In the midst of yet another American banking crisis, the so-called experts are at a loss to explain how these crises keep happening. But there is an answer, and it’s one that Austrian economists have known for more than a century. Matt Kibbe talks to Peter St. Onge, research fellow at the Heritage Foundation, who explains how our system of fractional reserve banking is a house of cards that is founded on the lie that the same dollar can be in two places at once. Simply put, the banks are so fragile because they are already insolvent—even when things seem to be going well. This issue can be solved, but it requires rethinking the way we bank and getting the government out of the money business.
The Banking System Is a House of Cards | Guest: Peter St. Onge | Ep 222
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Matt Kibbe is President at Free the People, an educational foundation using video storytelling to turn on the next generation to the values of personal liberty and peaceful cooperation. He is also co-founder and partner at Fight the Power Productions, a video and strategic communications company. Kibbe is the host of BlazeTV’s Kibbe on Liberty, a popular podcast that insists that you think for yourself.
Dubbed “the scribe” by the New York Daily News, Kibbe is the author three books, most recently the #2 New York Times bestseller Don’t Hurt People and Don’t Take Their Stuff: A Libertarian Manifesto.
He was senior advisor for a Rand Paul Presidential Super PAC in 2016, and later co-founded AlternativePAC to promote libertarian values.
In 2004 Kibbe founded FreedomWorks, a national grassroots advocacy organization, and served as President until his departure in 2015. Steve Forbes said: “Kibbe has been to FreedomWorks what Steve Jobs was to Apple.”
An economist by training, Kibbe did graduate work at George Mason University and received his B.A. from Grove City College. He serves at the whim of his awesome wife Terry, and their three objectivist cats, Roark, Ragnar and Rearden. Kibbe is a fanatical DeadHead, drinker of craft beer and whisky, and collector of obscure books on Austrian economics.View Full Bio