The Lara-Murphy Report

Episode 89: The Fed Just Lost a Trillion Dollars--Should We Care?

Wed, 01 Feb 2023 12:00:00 -0600

Bob and Carlos discuss a recent Mercatus Policy Brief that documents how rising interest rates have caused the Fed to lose a trillion dollars in the value of its assets, and is now technically insolvent. Does it matter?

Episode 88: Is the United States Hopeless at This Point?

Thu, 25 Aug 2022 20:00:00 -0500

Prompted by an email, Bob and Carlos acknowledge that yes, things look pretty bleak right now, both financially and culturally. But there is still cause for hope. The worst thing to do right now would be to give up.

Episode 87: Is the US in a Recession or Not? Making Sense of the Numbers

Thu, 18 Aug 2022 06:00:00 -0500

Bob and Carlos discuss the oddities in the official numbers, which show low unemployment but also low labor participation, and how the statistics don't match their personal observations.

Episode 86: The Fed Is Officially Bankrupt--Should We Care?

Sat, 16 Jul 2022 06:00:00 -0500

Bob and Carlos discuss a recent article in The Hill, which explains that rising interest rates have rendered the Fed technically insolvent.

Episode 85: How Is Today's Economy Like the 1970s?

Wed, 29 Jun 2022 20:00:00 -0500

Bob asks Carlos to recount his own financial struggles as a young businessman in the late 1970s, when price inflation and interest rates skyrocketed. This painful episode ultimately led Carlos to discover Austrian economics.

Episode 84: Is a Recession Coming? Listen to the Austrians

Thu, 16 Jun 2022 17:00:00 -0500

Carlos and Bob discuss the views of some prominent economists on whether a recession is baked into the cake. Contrary to even free-market members of the Chicago School, the Austrians know it's not just a matter of money supply growth. During the boom, there were real malinvestments, and these must be liquidated in a bust.

Mentioned in this episode and other links of interest:

The Fortune article on Steve Hanke and his views about recession.
Bob’s journal article with Ryan Griggs on the inverted yield curve and Austrian business cycle theory.
“The Foundations of IBC” video series.
John Exter and his pyramid asset analysis.
Bob and Carlos' presentation, "How to Weather the Coming Financial Storms."
Bob and Carlos’ book with Nelson, The Case for IBC.
Their book, How Privatized Banking Really Works.
The IBC Practitioner Finder.

The audio production for this episode was provided by Podsworth Media.

Episode 83: Will Inflation and Yield Curve Hurt Bonds and Ruin the Case for IBC?

Thu, 28 Apr 2022 07:00:00 -0500

Carlos and Bob discuss inflation and whether it spells the doom of life insurance, and thereby ruins the case for IBC. They conclude that rising interest rates per se don't adversely impact life carriers, because of asset-liability matching. Moreover, when you practice IBC, you're not "investing in life insurance."

Episode 82: How to Weather the Coming Financial Storms (Redux)

Thu, 07 Apr 2022 23:00:00 -0500

Carlos and Bob revisit their September 2016 video presentation in which they lay out a 3-prong strategy to protect your household from economic calamity.

Episode 81: Return of the IBC Jedi

Thu, 24 Mar 2022 09:00:00 -0500

After a long hiatus, the Lara-Murphy Show is back! Bob and Carlos relay what's been happening in their personal lives and the world of IBC, and discuss the spiritual war that is currently ramping up.

Episode 80: The Hidden Forces Behind Our Slide Into Tyranny

Sat, 05 Sep 2020 08:08:42 -0500

In their monthly publication the Lara-Murphy Report, Carlos and Bob have each started a series investigating the history of certain groups operating behind the scenes to influence social and political trends.Mentioned in this episode and other links of interest: Information on the Lara-Murphy Report. Bob's college essay on the origins of the US public school system.The audio production for this episode was provided by Podsworth Media.

Episode 79: Does Fed Inflation Threaten IBC?

Sat, 16 May 2020 13:03:59 -0500

In the wake of the coronavirus, the Federal Reserve has engaged in unprecedented actions, pumping $2.5 trillion into the financial system in just two months. Many readers ask: Does this make IBC a bad idea? After all, it relies on a dollar-denominated asset (life insurance). Bob and Carlos discuss the economic outlook and this particular issue.Mentioned in this episode and other links of interest: Carlos and Bob’s September 2016 presentation, “How to Weather the Coming Financial Storms.“ The documentary This Is Nelson Nash. The book co-authored by Nelson Nash, Carlos, and Bob, The Case for IBC. Bob’s new series for the Mises Institute, Understanding Money Mechanics. Carlos and Bob’s book, How Privatized Banking Really Works. Bob’s analysis of the Fed’s latest emergency repo operations.The audio production for this episode was provided by Podsworth Media.

Episode 78: On the Fed’s Emergency Actions to Stem Coronavirus Panic

Tue, 17 Mar 2020 16:30:12 -0500

Carlos and Bob critically assess the Fed's $1.5 trillion repo operations, allegedly designed to stem market panic over the coronavirus. Bob observes that even Walter Bagehot's famous dictum said central banks should lend freely *at a high rate of discount*.Mentioned in this episode and other links of interest: Carlos and Bob's September 2016 presentation, "How to Weather the Coming Financial Storms." The documentary This Is Nelson Nash. Bob’s new series for the Mises Institute, Understanding Money Mechanics. Carlos and Bob’s book, How Privatized Banking Really Works. Bob's analysis of the Fed's latest emergency repo operations.The audio production for this episode was provided by Podsworth Media.

Episode 77: The 2020 IBC Think Tank and Outlook for the Future

Sat, 29 Feb 2020 11:49:20 -0600

Carlos and Bob end their hiatus and return to the airwaves, fresh from the 2020 IBC Think Tank in Birmingham. They summarize the talks they gave at the event, including some exciting news about the Nelson Nash Institute's forthcoming project.Mentioned in this episode: The CBO's 2019 Long Term Budget Outlook. The documentary This Is Nelson Nash. Bob's new series for the Mises Institute, Understanding Money Mechanics. Carlos and Bob's book, How Privatized Banking Really Works.The audio production for this episode was provided by Podsworth Media.

Episode 76: The Trump Tax Reform’s Impact on Charitable Giving, And Beto’s Threat to Churches

Mon, 04 Nov 2019 15:54:10 -0600

Bob and Carlos discuss the 2017 Tax Cut and Jobs Act's impact--especially because of the boost in the standard deduction--on incentives to make charitable contributions. Then they discuss Beto O'Rourke's pledge to remove the tax exempt status of churches and other organizations that don't endorse gay marriage.Mentioned in this episode: AEI's Alex Brill's report on how the 2017 tax reform will reduce the incentives for charitable giving. GivingUSA's report on charitable giving in 2018. Scott Sumner very upset that the 2017 tax reform retained the deductibility of employer-provided health insurance. The YouTube video of Beto O'Rourke.The audio production for this episode was provided by Podsworth Media.

Episode 75: The Psychology and Economics of Recurring Financial Crashes

Sat, 21 Sep 2019 10:39:14 -0500

As the U.S. authorities once again pivot to begin another round of cheap credit, Carlos and Bob reflect on the deception--both deliberate and unwitting--involved. Part of the problem is that younger investors haven't lived through a crash, but even the old timers are caught flat-footed if they think past crashes were an "act of God." This is why it's so important to learn Austrian economics.Mentioned in this episode: Carlos and Bob's video, "How to Weather the Coming Financial Storms."The audio production for this episode was provided by Podsworth Media.

Episode 74: Carlos Lara Explains His Absence, and How He’s Back in the Saddle

Mon, 09 Sep 2019 16:15:38 -0500

Bob and Carlos return from their summer hiatus to bring listeners up to speed. Carlos had a medical issue that occurred in June, which he explains in the episode. After describing what happened, Carlos ties his experience to the broader condition of medical care in the United States: it's top-notch, but very expensive.Mentioned in this episode: Bob's post on the inverted yield curve. How to subscribe to the Lara-Murphy Report.The audio production for this episode was provided by Podsworth Media.

Episode 73: Dr. Keith Smith Tells Doctors and Patients How to Secede From the Broken Health Care and Insurance System

Wed, 12 Jun 2019 18:51:14 -0500

While this was an interview Murphy conducted on his own podcast, it is relevant to Lara-Murphy Show listeners. Keith Smith is an anesthesiologist and founder of the Oklahoma Surgery Center and the Free Market Medical Association. His group is doing for health care what the Nelson Nash Institute is doing for the financial sector.Mentioned in this episode: The Bob Murphy Show, ep 37 (with links to items discussed in the episode). The Surgery Center of Oklahoma.The audio production for this episode was provided by Podsworth Media.

Episode 72: IBC “Jumbo” Policies, Trusts, and the Estate Tax

Sat, 08 Jun 2019 21:11:01 -0500

Bob asks Carlos to elaborate on the changing estate tax laws and how that could affect long-term planning, even with the excellent tax advantages of IBC.Mentioned in this episode: The IBC Practitioner Finder.The audio production for this episode was provided by Podsworth Media.

Episode 71: Shadow Banking and the Real Estate Market

Thu, 02 May 2019 21:03:43 -0500

Bob asks Carlos to discuss his April 2019 article for the Lara-Murphy Report. Carlos explains how "shadow banking" has become the dominant source of mortgage lending in the United States. He explains this trend and its implications for real estate investors.Mentioned in this episode: The business owner seminar in Nashville, TN on May 10, 2019. Sample issues and subscription details for the Lara-Murphy Report.The audio production for this episode was provided by Podsworth Media.

Episode 70: IBC and the Business Owner, Part 3 of 3

Thu, 11 Apr 2019 15:29:03 -0500

Carlos and Bob finish their 3-part series explaining Austrian economics and IBC specifically for the business owner. The series is tied to the upcoming IBC Business Owner Seminar to be held on May 10, 2019, in Nashville, TN. In this episode, they discuss Carlos' typical approach to helping a business in distress. They also discuss Carlos' research on the Dodd-Frank Act and whether the revisions under the Trump Administration affect Carlos' warnings about a "bail-in" during the next crash.Mentioned in this episode: The IBC Business Owner Seminar on May 10, 2019, in Nashville. Bob gives a biographical sketch of Carlos' discovery of Austrian economics and the business cycle.The audio production for this episode was provided by Podsworth Media.

Episode 69: IBC and the Business Owner, Part 2 of 3

Mon, 08 Apr 2019 08:53:56 -0500

Carlos and Bob continue with their 3-part series explaining Austrian economics and IBC specifically for the business owner. The series is tied to the upcoming IBC Business Owner Seminar to be held on May 10, 2019, in Nashville, TN. In this episode, Bob explains the significance of the inverted yield curve, and ties it to standard Austrian business cycle theory. Carlos explains why the business owner would typically want to own an IBC policy in his or her own name, rather than being owned by the company.Mentioned in this episode: The IBC Business Owner Seminar on May 10, 2019, in Nashville. Academic articles explaining the yield curve inversion's ability to "predict" recessions. A CNBC story explaining that the yield curve inverted in late March.The audio production for this episode was provided by Podsworth Media.

Episode 68: IBC and the Business Owner, Part 1 of 3

Fri, 29 Mar 2019 18:23:06 -0500

Carlos and Bob begin a 3-part series explaining Austrian economics and IBC specifically for the business owner. The series is tied to the upcoming IBC Business Owner Seminar to be held on May 10, 2019, in Nashville, TN. In this episode, Bob and Carlos discuss the Fed's recent guidance on its bond roll off schedule. They also explain entrepreneurship in the Austrian vision (with reference to Bob's recent interview of Peter Klein), and Carlos relays statistics on business ownership in the US.Mentioned in this episode: The IBC Business Owner Seminar on May 10, 2019, in Nashville. A CNBC article summarizing the Fed's announcement about its bond roll off. Episode 23 of the Bob Murphy Show, featuring Peter Klein and his work on entrepreneurship in the Austrian tradition.The audio production for this episode was provided by Podsworth Media.

Episode 67: The Economic Outlook for 2019

Mon, 04 Mar 2019 17:31:42 -0600

Carlos and Bob discuss the economic outlook for 2019, from the perspective of Austrian business cycle theory. The yield curve is close to inverting, and if it continues we should expect a recession by the end of 2019 or, failing that, almost certainly in 2020. There are two types of Fed tightening during this recovery, namely interest rate hikes and a rolloff of the Fed's bonds. Powell can't indefinitely postpone the bond rolloff because as interest rates rise, the Fed is paying ever more billions in interest to the commercial banks.Mentioned in this episode: The minutes of the Jan 29-30, 2019 Federal Reserve meeting. The June 2017 addendum to the Federal Reserve statement, describing some particulars of the impending bond rolloff program. The Bob Murphy Show, episode 17, featuring Alex Tabarrok (who does not think the Fed has set us up for an inevitable crash).The audio production for this episode was provided by Podsworth Media.

Episode 66: Getting Into the Minds of Federal Reserve Officials

Mon, 28 Jan 2019 10:54:06 -0600

Carlos and Bob discuss the Fed's actions with interest rates and its balance sheet, and how they are behind the recent stock market volatility. They also use media reports to get inside the minds of Bernanke, Yellen, and Powell.Mentioned in this episode: “How to Weather the Coming Financial Storms.” (Carlos and Bob video.) Bob's pushback against the WSJ letter calling for a carbon tax. Graph of federal funds rate versus Fed's total assets. Market Watch article on Yellen discussing the taper tantrum. Market Watch article discussing newly released transcripts from 2013 in which Powell says Fed needs to "jump." Schedule a call / Skype session with Carlos and/or Bob. Find an authorized IBC Practitioner near you. The Case for IBC.

Episode 65: Should You Fully Fund an IBC Policy ASAP or Leave Room for a Windfall?

Tue, 18 Dec 2018 12:25:47 -0600

Carlos and Bob tackle a friendly bet that two listeners submitted. The controversy concerns two apparently conflicting goals: On the one hand, Nelson Nash says in BYOB that you should pay more against your policy loans than the insurance company requires, effectively buying more paid-up life insurance. But on the other hand, shouldn't you aggressively fund your IBC policy up to the MEC limit right away, meaning there wouldn't be any room left to pay more on a loan?Mentioned in this episode: LMS episode 64 on the shaky stock market. "How to Weather the Coming Financial Storms." (Carlos and Bob video.) Schedule a call / Skype session with Carlos and/or Bob. Find an authorized IBC Practitioner near you. The Case for IBC.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 64: Why Is the Stock Market So Shaky?

Mon, 26 Nov 2018 12:18:14 -0600

Carlos and Bob reiterate their longstanding critique of Fed policy to help frame the recent plunges in the stock market. They explain that the Fed has painted itself into a corner and will have no choice but to continue with rate hikes.Mentioned in this episode: "How to Weather the Coming Financial Storms" video. Bob Murphy Show ep. 2 interview of Carlos Lara. Lara-Murphy.com blog post on CPI. The Case for IBC.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 63: Why Learn Austrian Economics?

Sun, 30 Sep 2018 13:56:00 -0500

Carlos and Bob explain to the average listener why it's important to learn at least the basics of Austrian economics. It's not the same as other free-market schools, and it's not the boring curves you remember from college.Mentioned in this episode: The next IBC Seminar for the General Public on October 13, 2018 in Fort Worth, TX. Details at IBCSeminar.com. Murphy article: "The Chicago School versus the Austrian School." Murray Rothbard's Man, Economy, and State, and Murphy's study guide. Murphy's intro to Mises, Choice: Cooperation, Enterprise, and Human Action. Tucker Carlson's critique of Bezos. "How to Weather the Coming Financial Storms."The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 62: Why Not Just Pay Cash?

Wed, 05 Sep 2018 16:13:11 -0500

Carlos and Bob tackle a question from Twitter: Why is using IBC preferable to just "paying cash" for large purchases? This seemingly simple question actually raises many issues.Mentioned in this episode: The next IBC Seminar for the General Public on October 13, 2018 in Fort Worth, TX. Details at IBCSeminar.com. The Practitioner finder. The Case for IBC.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 61: Stumbling Blocks in Learning IBC

Tue, 14 Aug 2018 19:35:30 -0500

Carlos and Bob discuss some of the misconceptions or difficulties they had early on, which made them reluctant to embrace IBC.Mentioned in this episode: The next IBC Seminar for the General Public on October 13, 2018 in Fort Worth, TX. Details at IBCSeminar.com. Lara-Murphy Show episode 51. The Practitioner finder. The Case for IBC.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 60: “Should I Take Out Multiple IBC Policies?”

Fri, 27 Jul 2018 12:14:42 -0500

Nelson Nash joins Bob and Carlos to explain why he encourages IBC users to establish a system of policies (rather than just one). The discussion covers several nuances of policy design.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 59: Bob Murphy’s Speech at the Libertarian Party “Mises Caucus” Event

Tue, 03 Jul 2018 18:53:46 -0500

This is the talk Bob gave at the "Mises Caucus" event held on June 30, 2018, to coincide with the kickoff of the Libertarian Party's national convention, held in New Orleans this time.Mentioned in this episode: Tom Woods' speech to the Mises Caucus. Scott Horton's speech to the Mises Caucus.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 58: Central Bank Strategy and Trump’s Playbook for the Economy

Tue, 26 Jun 2018 10:32:05 -0500

Carlos and Bob review the status of the three leading central banks and rely on a report from the Treasury Secretary to help interpret and anticipate Trump Administration actions on bank regulation.Mentioned in this episode: Lara-Murphy Show episode 42: "Do the Feds Have a Plan to Unload the Fed's Bonds?" Treasury Secretary Mnuchin's report on the financial regulation overhaul.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 57: Policy Loans: With Freedom Comes Responsibility

Fri, 15 Jun 2018 14:50:15 -0500

Carlos and Bob explain the mechanics of policy loans and then emphasize the importance of keeping track of them. Yes, you have the FREEDOM to never pay your loans back, but that might not be a WISE thing to do. Nelson Nash always stressed that you "play honest banker" when practicing IBC.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 56: The Case for IBC: Chapter 7, “Putting IBC Into Action”

Thu, 17 May 2018 16:52:36 -0500

Carlos and Bob finish their series, summarizing some of the material in Chapter 7 of their new book (co-authored with Nelson Nash). In this episode, they address a hypothetical business owner who loves IBC but thinks he doesn't have the cashflow to make it work. By cleverly using an already existing payment, the business owner can effectively build up the infrastructure of a large IBC policy while waiting for the future, irregular burst of revenue to come in. (NOTE that the point of this demonstration is merely to illustrate the power of IBC. The illustration in Table 4 of the book is intended to prove a point, not to serve as a model for business owners.)Mentioned in this episode: The Case For IBC IBC Seminar for the General Public in Chicago, May 19, 2018. Details here.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 55: The Case for IBC: Chapter 6, “Lessons From History”

Mon, 14 May 2018 11:31:04 -0500

Carlos and Bob continue their series, summarizing some of the material in Chapter 6 of their new book (co-authored with Nelson Nash). In this episode, they explain why Whole Life used to be a staple of the average American's financial plan, but then fell out of favor. They also describe how Congress had to put on the brakes in the 1980s since too many rich people realized the benefits of this approach.Mentioned in this episode: The Case For IBC IBC Seminar for the General Public in Chicago, May 19, 2018. Details here.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 54: The Case for IBC: Chapter 5, Part II, “The Economics of IBC”

Wed, 02 May 2018 15:20:40 -0500

Carlos and Bob continue their series, summarizing some of the material in Chapter 5 of their new book (co-authored with Nelson Nash). In this episode, they address typical questions such as, "If you guys are worried about a dollar crash, why would I put my money in life insurance?"Mentioned in this episode: The Case For IBC IBC Seminar for the General Public in Chicago, May 19, 2018. Details here. Video "How to Weather the Coming Financial Storms."The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 53: The Case for IBC: Chapter 5, Part I, “The Economics of IBC”

Thu, 12 Apr 2018 16:27:08 -0500

Carlos and Bob continue their series, summarizing some of the material in Chapter 5 of their new book (co-authored with Nelson Nash). However, because Chapter 5 contains so much material, they are breaking the treatment up into two separate episodes. In this Part I, they address questions such as, "Can only certain people practice IBC?" and, "Shouldn't I buy term and invest the difference?"Mentioned in this episode: The Case For IBC IBC Seminar for the General Public in Chicago, May 19, 2018. Details here. Mises Institute event in Nashville, April 14, 2018. Details here. Three-part podcast series on "buy term and invest the difference," starting with episode 4.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 52: The Case for IBC: Chapter 4, “Becoming Your Own Banker”

Tue, 10 Apr 2018 11:30:53 -0500

In this special episode, Nelson Nash himself joins Carlos and Bob, to discuss the chapter from their jointly-authored book--The Case for IBC--that draws directly on the material that Nash used in his live presentations to the public. Even for those who are quite familiar with Nash's work, you'll glean juicy nuggets from this interview.Mentioned in this episode: The Case For IBC IBC Seminar for the General Public in Chicago, May 19, 2018. Details here.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 51: The Case for IBC: Chapter 3, “Banking and Life Insurance: Process vs. Platform”

Tue, 03 Apr 2018 08:40:41 -0500

Carlos and Bob continue the series covering their new book (co-authored with Nelson Nash). This chapter explains how the process of Infinite Banking rests on the platform of a dividend-paying Whole Life insurance policy. They also mention the standard features of a WL policy that make IBC possible.Mentioned in this episode: The Case For IBC IBC Seminar for the General Public in Chicago, May 19, 2018. Details here.The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 50: Murphy Debates Climate Change at Yale Political Union

Tue, 20 Mar 2018 12:06:29 -0500

On February 27, 2018, Bob was the guest at the student-led Yale Political Union, debating the resolution, "The free market can solve climate change." A member of the audience captured the audio on his phone; we are presenting here Bob's opening statement, his Q&A, and his summary statement. (We are editing out the brief speeches given by the students in the middle of the event.) Below is a timeline of some highlights, and then links to further reading on Bob's work on this topic.7:52 -- Bob explains that higher temperatures mean fewer elderly deaths in the winter. When his opponents hiss, Bob jokes that they don't care about the elderly.25:55 -- Q&A session begins.30:30 -- Student critic asks if Bob believes in any role for government to provide public goods or utilities. (His answer gets a big cheer.)31:30 -- Bob contrasts government-regulated utility service in the summer with Budweiser.33:19 -- A student critic argues that the American public doesn't care about climate change, and therefore free market won't solve the problem. Bob turns this critique on its head.37:50 -- Bob gives summary remarks (after the other students have spoken, though their remarks are not included in this audio).For further reading: "Using IPCC to Defeat UN Climate Agenda" "The Case Against a U.S. Carbon Tax"The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 49: The Case for IBC: Chapter 2, “The ‘Perfect Investment’”

Tue, 13 Mar 2018 10:02:08 -0500

Carlos and Bob continue the series covering their new book (co-authored with Nelson Nash). This chapter lists the attributes of a hypothetical "perfect investment," and explains how various assets fare.Mentioned in this episode: The Case For IBCThe sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 48: The Case for IBC: Chapter 1, “Thinking Like a Business Owner”

Fri, 02 Mar 2018 14:58:28 -0600

Carlos and Bob begin their series of going through their new book (with Nelson Nash), chapter by chapter.Mentioned in this episode: The Case For IBCThe sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 47: Orwell, Yield Curve, and New Book!

Thu, 22 Feb 2018 11:35:12 -0600

Carlos and Bob discuss their presentations at the recent IBC Think Tank. Plus they have a big announcement!Mentioned in this episode: The Case For IBCThe sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 46: What the fork?! Bitcoin vs. Bitcoin Cash

Thu, 18 Jan 2018 17:20:28 -0600

Description: In this episode, Bob flies solo to explain the controversy over solving the congestion problem in Bitcoin.Mentioned in this episode: The IBC Seminar for the general public, Feb. 10, in Birmingham Bob Murphy's co-authored guide to Bitcoin Bitcoin vs. Bitcoin Cash debate on Tom Woods Show Hayek's proposal to denationalize money Satoshi Nakamoto's 2008 white paper explaining BitcoinThe sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com.

Episode 45: The GOP Tax Plan: Theory and History

Tue, 21 Nov 2017 10:20:34 -0600

Carlos and Bob discuss the basic logic of "tax reform," and then critically analyze the GOP proposals. They cover some important differences between the House and Senate bills, and point out that Democrats railing against "tax giveaways to the rich" might have a point.

Episode 44: Is There a Real Estate Bubble?

Fri, 06 Oct 2017 16:27:15 -0500

Carlos and Bob extend their warnings about "loose" monetary policy to the real estate market. Remember, the Austrians warned about the last housing bubble in real-time. There are several reasons to think that the "hot" market right now is in trouble.

Episode 43: IBC BEST PRACTICES: Policy Loans and Tax Implications of Surrender

Tue, 12 Sep 2017 15:05:09 -0500

Carlos and Bob reiterate the advantages of "becoming your own banker" through the use of policy loans, but they also point out the importance of paying back the loans (in most circumstances). In particular, they warn about the potential tax implications that occur if you surrender a policy.Mentioned in this episode: IRS definition of a "life insurance contract."https://www.law.cornell.edu/uscode/text/26/7702 IRS treatment of life insurance death benefits.https://www.law.cornell.edu/uscode/text/26/101

Episode 42: Do the Feds Have a Plan to Unload the Fed’s Bonds?

Wed, 30 Aug 2017 11:56:39 -0500

Bob talks to Carlos about his research on the Federal Reserve's plans to shrink its balance sheet, and the possible connection to proposed regulatory changes that would encourage financial institutions to take on Treasuries and mortgage-backed securities.Mentioned in this episode: How Privatized Banking Really Works (ebook)

Episode 41: Are There Any Negatives to Positive Thinking?

Wed, 28 Jun 2017 12:32:38 -0500

Bob talks to Carlos about his research on "positive thinking," motivational speakers, self-help gurus, and other related themes. There is much truth and value in this movement, but there's also a potential dark side.Information on the July Nashville Events: http://www.threeccorp.com/Home.aspx

Episode 40: The Pending DOL Ruling on Financial Professionals

Tue, 06 Jun 2017 12:16:28 -0500

Bob asks Carlos to discuss his findings regarding the new Department of Labor regulations on financial professionals that kick in on June 9, which concern those who act as a "fiduciary" for clients.

Episode 39: Interview With Nelson Nash (Part 2 of 2)

Wed, 24 May 2017 09:41:02 -0500

In the previous episode, Carlos and Bob talked with Nelson about his life before IBC. In this episode they focus more on his discovery of how to become your own banker.Mentioned in this episode: Leonard Read's famous essay, "I, Pencil": http://www.econlib.org/library/Essays/rdPncl1.html Nelson Nash's bestselling book, Becoming Your Own Banker: https://infinitebanking.org/product/becoming-your-own-banker/ Previous podcast episodes to introduce IBC:https://lara-murphy.com/podcast/episode-17-guide-starting-ibc-part-1/https://lara-murphy.com/podcast/episode-18-guide-starting-ibc-part-2/

Episode 38: Interview With Nelson Nash (Part 1 of 2)

Wed, 10 May 2017 17:39:53 -0500

Carlos and Bob ask the founder of IBC about his background, including his faith, marriage, career in forestry, and meeting Leonard Read.Mentioned in this episode: Leonard Read's famous essay, "I, Pencil": http://www.econlib.org/library/Essays/rdPncl1.html Nelson Nash's bestselling book, Becoming Your Own Banker: https://infinitebanking.org/product/becoming-your-own-banker/ Previous podcast episodes to introduce IBC:https://lara-murphy.com/podcast/episode-17-guide-starting-ibc-part-1/https://lara-murphy.com/podcast/episode-18-guide-starting-ibc-part-2/

Episode 37: GOP Tax Reform and International Trade (Part 3 of 3)

Sun, 09 Apr 2017 21:14:44 -0500

In this episode, Bob and Carlos round out the discussion of the GOP's proposed tax reform. Bob reminds listeners of the material he covered in Parts 1 and 2, and then our dynamic duo discuss the real world implications of major tax reform. Carlos recalls what happened after the 1986 Tax Reform Act, and how it destroyed the real estate market.

Episode 36: GOP Tax Reform and International Trade (Part 2 of 3)

Sun, 19 Mar 2017 08:31:34 -0500

In this episode, Bob once again flies solo in order to show listeners how to think about "tax reform" the way mainstream economists think about it.Mentioned in this episode: The Myth of Neutral Taxation" by Murray Rothbard: https://mises.org/library/myth-neutral-taxation "Flat Tax...or Flat Taxpayer?" by Murray Rothbard: https://mises.org/library/flat-taxor-flat-taxpayer

Episode 35: GOP Tax Reform and International Trade (Part 1 of 3)

Tue, 21 Feb 2017 16:22:19 -0600

In this episode, Bob flies solo in order to show readers how to start thinking about the border tax adjustment plan that the GOP has proposed, as a way to boost the economy and reduce the trade deficit.Mentioned in this episode: "How to Think About Taxes" by Scott Sumner:http://econlog.econlib.org/archives/2017/02/how_to_think_ab.html

Episode 34: What Does the Trump Administration Mean for the Economy?

Wed, 08 Feb 2017 18:08:40 -0600

Although it's too early to say anything definitively, Carlos and Bob offer their reflections on what we've seen so far.

Episode 33: Carlos and Bob Read the Intel Report on Russian “Hacking”

Mon, 09 Jan 2017 15:25:16 -0600

Carlos and Bob read the declassified version of the 25-page report issued by the US intelligence community on the alleged intentions and interventions of the Russian government in the US election. As it turns out, there's not much there. Cynics still have every right to be skeptical of this whole enterprise to convince Americans that "Putin picked our president."Mentioned in this episode: The official intelligence report: https://www.dni.gov/files/documents/ICA_2017_01.pdf DNI Chief James Clapper says Assange not credible: http://www.nbcnews.com/news/us-news/sen-mccain-russia-s-election-meddling-unprecedented-attack-n700981 Same James Clapper caught lying to Congress in 2013 about NSA spying on Americans: http://www.politifact.com/truth-o-meter/article/2014/mar/11/james-clappers-testimony-one-year-later/ Murphy to speak on his book *Choice* for Heartland Institute near Chicago on January 18: https://www.heartland.org/events/events/choice-cooperation-enterprise-and-human-action Nelson Nash, Lara, and Murphy to present IBC Seminar for the general public in Birmingham, AL on February 11. (Use Discount Code LMSHOW for 50% off). http://events.r20.constantcontact.com/register/event?oeidk=a07ed9svsqba14b85f4&llr=z88o8ecab

Episode 32: The Introduction to “How Privatized Banking Really Works”

Tue, 27 Dec 2016 12:41:31 -0600

You may notice a familiar voice reading the Introduction to the book by Lara and Murphy. To order a physical copy, scroll down at:https://lara-murphy.com/resources/

Episode 31: The Financial Year in Review

Tue, 20 Dec 2016 17:53:03 -0600

Carlos and Bob use a Bloomberg chart to discuss the major financial events of 2016, and how investors should interpret movements in the stock and bond markets.Mentioned in this episode:IBC Seminar for the general public on February 11, 2017 in Birmingham, AL.FOR 50% OFF, USE DISCOUNT CODE: LMSHOWFor details and registration click here.

Episode 30: The City of God versus the City of Man

Wed, 30 Nov 2016 09:47:51 -0600

Here's something you won't read on CNBC. Bob asks Carlos to explain the book he's been reading--Augustine's "City of God" from the 5th century--and how it relates to our current political and economic environment.

Episode 29: Explaining Common Financial Terms

Tue, 25 Oct 2016 13:28:12 -0500

In response to a listener request, Carlos and Bob define and discuss some common financial terms, such as "yield curve," "money market fund," and "liquidity."Mentioned in this episode: The Exter pyramid: https://en.wikipedia.org/wiki/John_Exter#/media/File:Exter.png Info on the Oct. 29 Spokane, WA IBC Workshop (for general public): http://www.altmeyerfinancial.com/ Info on Nov. 5 Mises event in Fort Worth (contact Murphy for free tickets): https://mises.org/events/end-politics Info on the Nov. 15-17 St. Louis Freedom Advisor event (for financial professionals, and use discount code NNIMEMBER if registering): http://www.freedomadvisorcrusade.com/

Episode 28: How to Weather the Coming Financial Storms, Part 2 of 2

Tue, 11 Oct 2016 08:00:16 -0500

The second half of the video presentation that Carlos and Bob released in late September 2016.Mentioned in this episode: The actual video presentation: https://lara-murphy.com/video0916/ Finding an authorized IBC Practitioner: www.TalkIBC.com Info on the Oct. 29 Spokane, WA IBC Workshop (for general public): http://www.altmeyerfinancial.com/ Info on the Nov. 15-17 St. Louis Freedom Advisor event (for financial professionals, and use discount code NNIMEMBER if registering): http://www.freedomadvisorcrusade.com/

Episode 27: How to Weather the Coming Financial Storms, Part 1 of 2

Wed, 05 Oct 2016 09:21:55 -0500

The first half of the video presentation that Carlos and Bob released in late September 2016.Mentioned in this episode: The actual video presentation: https://lara-murphy.com/video0916/ Finding an authorized IBC Practitioner: www.TalkIBC.com Info on the Oct. 29 Spokane, WA IBC Workshop (for general public): http://www.altmeyerfinancial.com/ Info on the Nov. 15-17 St. Louis Freedom Advisor event (for financial professionals, and use discount code NNIMEMBER if registering): http://www.freedomadvisorcrusade.com/

Episode 26: Danger WIll Robinson: European Banks and US Debt

Mon, 19 Sep 2016 08:56:02 -0500

Carlos and Bob summarize some of the key points from the latest Lara-Murphy Report: European banks failed their "stress tests" and the US federal debt is worse than you may realize.

Episode 25: Why You Should NOT Implement IBC With Universal Life

Thu, 08 Sep 2016 16:00:39 -0500

Carlos and Bob discuss a NYT article detailing the problems some insurance policyholders are having, and why Nelson Nash says to do IBC *only* with a dividend-paying Whole Life policy.Mentioned in this episode: http://www.nytimes.com/2016/08/14/business/why-some-life-insurance-premiums-are-skyrocketing.html

Episode 24: Is Passive Investing Worse Than Marxism?

Tue, 30 Aug 2016 14:05:47 -0500

Carlos and Bob tackle a recent "note" from a brokerage firm making just that case. Among other problems, the analysis misunderstands the role of the stock market.Mentioned in this episode: Bloomberg article explaining the note Murphy explains the social function of stock speculators How Privatized Banking Really Works, Chapter 4 (PDF) Samples from the Lara-Murphy Report Order Carlos and Bob's book, HOW PRIVATIZED BANKING REALLY WORKS

Episode 23: Why IBC Works: Highlights from the Nashville Public Seminar

Wed, 24 Aug 2016 08:40:37 -0500

Carlos and Bob relate two points each that they made during their recent presentation (along with Nelson Nash) to the general public in Nashville. Gives a quick introduction to why IBC is important in the current environment, and why it works.Mentioned in this episode: Nelson Nash's speaking schedule: https://infinitebanking.org/event-calendar/

Episode 22: European Banks Are in Trouble

Tue, 09 Aug 2016 12:17:29 -0500

Carlos and Bob discuss the alarming situation outlined in the latest Lara-Murphy Report.Mentioned in this episode: Details on Nelson Nash's farewell seminar August 13, 2016 in Nashville at:http://threeccorp.com/Portals/threeccorp/Archives_PDF/NASH-SEMINAR-BROCHURE.pdf

Episode 21: Are the Markets Signaling Confidence or Fear?

Fri, 22 Jul 2016 10:20:31 -0500

Carlos and Bob discuss the divergence between stocks and bonds, which has puzzled some analysts.Source: Bloomberg.com

Episode 20: A Minority View on “Brexit”

Mon, 11 Jul 2016 08:20:05 -0500

Carlos and Bob challenge the media's narrative on the British referendum to leave the EU.

Episode 19: How Policy Loans Work

Mon, 27 Jun 2016 15:22:15 -0500

Carlos and Bob explain the basics of policy loans, and what Nelson Nash means by "playing honest banker" with your system.

Episode 18: How-To Guide for Starting IBC, Part 2

Sun, 12 Jun 2016 17:12:31 -0500

In the previous episode, Carlos and Bob outlined the background reading necessary to begin IBC. Now, they explain how to prepare before the first meeting with an authorized Practitioner.Mentioned in this episode: http://infinitebanking.org/finder

Episode 17: How-To Guide for Starting IBC, Part 1

Tue, 31 May 2016 08:43:03 -0500

Carlos and Bob start from scratch, and tell listeners how to begin their study of the Infinite Banking Concept (IBC), including finding an authorized IBC Practitioner. (Episode 18 discusses the preparation before the first meeting.)Mentioned in this episode: http://infinitebanking.org/finder

Episode 16: How Governments Use Inflation as a Hidden Tax, Part 2

Mon, 23 May 2016 22:58:26 -0500

Carlos and Bob now explain how Caesar's trick – of debasing the money in order to cover a budget shortfall – is accomplished through the Federal Reserve's purchases of Treasury debt.

Episode 15: How Governments Use Inflation as a Hidden Tax, Part 1

Wed, 18 May 2016 14:45:15 -0500

Carlos and Bob discuss the classical method of inflation: literally debasing the coins.

Episode 14: What the Department of Labor Ruling Means for Financial Professionals

Fri, 13 May 2016 15:19:06 -0500

Carlos and Bob discuss the implications and the ulterior motives of the recent DOL ruling on fiduciaries.Mentioned in this episode: https://mises.org/library/sec-makes-wall-street-more-fraudulent

Episode 13: The Perils of Bankruptcy for the Business Owner

Tue, 03 May 2016 10:16:40 -0500

Bob "interviews" Carlos about his decades of experience with distressed businesses.CORRECTION: Around the 24:03 mark, Carlos says "Chapter 7" but he should have said "Chapter 11."Mentioned in this episode: Information for "Freedom Advisor" Event

Episode 12: Why Taxes Make Business Less Efficient

Wed, 27 Apr 2016 08:00:23 -0500

Carlos and Bob discuss both the theory and practice of why taxes hurt businesses and distort investment.Mentioned in this episode: http://taxfoundation.org/sites/default/files/docs/fed_individual_rate_history_nominal.pdf

Episode 11: What You Need to Know About the National Debt

Mon, 25 Apr 2016 10:37:12 -0500

Carlos and Bob explain this sordid topic in terms anyone can follow.Mentioned in this episode: http://ticdata.treasury.gov/Publish/mfh.txt https://fee.org/articles/debt-cant-burden-future-generations/

Episode 10: The Contributions of Ludwig von Mises to Economic Theory

Tue, 12 Apr 2016 16:01:08 -0500

With Carlos traveling, we offer a speech Bob gave February 27 at the International Students for Liberty Conference in Washington, DC.

Episode 9: Explaining Bank-Owned Life Insurance (BOLI)

Mon, 04 Apr 2016 21:13:46 -0500

Carlos explains his findings when he explored bank-owned life insurance. If these policies are such bad investments, why are major banks gobbling them up?

Episode 8: Pay Tax Now or Later?

Mon, 28 Mar 2016 20:17:36 -0500

Carlos and Bob discuss the typical options available for tax-advantaged retirement vehicles, helping listeners make an informed decision. Simply deferring a tax is not necessarily the best route.Mentioned in this podcast: https://lara-murphy.com/pay-tax-now-later/

Episode 7: The Nuttiness of Negative Interest Rates

Mon, 21 Mar 2016 12:48:51 -0500

Carlos and Bob discuss the unprecedented phenomenon of negative interest rates, and the related war on cash.Mentioned in this podcast: https://www.washingtonpost.com/news/wonk/wp/2016/02/16/its-time-to-kill-the-100-bill/

Episode 6: What’s Wrong With ‘Buy Term & Invest the Difference’? Part 3

Sat, 12 Mar 2016 18:16:12 -0600

Carlos and Bob wrap up their response to this common objection to Whole Life insurance.Website mentioned in the podcast: http://dowtheoryletters.com/Content_Free/2494.aspx

Episode 5: What’s Wrong With ‘Buy Term & Invest the Difference’? Part 2

Sun, 06 Mar 2016 22:16:11 -0600

Carlos and Bob continue with their unpacking of this common objection to Whole Life insurance.

Episode 4: What’s Wrong With ‘Buy Term & Invest the Difference’? Part 1

Sun, 28 Feb 2016 16:08:16 -0600

In this episode, Bob and Carlos tackle a familiar objection to IBC, showing that the critics typically compare apples to oranges.

Episode 3: Your Money Isn’t Safe in the Bank

Mon, 22 Feb 2016 10:17:02 -0600

An examination of Carlos' research into the Dodd-Frank Act and its provisions regarding contingent capital and statutory bail-ins.

Episode 2: Lara-Murphy Origins, Part 2

Sun, 14 Feb 2016 16:17:40 -0600

In this second half of the origins, Carlos and Bob explain the creation of the IBC Practitioner Program, and they explain the big picture of IBC.

Episode 1: Lara-Murphy Origins, Part 1

Wed, 10 Feb 2016 17:16:44 -0600

In this inaugural episode of the Lara-Murphy Show, Carlos and Bob explain how they met, and why they decided to write a book on Austrian economics and IBC. They also explain their motto, "Building the 10%."