#143 – Emmanuel Maggiori – The Economics of State Failure
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 30 January 2026
⏱️ 183 minutes
🧾️ Download transcript
Summary
Emmanuel Maggiori joins me to explain how inflation, incentives, and broken monetary rules quietly reshape behaviour inside an economy.
From Argentina's black markets and capital controls to money printing, MMT, saving vs spending, and institutional credibility, we explore why inflation destroys trust long before it destroys prices — and why countries don't collapse overnight, but drift into dysfunction as rational people adapt.
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TIMESTAMPS: 00:00 – Introduction 02:34 – Argentina As Warning 05:00 – Anti-Business Drift 23:49 – Black Markets Emerge 44:40 – Credibility Ends Inflation 57:36 – Corruption Normalised 1:17:14 – MMT Political Reality 1:48:21 – Why Saving Dies 2:00:40 – Discipline Over Time 2:54:44 – Pain Enables Reform
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CONNECT WITH EMMANUEL MAGGIORI › Website – https://emaggiori.com/ › LinkedIn – https://uk.linkedin.com/in/emaggiori
SPONSORS › IREN - https://www.iren.com/ › Ledger - https://www.ledger.com/ › Gemini - https://gemini.com/
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FILMED BY CURTIS TAYLOR › https://www.curttaylor.co.uk/ › https://x.com/curttayloruk/
EDITED BY CONOR MCCORMACK › https://x.com/ConorM04
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Transcript
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| 0:00.0 | Let me tell you why I said MMT is kind of sly, because sometimes they say things that are |
| 0:04.5 | technically true, but economically ridiculous or even false. So MMT basically says if we let the government |
| 0:10.0 | print money, it can't run out of money. Everybody knows this and their mother. Everybody knows. |
| 0:16.6 | Nobody has ever questioned the fact that if you let someone create money, they can run out of money. The question has always been, is this a good idea? |
| 0:23.6 | Most people think it's not. |
| 0:25.6 | I actually did a sort of poll, I think, on LinkedIn, because I think I asked money, |
| 0:32.6 | I ask people, if we let the government create money as much as it wants, can you run out of money? |
| 0:38.3 | And people just immediately said, that's ridiculous. It will cause inflation. It would cause a mess. |
| 0:44.3 | Nobody said, oh wow, this is, I hadn't thought of this. This is the sort of nugget of wisdom, |
| 0:50.3 | of newly found wisdom that actually the government can be broke and stuff, you know? |
| 0:55.1 | Well, you can't run out of money. |
| 0:56.9 | Technically. |
| 0:57.5 | But it can run out of good money. |
| 0:59.8 | Yes. |
| 1:00.2 | Yeah. |
| 1:01.3 | And that's why when I say |
| 1:03.2 | their sly, |
| 1:04.6 | is because they often |
| 1:06.3 | say something as technically |
| 1:08.4 | true and economically doesn't make any sense. |
| 1:12.1 | This show is brought to you by my lead sponsor, Iron, the AI cloud for the next big thing. |
| 1:17.9 | Iron builds and operates next generation data centers and delivers cutting edge GPU infrastructure, |
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