The Human Action Podcast

In his underappreciated work The Mystery of Banking, Murray Rothbard first explained how a regime of "free banking" would put strict limits on the ability of the private commercial banks to reduce their reserve ratios and inflate the money supply. Then Rothbard showed that the textbook operation of a central bank systematically neutralized the market's safeguards, and paved the way for credit expansion by a cartel of privileged private banks.The Mystery of Banking by Murray N. Rothbard: https://mises.org/HAP514a"How Private Banks Can Create Money, But Not Like the Fed Can" (Human Action Podcast): https://mises.org/HAP514bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century Get your free copy at https://Mises.org/HAPodFree21st Century Get your free copy at Mises.org/HAPodFree

Unravel the fascinating mechanics of modern banking and discover how private banks create money differently than traditional corporations. Explore the intricate balance sheets of banks and the impact of interest rates on lending behaviors. Bob critiques various economic theories, highlighting where they align or diverge on money creation. Delve into the complexities of fractional reserve banking while contrasting consumer and business loans to uncover the broader economic implications. This insightful discussion is a must for anyone curious about finance.

Bob takes on a proposal for New York City to run its own grocery stores, dismantling the historical myths, economic fallacies, and rhetorical tricks behind the idea. From Flint’s water crisis to “food deserts,” he explains why government control will create shortages, low-quality food, and wasted resources.The Jacobin Article, "Municipal Grocery Stores Are Sensible and Obvious": Mises.org/HAP512aThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob and Jonathan Newman respond in detail to Richard Werner’s highly discussed interview with Tucker Carlson. They examine Werner's claims about credit creation theory, fractional reserve banking, and money mechanics. Murphy and Newman also discuss Werner’s recommendations for banking reform, highlighting differences with Mises’s monetary insights and Austrian business cycle theory.The Tucker Carlson Show Episode with Richard Werner: Mises.org/HAP511aPlaying with Fire: Money, Banking, and the Federal Reserve: Mises.org/HAP511bBob's "Anatomy of the Fed" Mises Academy Course: Mises.org/HAP511cThe Federal Reserve Bank of Chicago "Modern Money Mechanics" Workbook: Mises.org/HAP511dBob's Book, Understanding Money Mechanics: Mises.org/HAP511eThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Recorded live at the 2025 Mises University, Bob talks to PhD student Jason Priddle to understand the GENIUS Act—a landmark piece of legislation aimed at regulating stablecoins. They examine the broader implications of the GENIUS Act for monetary stability, fractional reserve banking, and the future of financial privacy.Understanding Money Mechanics: Mises.org/HAP510aThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

This week, Bob returns to the topic of how the United States could practically abolish the Federal Reserve and transition to a stable monetary system backed by gold. He clarifies common misconceptions about the consequences of ending the Fed, provides historical context for America’s monetary systems, and lays out a realistic path forward for monetary reform.Bob's Mises Article, "Putting the Country Back on Gold": Mises.org/HAP509aUnderstanding Money Mechanics: Mises.org/HAP509bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob goes solo to make a comprehensive case for abolishing the Federal Reserve and explains what life afterward would look like. He dives into the Fed’s marked history, its questionable track record, and the secrecy surrounding its creation and ongoing operations. Bob also outlines a practical, step-by-step approach for transitioning away from the Fed, returning monetary control to a gold standard, and restoring economic stability and transparency.Bob's Recent ZeroHedge Debate,"Should We End the Fed?": Mises.org/HAP508aUnderstanding Money Mechanics: Mises.org/HAP508bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

This week, Bob talks with economist and Mises Institute research fellow, David Howden, co-editor of The Next Generation of Austrian Economics: Essays in Honor of Joe Salerno. They discuss key chapters from the book, highlighting significant contributions from up-and-coming Austrian economists in areas such as monopoly pricing, international economics, and monetary theory. The Next Generation of Austrian Economics: Essays in Honor of Joseph T. Salerno: Mises.org/HAP507aDavid Gordon's Review of the Book in The Austrian: Mises.org/HAP507bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob hosts Steve Hanke, a renowned economist and scholar at Johns Hopkins University, who shares his expertise on hyperinflation and currency boards. Hanke critiques the COVID lockdowns, arguing they had minimal health benefits but significant economic costs, praising Sweden's laissez-faire approach. He also discusses the mechanics of hyperinflation, promoting currency boards and gold-backed solutions as alternatives to central banks. With historical examples and economic insights, Hanke provides a captivating analysis of government intervention's implications.

In this enlightening discussion, George Ford Smith, an author and scholar specializing in Thomas Paine, dives into the life of an essential figure in American history. He highlights how Paine's compelling writings, like Common Sense, galvanized support for the Revolution. The conversation touches on Paine's philosophical critiques of government and religion, alongside his stark contrasts with contemporaries like Edmund Burke. Smith also reflects on how Paine's legacy has often been overlooked, despite his profound impact on democratic thought and social justice.