Monetary Theory (2026) | StreamScapeX

Episodes

Season 1, 8 episodes

Episode 1: Money: Private or Public?
- Now playing
- 56m
- Mar 3, 2026
In our introductory lecture, Dr. White delves into monetary theory by examining the fundamental question of whether markets or governments should provide money, drawing on historical and theoretical perspectives on monetary systems. Together, we analyze Carl Menger's market theory of money, which explains how money emerges naturally from barter between individuals, contrasting this with the state theory that claims government intervention is necessary for monetary systems to function. Dr. White highlights 19th-century American private mints during gold rushes as evidence that market forces can produce trustworthy money without government involvement. Finally, we see that government monopolies often lead to debasement for revenue, and that private systems remain relevant to modern debates on digital currencies.
Episode 2: The Gold Standard
- 1h 9m
- Mar 3, 2026
In lecture two, we learn about the mechanics of a gold standard, focusing on how supply and demand for monetary gold determine money’s quantity and purchasing power. Dr. White explains the system’s self-correcting mechanism, where changes in demand spur adjustments in gold mining, restoring equilibrium and supporting long-run price stability. Comparing gold and fiat systems, the lecture highlights historically lower inflation, greater price predictability, and stronger fiscal discipline under gold. Finally, we review common objections about gold resource costs and consider why economists today generally oppose returning to a gold standard.
Episode 3: Free Banking
- 1h 6m
- Mar 3, 2026
In lecture three, we examine banks’ role in issuing money under a gold standard, explaining why people prefer banking services to direct gold transactions and what constrains banks without legal limits. We explore fractional-reserve banking as a voluntary system where banks provide payments and interest while lending a portion of deposits. The lecture concludes by showing how market forces—adverse clearings, reserve losses, and the price-specie flow mechanism—naturally limit money creation, allowing competitive banking systems to self-regulate without central bank oversight.
Episode 4: The Fiat Standard
- 1h 5m
- Mar 3, 2026
In lecture four, we explore fiat money—currency created by government decree rather than commodity backing—tracing its rise after wartime suspensions of the gold standard and the shift to central bank control of the money supply. We examine the quantity theory of money, showing that increases in money supply drive price levels and make central banks responsible for inflation. The lecture concludes that institutions like the Federal Reserve control inflation through monetary policy, challenging alternative explanations such as deficits or “greedflation” as primary causes of inflation.
Episode 5: Government in Money
- 1h 5m
- Mar 3, 2026
In lecture five, we consider whether government intervention in monetary services improves public welfare, using concepts like market failure and Pareto efficiency. We evaluate public goods, externalities, and natural monopoly arguments, finding little support for intervention since money is largely rival and excludable, and network effects are typically internalized by markets. The lecture concludes with Friedman’s optimum quantity of money theory, which advocates mild deflation to reduce the cost of holding money and maximize welfare, though such policies have proven impractical in practice.
Episode 6: Bank Fragility
- 1h 6m
- Mar 3, 2026
In lecture six, we analyze arguments for government involvement in banking, particularly the claim that unrestricted banking is inherently unstable and prone to runs. We explore the Diamond-Dybvig model that justifies deposit insurance, contrasting random panic theories with "bad news" explanations for runs. Dr. White concludes that well-capitalized, diversified banking systems—like Canada’s—are stable, and that U.S. instability stemmed from legal restrictions, leading to the Federal Reserve as a political compromise rather than an economic necessity.
Episode 7: Money Making
- 1h 6m
- Mar 3, 2026
In lecture seven, we study the underlying causes of money growth and inflation, examining why central banks issue more money than is consistent with stable purchasing power. We delve into the concept of seigniorage—the profit from money creation—tracing its historical roots from medieval mints that debased coins to modern fiat money systems where governments can finance spending by printing currency. The lecture analyzes how governments facing fiscal pressures, particularly during crises, may resort to excessive money printing, potentially leading to hyperinflation, and discusses the growing U.S. debt-to-GDP ratio and its implications for future monetary policy and inflation risk.
Episode 8: How to Secure Better Money
- 1h 10m
- Mar 3, 2026
In our eighth and final lecture, we discuss the challenges of maintaining sound money in a fiat monetary system and examine potential solutions to prevent fiscal problems from undermining the dollar's purchasing power. We delve into the debate over central bank rules versus discretion, analyzing why monetary policy cannot permanently reduce unemployment or boost real economic growth. Dr. White concludes our course by evaluating various monetary policy targets, including inflation targeting versus nominal GDP targeting, and considers alternative approaches such as Hayek's proposal for competitive currencies and the potential role of Bitcoin as a monetary standard.

Monetary Theory

2026
1 season
1h 10m per episode
Documentary
Talk

Overview

In Monetary Theory, a nine-hour course, Dr. Lawrence White explores the debate between market-based and government-controlled monetary systems, combining theory with historical evidence from gold standards to modern fiat currencies. We examine how money can emerge through market forces, the mechanics of fractional-reserve banking, and how central banks influence inflation. The course also addresses banking stability, market failure arguments, and the causes of inflation, including seigniorage. It concludes by evaluating monetary policy rules, inflation targeting, and alternatives like Bitcoin, and asks whether sound money requires commodity backing or if proper institutional design can achieve stability in fiat systems.

Fun facts

Episodes
Ran for 1 season and 8 episodes (2026)
Source for Episodes, opens in a new tab

Details

Created by: Lawrence H. White
Status: Ended
Seasons: 1
Episodes: 8
First aired: March 3, 2026
Original language: English
Countries: US

Production

Peterson Academy

Cast

Lawrence H. WhiteHost

Episodes

Season 1, 8 episodes

Episode 1: Money: Private or Public?
- Now playing
- 56m
- Mar 3, 2026
In our introductory lecture, Dr. White delves into monetary theory by examining the fundamental question of whether markets or governments should provide money, drawing on historical and theoretical perspectives on monetary systems. Together, we analyze Carl Menger's market theory of money, which explains how money emerges naturally from barter between individuals, contrasting this with the state theory that claims government intervention is necessary for monetary systems to function. Dr. White highlights 19th-century American private mints during gold rushes as evidence that market forces can produce trustworthy money without government involvement. Finally, we see that government monopolies often lead to debasement for revenue, and that private systems remain relevant to modern debates on digital currencies.
Episode 2: The Gold Standard
- 1h 9m
- Mar 3, 2026
In lecture two, we learn about the mechanics of a gold standard, focusing on how supply and demand for monetary gold determine money’s quantity and purchasing power. Dr. White explains the system’s self-correcting mechanism, where changes in demand spur adjustments in gold mining, restoring equilibrium and supporting long-run price stability. Comparing gold and fiat systems, the lecture highlights historically lower inflation, greater price predictability, and stronger fiscal discipline under gold. Finally, we review common objections about gold resource costs and consider why economists today generally oppose returning to a gold standard.
Episode 3: Free Banking
- 1h 6m
- Mar 3, 2026
In lecture three, we examine banks’ role in issuing money under a gold standard, explaining why people prefer banking services to direct gold transactions and what constrains banks without legal limits. We explore fractional-reserve banking as a voluntary system where banks provide payments and interest while lending a portion of deposits. The lecture concludes by showing how market forces—adverse clearings, reserve losses, and the price-specie flow mechanism—naturally limit money creation, allowing competitive banking systems to self-regulate without central bank oversight.
Episode 4: The Fiat Standard
- 1h 5m
- Mar 3, 2026
In lecture four, we explore fiat money—currency created by government decree rather than commodity backing—tracing its rise after wartime suspensions of the gold standard and the shift to central bank control of the money supply. We examine the quantity theory of money, showing that increases in money supply drive price levels and make central banks responsible for inflation. The lecture concludes that institutions like the Federal Reserve control inflation through monetary policy, challenging alternative explanations such as deficits or “greedflation” as primary causes of inflation.
Episode 5: Government in Money
- 1h 5m
- Mar 3, 2026
In lecture five, we consider whether government intervention in monetary services improves public welfare, using concepts like market failure and Pareto efficiency. We evaluate public goods, externalities, and natural monopoly arguments, finding little support for intervention since money is largely rival and excludable, and network effects are typically internalized by markets. The lecture concludes with Friedman’s optimum quantity of money theory, which advocates mild deflation to reduce the cost of holding money and maximize welfare, though such policies have proven impractical in practice.
Episode 6: Bank Fragility
- 1h 6m
- Mar 3, 2026
In lecture six, we analyze arguments for government involvement in banking, particularly the claim that unrestricted banking is inherently unstable and prone to runs. We explore the Diamond-Dybvig model that justifies deposit insurance, contrasting random panic theories with "bad news" explanations for runs. Dr. White concludes that well-capitalized, diversified banking systems—like Canada’s—are stable, and that U.S. instability stemmed from legal restrictions, leading to the Federal Reserve as a political compromise rather than an economic necessity.
Episode 7: Money Making
- 1h 6m
- Mar 3, 2026
In lecture seven, we study the underlying causes of money growth and inflation, examining why central banks issue more money than is consistent with stable purchasing power. We delve into the concept of seigniorage—the profit from money creation—tracing its historical roots from medieval mints that debased coins to modern fiat money systems where governments can finance spending by printing currency. The lecture analyzes how governments facing fiscal pressures, particularly during crises, may resort to excessive money printing, potentially leading to hyperinflation, and discusses the growing U.S. debt-to-GDP ratio and its implications for future monetary policy and inflation risk.
Episode 8: How to Secure Better Money
- 1h 10m
- Mar 3, 2026
In our eighth and final lecture, we discuss the challenges of maintaining sound money in a fiat monetary system and examine potential solutions to prevent fiscal problems from undermining the dollar's purchasing power. We delve into the debate over central bank rules versus discretion, analyzing why monetary policy cannot permanently reduce unemployment or boost real economic growth. Dr. White concludes our course by evaluating various monetary policy targets, including inflation targeting versus nominal GDP targeting, and considers alternative approaches such as Hayek's proposal for competitive currencies and the potential role of Bitcoin as a monetary standard.

Episodes

E1 Episode 1: Money: Private or Public?

E2 Episode 2: The Gold Standard

E3 Episode 3: Free Banking

E4 Episode 4: The Fiat Standard

E5 Episode 5: Government in Money

E6 Episode 6: Bank Fragility

E7 Episode 7: Money Making

E8 Episode 8: How to Secure Better Money

Overview

Fun facts

Details

Production

Cast

More like this

Episodes

E1 Episode 1: Money: Private or Public?

E2 Episode 2: The Gold Standard

E3 Episode 3: Free Banking

E4 Episode 4: The Fiat Standard

E5 Episode 5: Government in Money

E6 Episode 6: Bank Fragility

E7 Episode 7: Money Making

E8 Episode 8: How to Secure Better Money

Episode 1: Money: Private or Public?

Episode 2: The Gold Standard

Episode 3: Free Banking

Episode 4: The Fiat Standard

Episode 5: Government in Money

Episode 6: Bank Fragility

Episode 7: Money Making

Episode 8: How to Secure Better Money

Episode 1: Money: Private or Public?

Episode 2: The Gold Standard

Episode 3: Free Banking

Episode 4: The Fiat Standard

Episode 5: Government in Money

Episode 6: Bank Fragility

Episode 7: Money Making

Episode 8: How to Secure Better Money