Murphy recently squared off against Nathan Tankus in a ZeroHedge debate focusing on Austrian economics vs. Modern Monetary Theory (MMT). Jonathan Newman watched the debate, and selected three clips highlighting key areas of dispute. Jonathan and Bob elaborate on the issues and anticipate possible MMT replies.

Bob's ZeroHedge Debate with Nathan Tankus: https://Mises.org/HAP484a
Bob and Jonathan's Tag-Team Mises University Lecture on MMT: https://Mises.org/HAP484b
Bob's Quarterly Journal of Austrian Economics Paper on The Deficit Myth: https://Mises.org/HAP483c
William Hutt's The Theory of Idle Resources: https://Mises.org/HAP484d

Murphy and Newman Do a Postgame Analysis of ZeroHedge MMT Debate

Jonathan Newman joins Ryan McMaken to talk about the history behind the myth of “Fed independence.” The Fed has never been politically independent of the US government, and it has enthusiastically helped fund the US government both in wartime and in peacetime. 

Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard

Radio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug 
PROMO CODE: RothPod for 20% off

The Myth of Fed Independence

In this episode of Minor Issues, Mark Thornton explores how nations quietly prepare for war—and what the corporate media isn’t telling you. From Europe’s military buildup and the global trade war to the hidden toll of economic sanctions, Mark unpacks historical patterns that have repeatedly led societies to disaster.

Why is gold at a record high? How does modern mercantilism fuel today’s tensions? Are we all just pawns in a much bigger game? Join Mark as he examines the real risks simmering beneath the headlines, and what history can teach us about the cost of ignoring them.

Additional Resources
“The World at War—An Essential New Book from Ralph Raico“ by Ryan McMaken: https://mises.org/MI_123A

An Anti-War Reading List: https://mises.org/MI_123B

The Costs of War: America’s Pyrrhic Victories edited by John V. Denson: https://mises.org/MI_123C

Audio and videos recordings of the Mises Institute’s May 2025 Revisionist History of War Conference: https://mises.org/MI_123D

Register for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25

Preparing for War

Vincent Geloso and Chandler Reilly have a new paper in which they use Rothbard's "Private Product Remaining" (PPR) as a lower bound on estimates of national output, to be contrasted with the convention GDP statistics as an upper bound. Bob has the authors explain Rothbard's proposal and how they are trying to introduce it to the economics profession.

The Paper, "National Output Without Government?": https://Mises.org/HAP503a
The Human Action Podcast Episode on Dubious Origins of GDP/GNP: https://Mises.org/HAP503b
The Bob Murphy Show Episode With Alex Salter Criticizing "State Capacity": https://Mises.org/HAP503c

New Academic Paper Uses Rothbard's National Output Metric

What the “legacy” media is trying to present as a brand-new authoritarian crackdown on the press is only a more visible version of how the federal government has attempted to control public opinion for nearly a century.

Read the article here: https://mises.org/mises-wire/weaponization-media-access-did-not-suddenly-start-trump

The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at https://mises.org/gabfreebook

Be sure to follow the Guns and Butter podcast at Mises.org/GB

The Weaponization of Media Access Did Not Suddenly Start with Trump

On this episode of Power and Market, the group discusses the fallout from Musk’s fight with Trump, recent reporting on Palantir contracts, and how the courts are not interested in protecting rights.

For more information and to subscribe, visit https://Mises.org/P&MPod

Musk v. Trump, Trump v. Courts, and Palantir v. Us

Joshua Mawhorter joins us to talk about how the fiat-money theories of Modern Monetary Theory and chartalism aren’t supported by the historical facts. 

Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard

Radio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug 
PROMO CODE: RothPod for 20% off

Fiat Money and Chartalism: Why MMT Is Wrong

On this episode of Minor Issues, Mark Thornton dives into Murray Rothbard’s theory of interventionism. Mark explores how Rothbard sharply delineates the line between voluntary action in the free market and coercive government intervention. He deconstructs Rothbard’s typology—autistic, binary, and triangular interventions—and explains why only free markets improve utility for everyone, while intervention creates winners and losers. It’s a wake-up call for anyone who still thinks regulation and taxation are harmless.

Additional Resources

"The Economics of Violent Intervention in the Market" by Murray N. Rothbard (Man, Economy, and State with Power and Market, Chapter 12): https://mises.org/MES

"The Greatness of Man, Economy, and State" by Lew Rockwell: https://mises.org/MI_124_A

Register for the 2025 Mises Institute Supporters Summit in Delray Beach, Florida, October 16–18: https://mises.org/ss25

Be sure to follow Minor Issues at https://Mises.org/MinorIssues

The Theory of Interventionism

On this episode of Power and Market, the group discusses the fallout from Israel’s strikes on Iran and the Trump Administration’s (changing?) position on immigration enforcement.

For more information and to subscribe, visit https://Mises.org/P&MPod

Israel, Iran, and Immigration

Bob hosts economist Daniel Lacalle to analyze the controversial Big Beautiful Bill. Daniel explains why, despite its imperfections, the bill represents a vital first step toward curbing government spending and protecting private-sector prosperity from excessive state intervention.

Daniel's Article, "The Big Beautiful Bill Is Much Better Than You Think": https://Mises.org/HAP504a
Thomas Massie's X Exchange on the Hidden Costs of the BBB: https://Mises.org/HAP504b

The Debate Over the Big Beautiful Bill

The Mises Institute, founded in 1982, is an educational institution devoted to advancing Austrian economics, freedom, and peace in the classical-liberal tradition. Our website offers many thousands of free books and thousands of hours of audio and video, along with the full run of rare journals, biographies, and bibliographies of great economists.

Murphy and Newman Do a Postgame Analysis of ZeroHedge MMT Debate

Mises Institute

Related tracks