What do you call it when the state takes partial ownership of a private company? Just asking questions.
Ten percent of Intel now belongs to the U.S. government. Today's guest says it's time to start using the "F word."
Economist Bob Murphy is no anti–Donald Trump #resistance fighter quick to shriek "fascism." In fact, he says he was relieved when Trump won the last election. But the Austrian school economist and host of the Human Action Podcast and The Bob Murphy Show tells us he's alarmed by the Intel news and the hints from Trump's chief economist that more companies are next.
This didn't start with Trump. Remember the bank bailouts? Ever heard of Fannie Mae? What about the G.M. takeover? This moment has been a longtime coming, and Murphy says one surprising culprit is another institution the president is now trying to exert control over: the Federal Reserve.
Watch or listen above as we discuss America's troubling lurch toward China-style "state capitalism," the bipartisan enthusiasm for consolidating state power over private industry, and why it's finally time to end the Federal Reserve and how to actually do it.
00:00 Intro monologue
00:01:30 Government ownership and capitalism
00:05:17 Historical context of government intervention
00:09:24 Sovereign wealth funds: pros and cons
00:13:20 The role of AI in government policy
00:17:13 Concerns over nationalization and corporate influence
00:21:09 The future of corporate partnerships with government
00:36:13 Trump's war on the Federal Reserve
00:39:25 The Federal Reserve's independence and accountability
00:46:05 Critique of the Federal Reserve's effectiveness
00:55:20 The case against the Federal Reserve
01:06:14 Navigating the current economic landscape
Mentioned in the podcast:
- "Masa Son Pitches $1 Trillion US AI Hub to TSMC, Trump Team," by Min-Jeong Lee, Mackenzie Hawkins, and Anto Antony
- "Decoding the Structure of the Federal Reserve System," by TradingView
- U.S. Core Inflation Rate, according to Trading Economics
- Economic volatlity pre– and post–Federal Reserve, by the Heritage Foundation
- Donald J. Trump (@realDonaldTrump) on Truth Social: "The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!"
- Acyn on X: "Lutnick: Intel agreed to give us 10% of their company—It is not socialism. This is capitalism."
- "NEC Director Kevin Hassett on Intel deal: It's possible government will take stake in more companies," by CNBC
- "Trump announces $500 billion 'Stargate' AI infrastructure project," by LiveNOW from FOX
- Bob Murphy on X: "maga rn"
- "A Comprehensive Case for Ending the Fed," by Bob Murphy on The Human Action Podcast
- Has the Fed been a failure? by George Selgin, William D. Lastrapes, and Lawrence White
- "ZEROHEDGE DEBATE! Should We End the Fed? Bob Murphy vs David Beckworth (George Gammon moderates)," by Robert Murphy
- "Kelsey Piper: The AI Race is Accelerating," by Just Asking Questions podcast
The post Bob Murphy: Are We Flirting with Fascism? appeared first on Reason.com.
