Ep. 1326 How to Secede From Our Monetary Regime

The Tom Woods Show

Tom Woods

Politics, Economics, Libertarian, Government, News

4.8 • 3.3K Ratings

🗓️ 23 January 2019

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Frequent guest Bob Murphy returns, this time talking about his new (co-authored) book, The Case for IBC. This is an acronym for "Infinite Banking Concept," a strategy that uses properly designed whole life insurance policies as a way to "become your own banker." The concept was developed by Nelson Nash, who besides working in insurance was personally tutored in Austrian theory by Leonard Read himself. Bob explains how the average person can benefit from IBC, and he answers common objections like "Isn't it better to buy term and invest the difference?" and "Why would I put my money in life insurance when the dollar is going to crash?"

Show notes for Ep. 1326

Transcript

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0:00.0	The Tom Woods Show, episode 1326.
0:03.4	Prepare to set fire to the index card of allowable opinion.
0:08.2	Your daily dose of liberty education starts here, the Tom Woods Show.
0:14.7	Folks, if you're like me, when you criticize the Federal Reserve, you get all these lackey-style responses,
0:20.4	why the Fed has made the economy more
0:22.3	stable. You don't want to go back to the 19th century, do you? All kinds of arguments like that.
0:27.3	Well, you can blow those and others out of the water with my free e-book, Our Enemy, the Fed.
0:33.2	Grab it at our enemy the Fed.com.
0:36.6	Hey, everybody, Tom Woods here. Talking to Bob Murphy, our old friend today, about a topic
0:41.4	that I've had a lot of demand for, and it has to do with a question of money management,
0:47.8	how to manage your money, in light of your knowledge of, in other words, in a way that's
0:53.3	informed by and compatible with
0:56.2	sound money, liberty, even Austrian economics. And that is a system that's become known as
1:03.1	the infinite banking concept. And Bob has written quite a bit about this and spoken
1:08.6	quite a bit about this. And so I've had people saying, why don't you have Bob come on and talk about this? The book that we're going to be discussing
1:14.6	is, that's co-authored, Bob Murphy, Carlos Lara, Nelson Nash, The Case for IBC, How to
1:20.7	Secede from our current monetary regime, one household at a time. Well, that's a pretty tantalizing
1:27.4	subtitle. Remember, of course, Bob is my co-host
1:30.2	on the Contra Krugman podcast over at contra Krugman.com, where we critique Paul Krugman every week for our
1:37.0	once-a-week podcast. Of course, we co-host the Contra Cruise named after that podcast together,
1:43.5	and I hope we will see you on that this year. That is going to be a
1:46.4	blast. Bob and I are going to be debating each other with Gene Epstein moderating, and you'll only
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