Economy & Growth Data
I have about two cookies
21:48 , I never ever expected to lave to this moment , a missessian defending inflation , forced devaluation is inflation
You are already more of an economist than most who claim to be after viewing this video Jeff
Makes complete sense to me. Better to pay a lot now then pay a TON later.
Excellent. Always impressed with Jeff.
Few men are willing to change until the pain of remaining the same seems worse than the pain of change. About oil. Has it occurred to anyone besides me that we are not involved in the Middle East to get more oil for the US. We are in the Middle East to keep oil off the market so that western And Saudi oil interest can avail themselves of profits garnered from an artificial shortage of oil.
WFB said it best: "War is the second worst activity engaged in by mankind; the worst, acquiescence in slavery."
Why do most Jews – the richest group on earth, by far – still believe in Collectivism?
I think Yemen, among other wars, betray the "war for oil" hypothesis. It's instead the petro dollar. OPEC and Saudi Arabia continiues to accept only or mostly only dollars as favor for USA military doing it's bidding. USA has to comply to SA's wishes, because if it doesn't, and SA starts accepting other currencies for oil. That would destroy the dollar volumes in forex markets, and that would destabilize the dollar value catastrophically. Stopping the music with very little chairs left for very many people, or indeed whole countries. Ofc this would also destroy the values of OPECs own dollar holdings too. So it's a most terrible game of chicken.
How does that hypothesis sound?
I for one welcome the great haircut as I have long(20+yrs) been calling for. It is certainly preferable to its alternative, the great scalping. Yes, it is high time that long hair bankers get sheared with their own scissors and must pay their own debts without the aid of those much less affluent bearing costs for them involuntarily by route of misallocated taxation.
Everything is political because of the misapplication of government power (force) into every aspect of our lives. It is a symptom of encroaching tyranny and the growth of government that every decision requires wrestling in the Congressional mud pit. This is the consequence of the progressive establishment which many refer to as the deep state, growing like kudzu into every aspect of the economy and now also our personal lives. Its time to Round Up the bureaucratic kudzu and eliminate this egregious threat to human liberty and our economic prosperity.
We must reintroduce the commodity based currency. Money backed by a specific weight of a particular commodity. Gold and silver are historic examples, but many other commodities have promise as well. However, that requires an alteration of the current banking system. Fortunately it can easily, and necessarily must, be converted to a private monetary system.
You’re saying some contradictory things about the money supply.
True “high-powered” (state) money was very loose, but bank money (which is the majority of money in the economy) was very tight due to Dodd-Frank and Basel III regulations. That’s why the bank’s balance sheets are so flush with cash. They aren’t lending, mostly because they aren’t allowed to or they are paid at the fed not to (which you mentioned).
If some big banks were allowed to fail there would have been a natural impulse for the remaining bankers to hoard cash, for a time, but once confidence was restored they would begin lending again.
However with a bailout the banks weren’t scared, they had no real reason to shore-up Their balance sheets so they had to be forced to via regulation. But now a decade later those regulations are still basically the same. So they still aren’t lending, their balence sheets are still full of cash and the over all money in the economy is actually LOWER than it would be without the fed and with free banks, IMO.
You could write off the $2,8 trillion owed to the Fed.
Jeff, our modern day Henry Hazlitt… as witty and better looking! 🙂
Ad Hominem at the kids at the Fed. You're also assuming that they weren't taught interest rates by those who did live through the years you mentioned. Just a very bad argument.
I don't agree that there can be a "market price" for money, without a central bank. Prices are set by supply relative to demand. Money is an artificial device. It is created literally in the minds of men, and does not exist outside of those minds. More importantly, there is no cost of creating money. The supply is therefore infinite, outside of the restraints placed on its creation artificially by the central bank. Since Volcker, the US Federal Reserve has aimed its money restraint/looseness at the rate of inflation, aiming for 2%. The ECB does this as well. So only the overt actions of central banks stabilize the value of money.
I'm a total ignoramus re: economics–and this makes sense to me! Thank you. my take-away "the crash is the cure". Time to take our medicine.
I really enjoy Jeff’s speeches.
14:50 Is it just me or are most economics grads women now?
Sorry fam, ain't gonna happen.
"A barrel of oil, a bushel of wheat, or a Honda Accord." not sure why, but that one really made me laugh. 13:30
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