-bold" data-list-item-id="e2c5c7dbe84ed9f910b58df840245d902">Bob’s Article, “The Inverted Yield Curve and Recession”: <a href="https://mises.org/HAP547b" target="_blank">Mises.org/HAP547b</a></li></ul><p>The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at <a href="https://Mises.org/HAPodFree" target="_blank">Mises.org/HAPodFree</a></p>

<p>Bob sits down with macro researcher Luke Gromen&nbsp;of <a href="https://mises.org/HAP546a">Forest for the Trees</a> to discuss the cascading supply chain consequences of a closed Strait of Hormuz. They also touch on why gold is already supplanting the dollar as the world's premier reserve asset, and what the surge in U.S. gold exports over the past five months tells us about where the global monetary order is heading.</p><p>The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at <a href="https://Mises.org/HAPodFree" target="_blank">Mises.org/HAPodFree</a></p>

<p>After his recent Zero Hedge debate with MMT co-founder Randall Wray, Bob takes a deep dive into the sectoral balance approach. He explains why the MMT argument is technically a tautology, how it's deeply misleading, and why the private sector doesn't need government deficits to save, invest, and accumulate real wealth.</p><p>Related:</p><ul><li class="ck-list-marker-bold" data-list-item-id="eb360a9fb9c74b58a1447019331e3e186">Is Paying Down Government Debt Bad for the Economy?: <a href="https://mises.org/HAP545a" target="_blank">Mises.org/HAP545a</a></li><li class="ck-list-marker-bold" data-list-item-id="ed9b7b0e00e05467bef54574fcddf3ab3">Bob's Article, "Does History Show Government Debt Paydown Causes a Crash?": <a href="https://mises.org/HAP545b" target="_blank">Mises.org/HAP545b</a></li></ul><p>The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at <a href="https://Mises.org/HAPodFree" target="_blank">Mises.org/HAPodFree</a></p>

<p>This week, Bob explains Cantillon effects: the insight that new money doesn't raise all prices equally or simultaneously, but flows through the economy in a sequence that benefits early recipients at the expense of everyone else. Then, he shows why this phenomenon is the foundation on which the entire Austrian theory of the business cycle is built.</p><p>Related:</p><ul><li class="ck-list-marker-bold" data-list-item-id="e751eb9cf415bea43d3e450279877fb87">Richard Cantillon, An Essay on Economic Theory: <a href="https://mises.org/HAP544a" target="_blank">Mises.org/HAP544a</a></li></ul><p>The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at <a href="https://Mises.org/HAPodFree" target="_blank">Mises.org/HAPodFree</a></p>