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Season 1 Pilot 

Nov 25, 2020

Welcome to the pilot episode of The Supply Side Podcast. In this short opening edition I share the journey so far and what to expect in the weeks and episodes ahead. It’s a crucial moment in macro-economics and political economy. This podcast aims to be a resource for all those interested in the forces shaping the world.

In this pilot episode I share the journey to the creation of The Supply Side podcast and what you can expect in the upcoming episodes.

While some people find themselves mastering probability and calculus by the 8th grade my journey was very different.

Recent global events and the vast acceleration of stimulus and MMT have led me to read widely and listen intently to some of the most influential men and women on the planet in macro-investing.

It’s my hope to share what I learn with you in the episodes ahead.


Hosts & Guests

Jonathan Doyle



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📍 Well, Hey everybody. Jonathan Doyle with you here. Welcome aboard friends to the supply side podcast. So glad you found us. However you did have you, uh, came across this, whether you’ve been recommended to the show. Or you found it another way. Welcome a border. Hope we can really bring you some value.

In the episodes ahead. In this short episode, which is essentially a pilot, I wanted to lay out the purpose for the creation of the podcast for the website. What I’m hoping it may be able to achieve both. In my own journey of development and potentially in yours. And, uh, I want to sort of lay out, I guess, the basis, the foundation of where the content is coming from and the sorts of people that were going to be talking to. I guess my goal in this is a journey of education for myself as somebody who.

Has spoken live around the world to just shy of 500,000 people. I’ve learned over many years that I tend to learn the most by teaching. In a previous career many years ago, it seems now I was a high school teacher. That’s where my journey started. And it was a great joy working with young people and, uh, all I’m older now, but the energy.

To communicate and to teacher’s still there. And I just find that I gained so much. From a teaching principles. As I learned them, it’s sort of a reinforcement process. So. I want to be very clear with you at the start that I’m on a journey here of learning more and more about supply side economics.

Or is, uh, my great friend, Mike Kendall would say, uh, predictive classical economics is sort of a lost art. We’re going to be doing a bit of archeology on the model. But, uh, how did I get here, I guess is the obvious question of all the things I could be doing. Why is classical economics supply side economics, something that’s become, I guess the focus of my work in this season of life. So I’ll take you back to the story. As I was preparing the episode.

A couple of things really stuck out for me. My father who died, uh, sort of about 12 years ago. He’s an interesting guy who spent his life working in a senior management of the construction industry. He hated every single second of it. So one of the reasons, I guess, I’m doing something like this is that I’m.

Passionate about doing things that, uh, I find value in and hopefully bring value to others because I grew up as the son of somebody who never had that opportunity. But I remember that my father struggled. For many times as we were growing up with holding onto work, uh, we had to move a great deal as a family.

Which was very, I guess, a. Tumultuous for us, quite challenging. And. As I’ve taken this journey in political economy, classical economics, I’ve slowly come to realize that. I was born in 1973. And so much of my father’s struggles in unemployment were happening around those 1970s, 1980s decades. And as I’ve learned more, and I’ve seen the upheaval of those years, and so many of the economic factors that were driving that.

I have been far more, I guess I’m forgiving in my view of him. And I’ve realized that a. I would. So I would, since now that is a significant part of his journey. And the suffering and the pain and the difficulty that you went through. Was caused by the sorts of macro economic trends that he had no control over. So I think I’ve begun to realize as I reflect and as I very much pay attention to what’s happening in the world at the moment.

That these are not abstract concepts. It’s so easy in terms of political economy and supply side and economic theory to, to assume that these are just the purview of remote academics. And while we have a great need for deep academic study. These concepts deeply shaped the lives of real people. And they are shaping the lives of real people.

And I guess the other thing that we’re witnessing at the moment is extraordinary global shifts and changes. So we’re seeing it in the geopolitical space. We’re seeing, I mean, I, I’m always hesitant to date a podcast. Uh, I guess what I will say, depending on when you’re, when you’re listening to this episode is we’re still in the grip of COVID.

We’re seeing enormous tensions between the United States and China in terms of trade, but also militarily over Taiwan. Uh, and a whole bunch of other factors globally that are seeing, I guess, what we would term tectonic shifts. In culture. In finance in geo politics. So I think it’s more important than ever that we have a clear understanding of what Jude Wanniski would say is the way the world works.

And a lot of this show and the content is going to be based on Jude’s fantastic work. We’ll get to that soon. Look to finish off the story part of this, my journey into this. So that was my father’s background and, and the upheaval that he went through. But. I remember being in a sort of junior high school and having a small business teacher who was really good.

Uh, it was a really good teacher and I had a real love for business. I was fascinated by it. I was genuinely interested in double entry bookkeeping, and I was really starting to fly was really starting to go well. And then again, because of the employment issues we had to move and we moved right across the country here in Australia to another part.

I ended up at a school and, you know, things weren’t going as well. And it was a real struggle for me to move. But I remember, and I say this to people often being in about the 11th grade and I had elected to do economics. The only problem was that, uh, Ironically, I happened to, uh, end up with what I think was probably the worst economics teacher in the world.

Um, this person was truly terrible and, uh, was I’m sure had many wonderful traits and many gifts. But teaching and especially teaching economics. Was not one of them. And I don’t want to lay blame entirely at their feet. But I remember being fascinated by economics, but being terribly lost and swimming in a sea of uncertainty.

And eventually as young males often do, when you fail enough times without the right support, you give up. So. There’s been. Then my career went in different directions and I built a very successful business. In the, in the global media and education space and had a fantastic career as, uh, I guess somebody who spoke all over the world.

A major keynotes up to sort of 10,000 people plus. But I find myself now. At the age of 47. Entering into this world of. Political economy. Classical economics. Macro macro trends, global finance. Very very light. And I’m going to be honest with people about that. That again, that’s why I’m trying to teach this so that I learn it, but I’m going to be very much educated by.

By listeners and by the guests that we’re going to be lining up in the episodes ahead, but that’s kind of the story that, uh, I felt that I’m coming back in life to something that I really enjoyed. And I’m having to work very hard, very much later in life than I would’ve liked to catch up. So, have you ever had that experience in life where your life went in a particular direction and you can’t remember how, what was the catalyst, how it started, you ever had that experience where you kind of like.

Several weeks a month, you’re into something. And you’re like, how did they, how did this all start? And I’ve been fascinated because you know, COVID changed so much. All my international travel shut down. And, uh, which was a pity because it’s late 2020 at the moment. But, uh, I had some fantastic overseas travel in my GK nights to do and all of it.

Obviously, um, was over with. With COVID. So like a lot of us, I had all this time and I’m somebody that has an enormous amount of training. So I do a huge amount of, uh, Very high level training. Cycling running. So I started to listen to things and I was listening to stuff on YouTube. And I do not remember.

How it all started other than I came across Mike Maloney’s classic series, the hidden secrets of money. And I’m sure some of you have seen it. And that’s where it started. It just, I watched his series and it was like a road to Damascus moment. And I’m sure some of you might critique aspects of it. I’m not sure, but.

I watched that series and I was like, Uh, how did I miss this? And, uh, That started a journey for me, which has really led into some really wonderful places. And I think if you also had the experience that sometimes. When there’s a real positive movement in your life and doors open and people are responsive and the right books cross your desk. And, uh,

So that’s where I guess I’m up to, and, uh, The other key, Pete people in that journey. Um, lately there’s been guys like George Gammon. Who stuff I think is really interesting. And, uh, He, you can’t listen to him. You have to watch him because he does this. You know, a lot of great stuff on whiteboards and I’ve enjoyed reading ninth and K Lewis’s work on gold standards. So.

I’ve been reading his stuff carefully. We’re going to interview Nathan next week. So gold standards. Stable money has booked the magic formula. He’s going to be our first guests next week. Uh, this whole idea of low taxes and stable money. Low taxes and stable money. You know, there’s this great line. This is in chapter two of his book. I’ve got it sitting here in front of me and he says, ah, this is on page. What are we going to your page 21? He says, no process of business or investment is aided by the government confiscation of participants property.

So that’s nice and riding in his most recent book, but also in his book. There’s this fantastic quote. Going back to the 14th century. By a great Arab writer, even Caldoon and he says the most important factor making for business prosperity. Is to lighten as much as possible. The burden of taxation.

And a final grade quote, uh, in Nathan’s bookies from Karl Marx, who says there is only one way to kill capitalism. By taxes. Taxes. And more taxes. Yeah, some of you will disagree. It seems there’s more than one might’ve killed capitalism. It seems that a quantitative easing stimulus money printing seems to also be having a pretty good shot at it as well.

And that’s the other thing that’s really pushed me into this space is. The belief that. A cash economy grow up with that, that the majority of people are good actors that, uh, And then you really start to discover what’s happening with central banking and with a lot of, I guess, crony capitalism. And you start to realize that maybe it’s when you have kids, I’ve got three young kids and I’m like, you start to realize that the way that the game is being structured,

It’s quite extraordinary. And that there are people in very high places. Who are benefiting from, you know, the rotting of the system. That’s quite extraordinary. I think it was Peter Schiff recently, who said that, you know, you don’t go into politics to make money. You go into politics to make, uh, to make you money after politics. You know, some of the connections in the systems. And I, and I said to my wife, Karen, today, we went for a long walk and.

I was talking about the fact that. One of the great challenges we all face is that our politicians, you know, they have three or four year terms. And then they move on and, and the will to, to run on a ticket of debt reduction or a sturdy or reducing government spending is political suicide. So we can hopefully all agree that the system at the moment around a lot of the political and central banking stuff is a system where key people are benefiting extraordinary. Look at the Cantillon effect. You know, the people closest to the government money tap.

Benefit the most and have obviously very little incentive to change their choices and their policies. But. We know that, you know, w when you’ve only got a three or four year time horizon in political leadership, or even in central banking. Then you’re not likely to make some of those hard decisions that might lead to some short term suffering, but to some long-term benefits.

So, you know, Kansas famous quote in the long run, we’re all dead. So there’s there’s, it seems to be a lack of long run thinking at the moment. And of course, you know, it seems we’re due for some kind of significant shift reset. Don’t wanna use the word. Great reset. But, uh, in our monetary system, you know,

I think it’s worth remembering of course, that. The stability that we’ve experienced roughly since the end of the second world war doesn’t really have a historical president, not a precedent, not this long of stability. So we have entire generations that have grown up with relative peace and prosperity.

Who have no context for what can happen when the system really breaks down? So, I guess I’m an evangelist for the, the most basic aspects of the classical economic model. Which Jude Wanniski of course would refer to a supply side. And that’s where I want to pick up on Jude stuff. And I’ll wrap up in a moment, but.

The basis of how I want to structure the podcast is. Bringing in a lot of great guests, which I hope will be a real blessing for you and, uh, and lead to some great discussion. But, uh, Jude Wanniski of you not familiar with him, wrote to the seminal text the way the world works. He coined the term supply side.

But he has something, a little known thing called the supply side university, which I came across again, uh, through Mike. Kendall. So go and check out. Mike’s work on a man on the margin. If you just do a search for Mike Kendall, man on the margin. His writing is excellent. And he got me onto the supply side university, and then we contacted Jude’s widow who was very gracious enough to allow me to use the content.

Uh, as, as a platform, as a basis, as a foundation for some of what we’ll be doing. So. This is going back to 1996, and this is the first, uh, short post. So the supply side university is basically. Jude. Responding to questions. Uh, to a question, answer format. So he talks about a guy called Kevin is Vista who reached out to him and said he wanted to learn more about economics. She’d read some of Jude stuff in wired magazine and a and Jude replied that he’s happy to help when he could.

If Kevin was happy to submit questions, dude would get to them one at a time when he had the time. So as I wrap this up, I’ll just give you the basics here. Um, Jude replies to Kevin. He says, I coined the phrase supply side economics to put a fresh face on classical economic theory, which dominated Western thought.

From the late 18th century to the great depression. Adam Smith and Karl Marx were both supply side in the sense that they ponded questions of wealth creation production, as opposed to management of aggregate wealth consumption. So he goes on to say here, That dude States does the economic world revolve around the producer of goods.

Or does it resolve around revolve around the consumer of goods? And he refers to this as the difference between the kind of Ptolemaic and Copernican views of the cosmos. So. The Egyptian. Ah, Farrow. Ptolemy. Uh, was the one, you know, and the, I guess the, uh, Scientists working for him, the cosmologists that existed at the time, built a theory of the cosmos based of course, on the.

Cosmos rotating around the earth. And then of course we have the comparator, the Copernican inversion, the Copernican revolution. Where Copernicus. Postulates and proves that, of course, that the earth is rotating around the sun and not the other way around. Which is the metaphor of, cause for. Where you fall on that question. So if you believe in.

Ptolemy and astrophysics. And Ptolemaic cosmology. You’re going to have one. Rather fluid view of how the universe and the natural order functions. But if you have a Copernican one, then your mathematics and your understanding of reality. Are going to be based in what’s true.

So the question is, is the management of aggregate demand and all of what we’re seeing the QA. The stimulus is about constantly trying to pump demand. And obviously what we’re seeing at the moment is, as I said to my young kids, All that currency noticed that I don’t say money. I say currency. Has to find a home.

You know, the Dow Jones at the time I’m recording this two days ago, the Dow Jones. You know, broke 30,000 points for the first time since 1896. So. How does it do that with COVID unemployment stimulus? I mean, some of, you know, the answer to that, but how has, how could it not be an asset bubble?

So this brings us back to this, you know, Ptolemaic or Copernican idea, this supply side versus demand side thinking. If you keep stimulating demand indefinitely by pumping fake money into the system and magically creating numbers on the central bank computer. What happens eventually when the music stops.

And what concerns me about of course is usually what happens is enormous social fragmentation, disconnection, and violence. I’ve been teaching for years. We have to remember that we are an extremely tribal species. For all, you know, we’ve been, you know, hominids for. Obviously millions of years, we’ve been homosapien sapiens for about 350,000 years.

Until about really maybe the last thousand years give or take. We’ve existed in tiny, small family or tribal units. And we. Are the fled or tried to kill everybody else who wasn’t in our tribal family, that has been the essence of human existence for a very long period of time. And the concern of some of us is that if this really bad economic theory,

Causes enormous social fragmentation that has consequences. So we really want to get to the bottom of, you know, Jude mentions here. He talks about, um, you know, declining living standards and he says, you know, the social pathologies and, uh, The issues that young people are facing. I mean, we can see those things all the time, but we often don’t really question the economic basis of what might be driving it.

So friends that some of what I’m interested in. I’m interested in. Gold and silver, because I think that the case for them. And if a gold standard was to be re-established. Um, I sold my crypto, but I’m like, I studied, I was accepted into Oxford. And studied crypto economics and blockchain at Oxford. And.

I just don’t see how central banks are going to allow. Crypto’s free rein. And many of you are aware that, you know, central banks or the us fed is working hard on and CBDC. And once that magical money gets pumped into, you know, peoples. You know, central bank accounts, and then you’re only given.

Two weeks or three weeks to spend it than the velocity of money goes through the ceiling. Right. But then of course, central banks and government now knows where you spend every single dollar. So I do not see how. Sovereign nations and governments and central banks are going to surrender the field to cryptos.

And Bitcoin is a payment rail is just not looking great. So. I at this point, don’t see how cryptos beat gold or silver. As. As a standard. So hopefully we can talk about that in the coming episodes and see what people think. Well, that’s it for now. Uh, we got Nathan coming on next week. Wherever you’re hearing this. You can find everything else you need to know on the website at supply side partners.

Dot com supply side partners.com. You’ll find more about me and what we’re trying to do here. And, uh, you can get in touch. Let us know who you think would be great people to interview. In this broad discussion around classical economics, predictive classical economics. Supply side economics. You know, as I finished up, I think right at the core of my being, is this belief.

That is it any more complex than the idea that if men and women. Uh, pretty much left alone to produce meaningful goods and services that other people want. And we get realistic price discovery. My little boy’s 11 years of age and picked him up from school yesterday. We had a long talk about price discovery.

It was the best thing we were talking about. I said, I said, mate, you know, if somebody is selling in Australia, we have this chocolate like Mars bars, my American listeners. These candy bars. And I was explaining to him. I said, you know, if somebody stood there and I wanted to sell it for $1 billion, how many people would they get?

He’s like none dad. And I said, well, if they sold it for 1 cent, how many would they get? And he said, lots down. And I said, but what’d they make profit now? And we had this wonderful discussion. To learn about price discovery. And I kept saying, I said, mate, governments need to get this snout out of markets and let people work.

So I’d be interested. See what some of us think about free market theory, right. All right 📍 friends. That’s it for now. Thanks for taking the time to listen in. Please get in touch. Let me know who you want me to talk to, and you’ll find everything you need@supplysidepartners.com. So please make sure you’ve subscribed. If you’re hearing this on Apple, Google, Spotify, please hit subscribe.

Leave a comment. Uh, write it cause that’ll get it moving in the algorithms because it’s all about algorithms and, uh, send it to some friends are friends. My name’s Jonathan Doyle. This has been the supply side podcast. And I’m going to have another episode for you very soon.


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