Emmanuel Maggiori joins me to explain how inflation, incentives, and broken monetary rules quietly reshape behaviour inside an economy. From Argentina's black markets and capital controls to money printing, MMT, saving vs spending, and institutional credibility, we explore why inflation destroys trust long before it destroys prices — and why countries don't collapse overnight, but drift into dysfunction as rational people adapt. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - TIMESTAMPS: 00:00 – Introduction 02:34 – Argentina As Warning 05:00 – Anti-Business Drift 23:49 – Black Markets Emerge 44:40 – Credibility Ends Inflation 57:36 – Corruption Normalised 1:17:14 – MMT Political Reality 1:48:21 – Why Saving Dies 2:00:40 – Discipline Over Time 2:54:44 – Pain Enables Reform - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - CONTACT PETE › Website – http://petermccormack.com › Feedback – https://www.petermccormack.com/contact › Email – me@petermccormack.com › Instagram – /mccormack555 › X/Twitter – https://x.com/petermccormack/ CONNECT WITH EMMANUEL MAGGIORI › Website – https://emaggiori.com/ › LinkedIn – https://uk.linkedin.com/in/emaggiori SPONSORS › IREN - https://www.iren.com/ › Ledger - https://www.ledger.com/ › Gemini - https://gemini.com/ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - LISTEN / SUBSCRIBE › Apple Podcasts: https://apple.co/40ruY9K › Spotify: https://spoti.fi/3Wc94Vu › Fountain: https://bit.ly/FountainPM › YouTube: https://bit.ly/YouTube_PM › Rumble: https://bit.ly/RumblePM FILMED BY CURTIS TAYLOR › https://www.curttaylor.co.uk/ › https://x.com/curttayloruk/ EDITED BY CONOR MCCORMACK › https://x.com/ConorM04 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -