Integrating Infinite Banking with Austrian Economics
The integration of Austrian Economics and The Infinite Banking Concept™ was a vision of the late Nelson Nash. This vision ultimately led him to turn the leadership of the Nelson Nash Institute over to Austrian Economists.
Recently, I sat down with Austrian Economist, Robert Murphy, at the Infinite Banking Think Tank to discuss the significance of Austrian Economics and Infinite Banking.
Robert P. Murphy is a Senior Fellow with the Mises Institute. He is the author of many books on economics including How Privatized Banking Really Works and The Case for IBC.
The Infinite Banking Concept™ (IBC), as outlined by Nelson Nash in his bestselling book Becoming Your Own Banker, is a way to take control of the banking function in one’s personal economy.
In short, IBC is a predictable way to create financial independence using your own personal capital. By practicing Infinite Banking you can grow your wealth safely and predictably without having to depend on traditional banks or government plans.
Research shows that most Americans will transfer away the majority of their wealth to taxes, interest and fees… unnecessarily. By taking control of the banking function in your life using IBC, you can recover these losses.
Austrian Economics is based on sound money, liberty and individual action. In contrast, Keynesian Economics and other schools on economic thought, stifle freedom by creating dependency on the state.
Our government is funded by our central bank, the Federal Reserve, which funds the federal budget by financing its debt. They inflate the money supply with credit expansion, thus producing boom and bust cycles.
The Austrian thought defends free markets and encourages private ownership, while opposing state intervention. There are varying degrees, but in essence Austrian’s believe the individual should be in control of their own capital and be free to act without the government.
Bringing the two together, Austrian Economics and Infinite Banking, businesses and households can take control of their own personal economies and opt-out of the fractional lending system.
The Nelson Nash Institute
As it stands today, Bob Murphy, Carlos Lara and David Stearns are the Directors for the Nelson Nash Institute. They task themselves with educating the public and financial professionals on the Infinite Banking Concept™ (IBC).
IBC is simply the process of using a dividend-paying, Whole Life Insurance policy as a cash management tool, that allows one to become their own banker. Thus, escaping the tyranny that would otherwise be forced on them by the central bank and the state.
You can learn more about the Nelson Nash Institute (NNI) here.
If you’d like to learn how to become your own banker, the best place to start is by reading the book, Becoming Your Own Banker.
From there you can schedule a meeting to find out if IBC is right for you.
I’d love to hear your thoughts, leave a comment below and ask me your questions.
I’m Your LIFE Evangelist,
Barry Page
Barry Page is a Registered Financial Consultant, Managing General Agent and Founder of Legacy Insurance Agency, PLLC. He helps families take control of their finances and create financial independence using The Infinite Banking Concept™.
Page has been cited on ABC, CBS, NBC and FOX for his work helping families and businesses with wealth building strategies to increase cash-flow, secure capital financing and provide tax-free retirement income.
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