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Source link: http://archive.mises.org/8236/fox-interviews-a-rothbardian/

Fox Interviews a Rothbardian

June 27, 2008 by

Though we discuss oil, not private defense services. (Note that you may have to scroll down to find my clip; I don’t yet have a URL tied directly to it.)

{ 17 comments }

conrad June 27, 2008 at 7:24 pm

very clear and to the point, making all the major points in a very short time. Well done!

IMHO June 27, 2008 at 11:34 pm

Excellent interview. Your answers were clear and concise and left very little room for argument. It was quite obvious that you knew what you were talking about.

Chief Joseph June 28, 2008 at 12:12 am

Agree with Conrad, well done Robert. Also enjoyed your summary on this matter. Kudlow should invite you on to speak on this matter, it needs more press.

One question though. As long as there are countries in the world like China who do not report inventory levels of strategic reserves, how can we be sure that recent market speculation has not been completely benign?

My concern is that we have seen major price spikes in oil at the same time auction facilities opened by the Fed have allowed commercial banks and brokerages to dump toxic MBS monies and swap them for futures contracts. Or would you attribute this action to inflation? (since the Fed created the auction facility out of thin air)

Any thoughts?

Bob Murphy June 28, 2008 at 12:41 am

Thanks for the positive feedback. Chief Joseph, I do sympathize with your point. I think what might be happening is that the supply and demand curves for oil shifted in response to all the Fed hocus pocus.

So although this is a bit odd, it technically still means the market-clearing price is in line with the fundamentals. At the very least, the hike in oil isn’t because of Goldman Sachs investing in oil futures.

Another way to put it is this: What could happen to make people regret the high price right now? In the housing boom, it’s easy enough to answer this question. People bought houses hoping to flip them later at a higher price, and so are in trouble now that the bubble popped.

But if nobody is holding physical oil, hoping to sell next year at $200 (or whatever), then in what sense are we seeing an oil bubble right now?

An answer is that Saudi Arabia could regret not pumping more today, when oil is at $140. But that’s about it. And I don’t think Saudi Arabia’s pumping decisions in the last 12 months are solely responsible for oil doubling.

Scott S June 28, 2008 at 10:44 am

Great interview! You sounded like a genius.

Jan Madsen June 28, 2008 at 2:06 pm

This is the direct url I think: http://blip.tv/play/Ab+MAwA

Bob Murphy June 28, 2008 at 5:11 pm

That was amazing, Jan! How did you figure that out?

Jan Madsen June 28, 2008 at 8:13 pm

You’re welcome.

Right click, choose “show source” (or something like that, not sure what it’s called in English – it’s ctrl+F3 i the Opera browser). Search for “Murphy” in the code and it’s the url just above.

TokyoTom June 29, 2008 at 12:50 am

Bob, a great job under pressure, I`d say.

As an aside, perhaps you might consider sitting in a non-swivel chair, though; the slight but noticeable rotations in position were a bit distracting (not to say “shifty”).

Chief Joseph June 29, 2008 at 1:41 am

Thanks for your explanation Bob. I’m looking forward to seeing you get more airtime.

Deregulator666 June 29, 2008 at 11:39 am

The argument that “oil companies are not drilling the millions of acres that they have leased, so why should they be allowed to drill the continental shelf” is making the rounds as an Obama talking point. Obama even said in one interview that he would charge a fee to force the oil companies to drill or drop the leases. This argument is particularly weak considering that the companies pay a fee to get and hold the leases in the first place. Obama is an intelligent person, he knows the argument is false; but he uses it anyway because he knows it plays good with the voters.

Bryan June 29, 2008 at 5:27 pm

Here is the direct link for the video:

http://blip.tv/play/Ab+MAwA

did a “view source” on the page to get the link :-)

Bryan.

Walt D. June 29, 2008 at 5:29 pm

Well done Bob! You did a great job debunking most of the canards that are floating about.

Bob Murphy June 29, 2008 at 6:52 pm

TokyoTom wrote:

As an aside, perhaps you might consider sitting in a non-swivel chair, though; the slight but noticeable rotations in position were a bit distracting (not to say “shifty”).

Hey cut my some slack. It’s hard to levitate amidst the Nashville skyscrapers while conducting an interview.

Walt D. June 29, 2008 at 10:23 pm

Bob;
You looked just fine – you came across far better than the lying democrat talking point buffoons with their smarmy sh*t-eating grins!

TokyoTom June 29, 2008 at 10:54 pm

Bob, I thought you were pretty cool – like most cats in Nashville, I suppose.

By the way, can I expect the favor of a response to my questions/comments on your paper on the cost-benefit analyses of climate change policy?

http://mises.org/Community/blogs/tokyotom/archive/2008/06/07/bob-murphy-plays-with-dice-calls-nordhaus-reluctant-advocacy-for-a-gradualist-carbon-tax-over-eager.aspx

Tom

Bob Murphy June 30, 2008 at 2:26 pm

TokyoTom:

I posted my answer here in the comments. I basically just punted, saying I can’t give you (or Silas) better answers right now, because I first have to go do the actual journal articles (which can qualify as “work” for my employers) rather than argue on a blog about it.

(And yes, I argue all the time on blogs. But there is a difference between procrastinating for 10 minutes by arguing with someone who has never heard of Coase, on a blog where the readers have never heard of Coase, versus arguing esoteric points on a libertarian/Austrian outlet.)

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