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American prosperity was built on a foundation of free markets and free people. But, with inflation on the rise and a struggling market, many in America’s political class are attempting to recycle failed socialist ideas and calling for government intervention in nearly every aspect of American life. In this National Review Capital Matters podcast, presented by the National Review Institute, financier David Bahnsen hosts interviews with the nation’s top business leaders, entrepreneurs, and fin ...
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Episode 236: Bond Vigilantes, Bad Chart Readers, and False Prophets
17:48
17:48
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Is the U.S. bond market rejecting the fiscal state of the country? Is it declaring doom and gloom? Is it begging us not to do this “big, beautiful bill”? Or, is the fiscal state of the country deeply troubled? Is the new bill a big disappointment, but the bond market is saying no such thing (for reasons you deserve to understand)? In this very impo…
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Episode 235: SPAC Attack and Market Basics
18:45
18:45
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Financial innovations are demonized all the time, and perhaps David should be grateful because a low regard for capital markets is what motivated the creation of this podcast. But today he looks at SPACs and the criticisms of them as an example of how fallacious defense of central planning works. He makes the case that protection against fraud is o…
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Episode 234: Markets Are Not Imposed by Politics
13:02
13:02
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There was a time conservatives all knew this, but the new right's fatal flaw is not just in the application -- the perpetual desire for more state intervention -- but rather in the very nature of things that they get wrong. Markets are not created by the state, but rather by voluntary, organic human interaction. David unpacks the relevance of this …
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Episode 233: Conservative vs. Libertarian Economics
19:18
19:18
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Populism seems to be the driving force of the new right’s economic philosophy. The new right has said that they want to take on “libertarian” economics and “free market orthodoxy.” Others have said that “libertarian economics is the same thing as conservative economics” (i.e., laissez-faire, low tax, low regulation, etc.). David suggests the need o…
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Episode 232: Protectionism vs. Free Enterprise
23:38
23:38
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David takes on the idea that protectionism and globalization are chief rivals, and instead suggests that the chief rival of protectionism is free enterprise itself. He critiques Joe Nocera’s recent Free Press article suggesting that the protectionists have been vindicated, and instead suggests that the entire protectionist agenda is essentially the…
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Episode 231: When Engagement Is Enjoyable and Valuable
17:08
17:08
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How One Family Aims to Break Liberals' Corporate Voting PowerBy David L. Bahnsen
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Episode 230: Transparency for Thee but Not for Me
14:38
14:38
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As the Trump administration and Amazon/Bezos almost duked it out over the “shocking” idea of disclosing the impact to prices from taxes on imports, those of us seeking to understand economic application out of cogent economic theory were given a great chance to relearn some lessons from master himself, Friedrich Hayek. It turns out price discovery …
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Episode 229: Two Ways to Hurt the Working Class
16:41
16:41
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Veronique De Rugy’s phenomenal articleBy David L. Bahnsen
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Episode 228: Moving the Wrong Way with the Fed
11:09
11:09
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If our goal is a monetary policy that minimizes interventions and distortions in the marketplace and most optimally allows capital to find its most efficient use, the last thing we should want is a Fed that is less independent and more captive to political whims and desires. David explains his various criticisms of Jerome Powell this week, but poin…
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Episode 227: A Crisis of Responsibility About the U.S. Dollar
19:39
19:39
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With so much talk circulating that Americans need to be deathly afraid of a “strong dollar,” David takes on recent comments from Stephen Miran, chair of the Council of Economic Advisers, suggesting that a strong dollar is really unfair to Americans. Underlying some of these recent allegations about dollar supremacy is a familiar crisis of responsib…
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Episode 226: The Stock Market vs. The Real Economy?
16:29
16:29
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David talks about all the things that are right in the dichotomy between the “stock market” and the “real economy,” but then goes into all the things that are wrong – namely, that 99% of the time someone is making this distinction, they are doing it wrong, for the wrong reasons, in the wrong way. Understanding what public equity prices measure vers…
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