Bob Murphy: Are We Flirting with Fascism?

What do you call it when the state takes partial ownership of a private company? Just asking questions.

Ten percent of Intel now belongs to the U.S. government. Today’s guest says it’s time to start using the “F word.”

Economist Bob Murphy is no anti–Donald Trump #resistance fighter quick to shriek “fascism.” In fact, he says he was relieved when Trump won the last election. But the Austrian school economist and host of the Human Action Podcast and The Bob Murphy Show tells us he’s alarmed by the Intel news and the hints from Trump’s chief economist that more companies are next.

This didn’t start with Trump. Remember the bank bailouts? Ever heard of Fannie Mae? What about the G.M. takeover? This moment has been a longtime coming, and Murphy says one surprising culprit is another institution the president is now trying to exert control over: the Federal Reserve.

Watch or listen above as we discuss America’s troubling lurch toward China-style “state capitalism,” the bipartisan enthusiasm for consolidating state power over private industry, and why it’s finally time to end the Federal Reserve and how to actually do it.

00:00 Intro monologue

00:01:30 Government ownership and capitalism

00:05:17 Historical context of government intervention

00:09:24 Sovereign wealth funds: pros and cons

00:13:20 The role of AI in government policy

00:17:13 Concerns over nationalization and corporate influence

00:21:09 The future of corporate partnerships with government

00:36:13 Trump’s war on the Federal Reserve

00:39:25 The Federal Reserve’s independence and accountability

00:46:05 Critique of the Federal Reserve’s effectiveness

00:55:20 The case against the Federal Reserve

01:06:14 Navigating the current economic landscape

Mentioned in the podcast:

1. “Masa Son Pitches $1 Trillion US AI Hub to TSMC, Trump Team,” by Min-Jeong Lee, Mackenzie Hawkins, and Anto Antony
2. “Decoding the Structure of the Federal Reserve System,” by TradingView
3. U.S. Core Inflation Rate, according to Trading Economics
4. Economic volatlity pre– and post–Federal Reserve, by the Heritage Foundation
5. Donald J. Trump (@realDonaldTrump) on Truth Social: “The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!“
6. Acyn on X: “Lutnick: Intel agreed to give us 10% of their company—It is not socialism. This is capitalism.”
7. “NEC Director Kevin Hassett on Intel deal: It’s possible government will take stake in more companies,” by CNBC
8. “Trump announces $500 billion ‘Stargate’ AI infrastructure project,” by LiveNOW from FOX
9. Bob Murphy on X: “maga rn“
10. “A Comprehensive Case for Ending the Fed,” by Bob Murphy on The Human Action Podcast
11. Has the Fed been a failure? by George Selgin, William D. Lastrapes, and Lawrence White
12. “ZEROHEDGE DEBATE! Should We End the Fed? Bob Murphy vs David Beckworth (George Gammon moderates),” by Robert Murphy
13. “Kelsey Piper: The AI Race is Accelerating,” by Just Asking Questions podcast

• Producer: John Osterhoudt

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