Bob Murphy: Are We Flirting with Fascism?

Economist Bob Murphy discusses the mounting pressure on the Federal Reserve, the implications of the government taking Intel equity, and capitalism under siege on the latest episode of Just Asking Questions.

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Bob Murphy: Are We Flirting with Fascism?

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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:

1. "Masa Son Pitches $1 Trillion US AI Hub to TSMC, Trump Team," by Min-Jeong Lee, Mackenzie Hawkins, and Anto Antony
2. "Decoding the Structure of the Federal Reserve System," by TradingView
3. U.S. Core Inflation Rate, according to Trading Economics
4. Economic volatlity pre– and post–Federal Reserve, by the Heritage Foundation
5. 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!"
6. Acyn on X: "Lutnick: Intel agreed to give us 10% of their company—It is not socialism. This is capitalism."
7. "NEC Director Kevin Hassett on Intel deal: It's possible government will take stake in more companies," by CNBC
8. "Trump announces $500 billion 'Stargate' AI infrastructure project," by LiveNOW from FOX
9. Bob Murphy on X: "maga rn"
10. "A Comprehensive Case for Ending the Fed," by Bob Murphy on The Human Action Podcast
11. Has the Fed been a failure? by George Selgin, William D. Lastrapes, and Lawrence White
12. "ZEROHEDGE DEBATE! Should We End the Fed? Bob Murphy vs David Beckworth (George Gammon moderates)," by Robert Murphy
13. "Kelsey Piper: The AI Race is Accelerating," by Just Asking Questions podcast

• Producer: John Osterhoudt

Comments

[Chumby]

End the Fed.

[Don't look at me! ( Is the war over yet?)]

One of americas long time successful capitalists turned to fascism when he got elected president for the second time. Checks out.

[Fu Manchu]

Successful? Like bankrupting a casino?

In his 1st term there were adults like Pence in the room. Now it's a bunch of conspiracy theorists and morons like Trump himself. The whole administration is totally batshit insane.

[Don't look at me! ( Is the war over yet?)]

I keep forgetting about all those tall buildings with “fu Manchu” on top.

[Fu Manchu]

I wasn't born with $billions.

[Mother's Lament]

Neither was Trump. He wasn't poor but he didn't even have $5 million to start with, let alone billions.

The only time Trump really lost money is during his presidency.

[SCOTUS gave JeffSarc a big sad]

Shrike is too stupid to understand these things. He’s also a Child molester.

[EISTAU Gree-Vance]

Everything Is So Terrible And Unfair, fu.

Haha.

[Chumby]

Seethe more to cope. Also, what happened to your original account?

[GOD OF PENGUIN ISLAND]

It got banned for posting a link to child porn.

[MollyGodiva]

Trump would have made more money if he just invested his inheritance in the market. If he was a good business man he would have done much better than that.

[Mother's Lament]

Aside from not being true it's also fucking retarded, Tony. This is why you're always broke.

[SCOTUS gave JeffSarc a big sad]

Tomy, a.l you do is puke out PMS NOW talking points. We’re already aware of them. So fuck off. Your comments are redundant drivel.

[sarcasmic]

You mean begging for?

[Mother's Lament]

If you’re threatening free speech, you’re the fascist.
If you’re trying to disenfranchise the voting rights of others, you’re the fascist.
If you’re trying to control the language of others, you’re the fascist.
If you’re trying to imprison your political opponents, you’re the fascist.
If you control the news media, you’re the fascist.

The Biden junta did all that and more and you were chortling with glee, you idiot drunken hypocrite.

[Gaear Grimsrud]

True story: When my Akita realized that the FED has been screwing me for my entire life he looked at me sideways and left the room. Now he treats me like a punk.

[Quicktown Brix]

Very well done.

[EISTAU Gree-Vance]

Wow, that’s a perceptive pooch.

Mine got his economics degree from a state college, so……

[The Mysterious Edwin Dunkel]

I, for one, welcome our new fascist overlords!

[SQRLSY]

Good for you!

Are We Flirting with Fascism? Not just yes, butt HELL yes!!!

I am stocking up big-time on black swastika-Trumpstika armbands and flags, blindfolds, knee pads, and Vaseline before the tariff-taxes go up yet some MORE! And then up my ASS, whether I cuntsent, or snot!

[Incunabulum]

Were we not doing that under Biden and Obama? I thought that that was what we are doing now? Are we not supposed to be doing that?

Because ya'll were fine with 'private companies doing what they wanted' when the government was pretending not to coerce them. Now that it is at least open you have a problem with it?

[Mother's Lament]

Were we not doing that under Biden and Obama?"

Yes, but that was (D)ifferent. They were the good guys.

[SQRLSY]

Demon-Craps did shit first and did shit worst, so shit is OK, even BLESSED, TWATEVER shit may be, that Dear Orange Leader (Bleeder of the peons) and Shit's Psycho Sycophants want to do!

Did the Demon-Craps doo-doo, doo-doo the below shit first ass well?

https://newrepublic.com/post/199561/trump-dictator-banner-face-labor-department
Trump Pulls From Dictator Playbook and Hangs Giant Banner of His Face
How much did the government spend on this banner of Dear Leader?

[Gaear Grimsrud]

I feel the innuendo that JD Vance is wrong about flirting with fascism. But what's the tariff angle here?

[Fu Manchu]

Let's see.
* A dictator with a cult of personality: check.
* Promising to restore our country to a supposed past glory: check.
* Blaming our current problems on a scapegoat group: check.
* Clamping down on freedoms and taking control of private businesses for the goals of the state: check.
* Ramping up the military and acting aggressive toward other states: check.
* Spreading lies and propaganda: check.
Sure smells like fascism.

[Rev Arthur L kuckland (5-30-24 banana republic day)]

So, obama

[Mother's Lament]

Tell us about Government Motors, and about the tingle you got up your leg when your Nobel-prize-winning Lightbringer spoke, and about how cis-het white males ruin everything, and your Covid lockdowns, forced injections and mandatory masks, and how inciting the Ukraine war is awesome as are drone strikes everywhere, and how arresting your main political opposition is kosher because "nobody is above the law" and how free-speech has limits, and it's okay to censor millions of people on social media, and your Ministry of Truth was a good idea, Shrike.

[SQRLSY]

Add the below one ass well!

https://newrepublic.com/post/199561/trump-dictator-banner-face-labor-department
Trump Pulls From Dictator Playbook and Hangs Giant Banner of His Face
How much did the government spend on this banner of Dear Leader?

[MollyGodiva]

There are many ways to define fascism, but they are all basically the same. Here is one that I find to be clear and to the point.
The 14 characteristics are:
1. Powerful and Continuing Nationalism
Fascist regimes tend to make constant use of patriotic mottos, slogans, symbols, songs, and other paraphernalia. Flags are seen everywhere, as are flag symbols on clothing and in public displays.
2. Disdain for the Recognition of Human Rights
Because of fear of enemies and the need for security, the people in fascist regimes are persuaded that human rights can be ignored in certain cases because of "need." The people tend to look the other way or even approve of torture, summary executions, assassinations, long incarcerations of prisoners, etc.
3. Identification of Enemies/Scapegoats as a Unifying Cause
The people are rallied into a unifying patriotic frenzy over the need to eliminate a perceived common threat or foe: racial , ethnic or religious minorities; liberals; communists; socialists, terrorists, etc.
4. Supremacy of the Military
Even when there are widespread domestic problems, the military is given a disproportionate amount of government funding, and the domestic agenda is neglected. Soldiers and military service are glamorized.
5. Rampant Sexism
The governments of fascist nations tend to be almost exclusively male-dominated. Under fascist regimes, traditional gender roles are made more rigid. Opposition to abortion is high, as is homophobia and anti-gay legislation and national policy.
6. Controlled Mass Media
Sometimes to media is directly controlled by the government, but in other cases, the media is indirectly controlled by government regulation, or sympathetic media spokespeople and executives. Censorship, especially in war time, is very common.
7. Obsession with National Security
Fear is used as a motivational tool by the government over the masses.
8. Religion and Government are Intertwined
Governments in fascist nations tend to use the most common religion in the nation as a tool to manipulate public opinion. Religious rhetoric and terminology is common from government leaders, even when the major tenets of the religion are diametrically opposed to the government's policies or actions.
9. Corporate Power is Protected
The industrial and business aristocracy of a fascist nation often are the ones who put the government leaders into power, creating a mutually beneficial business/government relationship and power elite.
10. Labor Power is Suppressed
Because the organizing power of labor is the only real threat to a fascist government, labor unions are either eliminated entirely, or are severely suppressed .
11. Disdain for Intellectuals and the Arts
Fascist nations tend to promote and tolerate open hostility to higher education, and academia. It is not uncommon for professors and other academics to be censored or even arrested. Free expression in the arts is openly attacked, and governments often refuse to fund the arts.
12. Obsession with Crime and Punishment
Under fascist regimes, the police are given almost limitless power to enforce laws. The people are often willing to overlook police abuses and even forego civil liberties in the name of patriotism. There is often a national police force with virtually unlimited power in fascist nations.
13. Rampant Cronyism and Corruption
Fascist regimes almost always are governed by groups of friends and associates who appoint each other to government positions and use governmental power and authority to protect their friends from accountability. It is not uncommon in fascist regimes for national resources and even treasures to be appropriated or even outright stolen by government leaders.
14. Fraudulent Elections
Sometimes elections in fascist nations are a complete sham. Other times elections are manipulated by smear campaigns against or even assassination of opposition candidates, use of legislation to control voting numbers or political district boundaries, and manipulation of the media. Fascist nations also typically use their judiciaries to manipulate or control elections.

You don't like the above points? Then go read "On Tyranny: Twenty Lessons from the Twentieth Century".
Trump is a fascist. That is beyond obvious.

[Mother's Lament]

You just described the Biden junta and never gave a single example of Trump doing any of that.

Also, this isn't true: "Disdain for Intellectuals and the Arts".
The Nazis loved opera and art, and a good chunk of the university professors in the 20s were fascist.

In fact, Germany was the most highly educated country in the world at the time. It's far fucking easier to convince midwit pseudo-intellectuals to do something stupid than a farmer.

[SQRLSY]

"The Nazis loved opera and art..."

Oh, bullshit! NAZIs despised and destroyed abstract art! Other art, they stole! Is shit ALSO "love" if I steal all of the women, children, and whiskey?

The quote, "Anyone who sees and paints a sky green and the fields blue ought to be sterilized," appears under a photograph of a senior student, and it was attributed to the Nazi leader who was responsible for the deaths of millions and forced the sterilization of hundreds of thousands.

[SQRLSY]

Add the below one as well!

https://newrepublic.com/post/199561/trump-dictator-banner-face-labor-department
Trump Pulls From Dictator Playbook and Hangs Giant Banner of His Face
How much did the government spend on this banner of Dear Leader?

[Fist of Etiquette]

Trump trying to use OSHA to force submission to a medical procedure was the last straw for me.

[MollyGodiva]

I missed this one. Could you point me to an article?

[Use the Schwartz]

You didn't miss it, it was one of Biden's greatest hits. Or at least A Biden. What you just missed was the joke.

[Chumby]

Tony’s not the sharpest napkin in the drawer.

[MollyGodiva]

In my defense it is really hard to keep up with all the MAGA bullshit.

[Chumby]

There is no defense for your retardation.

[SCOTUS gave JeffSarc a big sad]

No, you’re just a stupid faggot.

[Rev Arthur L kuckland (5-30-24 banana republic day)]

Tony ain't the sharpest head of lettus in the cabbage patch

[Fu Manchu]

Biden was a bad president so it's okay if Trump becomes a dictator and destroys our economy.

[SCOTUS gave JeffSarc a big sad]

Fuck off Kiddie Raper. You’re too stupid to talk to anyone but those little boys you’re sodomizing.

[mad.casual]

Bob Murphy: Are We Flirting with Fascism?

You see that rainbow flag flying off the side of the nearest building over there Bob? The rainbow sign in the yard two houses down? That flag stands for something and that sign means something. And if the plural you wants to flirt with fascism, who am I to tell anyone you all aren't fascistsexual? No human is illegal. Love is love. You all do you all.

[Nobartium]

the implications of the government taking Intel equity

There are no implications here that weren't obvious when they chose to go a shareholder model.

The solution is right in front of them, but that unavoidably means less money, so it will not be taken.

[n00bdragon]

Flirting? We're third basing at least.

[Vernon Depner]

Does anyone have links to Bob Murphy's denunciations of COVID fascism?

[TJJ2000]

It's ALREADY here. It's been here simmering since FDR.
Heating the dumb-frogs up to their FINAL 100-years before economic catastrophe.
As-if the Debt and Inflation weren't Bold-Flag signs of that happening.

Problem is. More than half of voters are openly praising it. A quarter pretend they aren't but they still want ?free? ponies (RINO'S). Leaving only about a quarter of USA Patriots left.

Nothing destroys wealth and prosperity faster than giving people beliefs they can get ?free? ponies without having to EARN/create anything. It's like asking them if they'd like a paid vacation and another and another.

[Kemuel]

Every president uses emergency powers to institute fascist policies. Whether its Jimmy Carter's fuel shortage, Obama's war on terror, or COVID. The real emergency is our own federal government's access to those powers. Take away the powers themselves and fascism will wither and die.

[DesigNate]

We’ve been “flirting” with it since at least Wilson, I would argue.