Carlos and Bob discuss the views of some prominent economists on whether a recession is baked into the cake. Contrary to even free-market members of the Chicago School, the Austrians know it's not just a matter of money supply growth. During the boom, there were real malinvestments, and these must be liquidated in a bust.

Mentioned in this episode and other links of interest:

• The Fortune article on Steve Hanke and his views about recession.
• Bob’s journal article with Ryan Griggs on the inverted yield curve and Austrian business cycle theory.
• “The Foundations of IBC” video series.
• John Exter and his pyramid asset analysis.
• Bob and Carlos' presentation, "How to Weather the Coming Financial Storms."
• Bob and Carlos’ book with Nelson, The Case for IBC.
• Their book, How Privatized Banking Really Works.
• The IBC Practitioner Finder.

The audio production for this episode was provided by Podsworth Media.