{"id":1546519,"date":"2025-07-11T15:25:00","date_gmt":"2025-07-11T19:25:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1546519"},"modified":"2025-07-11T15:25:00","modified_gmt":"2025-07-11T19:25:00","slug":"the-count-dooku-of-austrian-economics-faces-anakin-murphy","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/the-count-dooku-of-austrian-economics-faces-anakin-murphy\/1546519\/","title":{"rendered":"The ‘Count Dooku’ Of Austrian Economics Faces ‘Anakin’ Murphy"},"content":{"rendered":"

The ‘Count Dooku’ Of Austrian Economics Faces ‘Anakin’ Murphy<\/span><\/p>\n

\n

Mises Institute Jedi Bob \u201cAnakin\u201d Murphy finally faced his nemesis: George Mason University\u2019s David Beckworth, deemed the \u201cCount Dooku\u201d of Austrian Economics by Bob for Beckworth\u2019s apprenticeship under Misesian scholars and subsequent drift into mainstream circles.\u00a0<\/p>\n

They waged battle at last night\u2019s ZeroHedge debate on the question: Should we abolish the Federal Reserve?<\/em><\/p>\n

<\/a><\/p>\n

Whether this was the first Dooku-Skywalker battle in which Anakin loses his arm or the second where Dooku loses his head \u2014 you\u2019ll have to decide. Below were the highlights for those short on time and listen to the full debate on X<\/a> or Spotify<\/a>:<\/p>\n

\u201cLender of last resort\u201d<\/strong><\/h2>\n

Beckworth believes the lender of last resort function is necessary but advocated for “some kind of federal facility, something that’s approved by Congress\u2026 shifting the burden of being the lender of last resort or the bailouts to the federal government as opposed to the Federal Reserve.\u201d<\/p>\n

Murphy criticized the Fed\u2019s motives during the GFC, arguing the \u2018lender-of-last-resort\u2019 principle was merely a pretext. He noted the irony that \u201cright when they were saying all this stuff and buying the so-called \u2018toxic assets\u2019 is when the Fed started paying banks to not make loans to their customers,\u201d referring to the introduction of interest on reserves in October 2008.<\/strong> Pretext aside\u2026 Murphy contended an omnipresent lender is not healthy: it \u201cshort-circuited\u201d the necessary \u201ccleansing process\u201d of the market and resulted in favoritism rather than democratized crisis response: \u201cLehman goes down, others get saved.\u201d<\/strong><\/p>\n

pic.twitter.com\/0BRaTV6tJy<\/a><\/p>\n

\u2014 ZeroHedge Debates (@zerohedgeDebate) July 11, 2025<\/a><\/p>\n

But who will finance the wars?<\/strong><\/h2>\n

Murphy: \u201cMaking it harder for your government to take your people into war is actually a good thing. It’s not a negative.\u201d<\/strong><\/p>\n

Acknowledging that total elimination the Fed would be difficult, Murphy nonetheless insisted it is more<\/em> realistic than reforming such a corrupt institution and could be possible with enough public will. \u201cOnce it was gone\u2026 it wouldn\u2019t be there anymore\u201d and will be a lot harder to reinstate.<\/p>\n

Relying on minor reformations and trusting the benevolence of central bankers to self-restrain \u2014 Murphy argued \u2014 us naive: \u201cLet’s just be practical. These are some of the most powerful people on planet earth that have access to printing presses.\u201d<\/strong><\/p>\n

pic.twitter.com\/YBrrfJxdW6<\/a><\/p>\n

\u2014 ZeroHedge Debates (@zerohedgeDebate) July 11, 2025<\/a><\/p>\n

**<\/p>\n

Listen to the full debate below:<\/p>\n

https:\/\/t.co\/ujhMe5XPu5<\/a><\/p>\n

\u2014 zerohedge (@zerohedge) July 10, 2025<\/a><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 07\/11\/2025 – 11:25<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/economics\/count-dooku-austrian-economics-faces-anakin-murphy<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

The ‘Count Dooku’ Of Austrian Economics Faces ‘Anakin’ Murphy Mises Institute Jedi Bob \u201cAnakin\u201d Murphy finally faced his nemesis: George Mason University\u2019s David Beckworth, deemed…<\/p>\n","protected":false},"author":0,"featured_media":1546520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1546519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1546519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1546519"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1546519\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1546520"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1546519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1546519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1546519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}