Why fiat money means higher inflation & why a radical Reserve Bank review is needed w/ Darren Brady Nelson - EP179

<p>In his recent Spectator Australia article, Darren Brady Nelson argues for a radical, not a reserved review of Australia’s central bank, the Reserve Bank of Australia (RBA), which he describes as reckless. In Economics Explored episode 179, Darren provides an Austrian economics perspective on central banks, fiat money, and inflation. Show host Gene Tunny wraps up the episode with a discussion of the historical evidence on different monetary systems and inflation, evidence which confirms economies with fiat money are much more inflation prone. Gene then discusses whether a return to the gold standard would be desirable.</p><p>Please get in touch with any questions, comments and suggestions by emailing us at <a href="mailto:contact@economicsexplored.com">contact@economicsexplored.com</a> or sending a voice message via <a href="https://www.speakpipe.com/economicsexplored">https://www.speakpipe.com/economicsexplored</a>. </p><h3>What’s covered in EP179</h3><ul><li>Darren’s thoughts on the current review of the Reserve Bank of Australia [1:46]</li><li>How the RBA interprets the stability of the currency objective [6:54]</li><li>What is the Austrian School? [10:19]</li><li>Would the Austrians recommend abolishing the central bank? [21:08]</li><li>The Bank of England’s report on modern banking [25:54]</li><li>The need for a broader review of the Reserve Bank of Australia [30:35]</li><li>Fiat money systems are much more prone to inflation than commodity money systems [34:20]</li></ul><h3>Links relevant to the conversation</h3><p>Darren’s bio on the Economics Explored website:</p><p><a href="https://economicsexplored.com/regular-guests/">https://economicsexplored.com/regular-guests/</a></p><p>Darren’s opinion piece on the Spectator Australia website:</p><p><a href="https://www.spectator.com.au/2023/03/the-rba-reckless-bank-of-australia-needs-a-radical-not-reserved-review/">The RBA (reckless bank of Australia) needs a radical, not reserved, review</a></p><p>Bank of England paper on money creation:</p><p><a href="https://