Professor Lawrence White, an economist from George Mason University, joins the Freedom Report podcast today to discuss free market monetary policy. At the Jackson Hole Summit, White and a group of rebel economists gathered to discuss the topic of whether or not central banks are the problem or the solution to America’s financial woes.

Professor White is an advocate of “free banking,” which is the Austrian economic system of ending the Federal Reserve and allowing the free market to regulate the supply of money in the marketplace. We don’t allow government to set the price of bread, gas, or cars… so why do we allow them to set the price of money?

Professor White believes that money has become controlled by political interests, and thinks that the free market can more effectively allow for stable economic growth, without all the booms and busts of the modern era.

The Federal Reserve has got to go. Today’s podcast delves into the nuances of monetary policy, how the Federal Reserve came to be, their track record, and what a more free market policy would work. Professor White joins us in this very special episode, broadcasting from Jackson Hole, Wyoming.

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Meet the hosts

Austin Petersen is the chief executive officer of Stonegait LLC, a for-profit consulting firm specializing in photo and video services. Stonegait also provides social media advice, political campaign expertise and grassroots organizing strategies to candidates for office or to brands looking for more exposure. Petersen is the editor in chief of The Libertarian Republic news magazine, one of the most read political news sites in the United States. He also hosts The Freedom Report podcast, which has 30,000 daily listeners. Petersen is the former Director of Production at FreedomWorks and was an Associate Producer for Judge Andrew Napolitano’s show, “Freedom Watch” on the Fox Business Network. Petersen built Judge Napolitano’s social networks boasting over 600,000 fans and millions of clicks a month. His work has appeared in Getty, Reuters, the LA Times, NBC and Time Magazine. He is also a frequent contributor on television appearing on Russia Today and on dozens of local radio shows. Austin grew up on a farm in the Midwest in a town called Peculiar, Missouri. Graduating from Missouri State University with a degree in the Fine Arts, Petersen moved to New York City after graduation to a pursue a career in media.


  • It appears to me that one of the biggest drawbacks to the current model of cryptocurrencies is the lack of reversibility in transactions. Historically, third parties such as banks have enabled transactions to be reversed, such as refunds or guaranteeing purchases. I think that if cryptocurrencies want to avoid third parties as much as possible, they should adopt a method for reversing transactions for the purpose of dispute resolution. Thoughts?

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  • Hello, I’ve become quite keen on Jeffrey Rogers Hummel views on inflation. That governments don’t get as much cash money as they used to from Seigniorage(money printing)…becuase of some details of the modern banking system. Hummels view is that the US Gov is more likely to actually default on it’s bonds than print it’s way out of it’s financial problems as so many of us libertairans often predict. Any way…. how are people actually calculating the revenue states are getting from seigniorage? There is constant mention to specific statistics in his works on what revenue governments make from printing money…but how are economists attempting to calculate this so exactly? “Almost none of the developed countries could boast seigniorage amounting to more than 1 percent of GDP, despite the fact that the study incorporated the inflationary years of the 1970s. Joseph H. Haslag’s smaller sample of 67 countries over a longer period, 1965 to 1994, finds that seigniorage averaged about 2 percent of total output for the entire sample, ranging from as low as 0.25 percent to as high as 9.98 percent (for Ghana).” However, I’m not smart enough to figure out how this is being calculated? When I Google — I see Seignoarge defined as the cost to money vs what the money is worth. (if it costs 1cent to print a dollar bill than Seigorage is 99cents). Pennies have negative seigniorage — cost the Gov more to mint than 1 cent.) But for the point Hummel is making it seems like a more sophisticated calculation? How did people figure out that for example in WW2 seignorage was 6%? Perhaps this is rather obvious? Thanks! –Luke

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  • I was hardly ever single throughout high school, college, and graduate school. It was relatively easy to find men who I found intriguing, and who likewise wanted to get to know me better. Although there were a couple more serious relationships, we eventually went separate ways. Now in my 30s, I’m finding that the dating pool has diminished. It seems as though the men in their 30s are all either married, divorced (with major issues), accidental parents, or totally undesirable romantically (no brain, horribly out of shape, alcoholic, just gross, etc.). And just recently I read this: In a nutshell, that article is saying that women in their 30s are out of luck — doomed to grow old alone. Thoughts on this?

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  • Fellow Liberty Lovers, Since 1913, we all know that the Federal Reserve and IRS have been working hand in hand to outright steal the money out of our pockets for their own interests in the form of “voluntary tax”. We also clearly know that should we choose not to pay the Federal Income Tax, along with any state income, or whatever they can come up with, would result in them potentially emptying our bank accounts, showing up to our door, intimidating and harassing all of us in a militarized fashion as they have with some individuals. However, some have managed to legally evade taxes altogether, gotten the IRS to leave them alone, and live somewhat of a free life not having to be extorted every April. For those on here that have gotten there, what have you done besides invoking the 4th, 5th, and 10th Amendment? What did you do or say to those who called your phone to harass you? What did you do if you knew some government bureaucrat hacked into your bank account and took a huge portion of your money? What did you do if some agent appeared out of nowhere to your door? And what did you do when they audited you? It’s ironic, that I as many would consider a member of the government mafia, would be asking my friends this question. But like you, I want to see everyone keeping all their money, not for bureaucrats to steal it when you worked in the hardest and smartest (ethical) way possible for it.

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  • Who are the money changers? What role have they played in history?

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