In this episode of Magic Internet Money, Brad invites amateur economist, Bitcoiner, and fan of the show, Henry Magram, onto the show to discuss in-depth two major concepts; The first being Austrian economics and the second being fractional reserve banking. Brad and Henry mostly agree on a few things, but there are the matters of the fine print to settle. Henry is a close follower of the Austrian school and explains the position more in-depth after Brad asks him about the possibility of a middle-ground between Keynesian and Austrian positions.
Afterwards, Brad and Henry dive into the second topic, fractional reserve banking. Brad thinks that central banking and banking cannot be separated, but Henry believes the practice of banking need not be run the way central banking is today. The two cap things off with a short debate about what makes a means of exchange count as money before closing the show out.
Time Stamps:
00:01:00 - Introduction
00:04:28 - Introducing Henry Magram
00:12:48 - What is the Austrian school of economics?
00:18:10 - A middle ground to be found with the Austrian school?
00:27:37 - Brad’s take on The Bitcoin Standard
00:30:50 - Fractional Reserve Banking
00:46:30 - Central Banking vs Banking
00:57:30 - Price and Expenditure Within Systems
01:02:54 - Is Bitcoin Money?
01:16:08 - Closing Remarks and Plugs
Links to Mentions in the Show:
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