| Why PhD Economists Don’t Really Understand Inflation |
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Jeff Deist, Michael Oliver and Patrick Highsmith return as guest on this week’s program.
Suddenly, with exploding consumer prices stripping the fruits of labor away from average Americans and thus threatening the political status quo, TV talking heads have set aside concerns about COVID and the Ukraine to focus on what Americans really care most about, namely their ability to put food on the table and gas in their cars. But actually, what is inflation? Is it simply rising prices or is there more to it? What is its root cause? Most Americans don’t realize that long before the CPI rose rapidly beyond the Fed’s target of 2% to over 8%, massive levels of inflation fueled the financial markets to levels that make no economic sense. In that process wealth was allocated from America’s middle class to America’s top 1%. But now that the 1% have gorged themselves with so much wealth that a growing number of Americans are living in poverty, the economic system is breaking down. Why have the PhD economists at the Federal Reserve and our politicians failed us so badly? Is there anything that can be done to tame inflation without ushering in a severe depression?
Austrian economists have well-reasoned answers and Jeff Deist, President of the Mises Institute, shares some of them that have originated from the Father of Austrian Economics, Ludwig von Mises. Michael shares his latest thoughts on major markets based on his structure and momentum models and Patrick updates us on Timberline Resources’ exciting new Carlin-style gold discovery in Nevada. |
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