Money and Liberty

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Transcript

00:00 |

Initial credits
00:06 |

Introduction by Jerry L. Jordan
02:04 |

US President James Madison on money
30:29 |

The required conditions and challenges for prosperity in a central banking system
03:52 |

The cost of economic exchange
04:45 |

The role of monetary authorities in market economies
- The moral obligation of creating money
- The real resource cost of establishing and enforcing contracts for economic exchange
- The establishment of indirect exchange systems to offset the informational disadvantages of specialization
- Meaning and function of money
- What money is and what it is not
- Convenience versus the risk of depreciation in value of a particular form of money
- Distinction between inside and outside money
- Monetary authorities and how they enhance the quality of inside money
- How society chooses which entity to use as money
  - The meaning of a stable purchasing power
  - The reliability of the U.S. dollar in the past 30 years
- Fiat money and the basis of its stability
  - The role of a central bank in a fiscal regime
  - The public and how it can limit the redistribution effects of inflation
- The relationship between high inflation rates and rates of economic growth
- The debate of rules versus discretion in the conduct of monetary policy
- Testing the hypothesis that monetary policy is a fiscal instrument
- Providing honest money as the objective of government
- Requirements for economic efficiency
- Vaclav Havel on the underlying problem when transitioning from collectivism to a market economy
- Hayek and Mises on inflation for the gain of the government
32:15 |

Questions and comments segment
- Do you think the Federal Reserve will taper the quantitative easing?
- What impact will Ben Bernankes replacement, Janet Yellen, have on the Fed?
- What are the preconditions required for a potential return to the gold standard?
- Do you think returning to the gold standard is politically feasible and is any issuing of private money viable?
- Would you agree that in a market economy deflation and not inflation is an inherent outcome?
- Would you comment on the Yuan and China's role in this currency?
- What is your opinion on moneys that are not run by states such as cryptocurrencies?
01:08:05 |

Final credits

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Money and Liberty

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