Economist Bob Murphy discusses the mounting pressure on the Federal Reserve, the implications of the government taking Intel equity, and capitalism under siege.

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Text and links to sources available here: https://reason.com/podcast/2025/08/28/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