Who Benefits from Inflation? | Thomas J. DiLorenzo
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- čas přidán 20. 02. 2024
- Recorded in Tampa, Florida, on February 17, 2024.
Special thanks to Liberty Villages and the Shrader family for sponsoring this event.
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“The establishment of a central banking monopoly is 90% of communizing a country” - Lenin
Seeing Tom as president makes me feel really optimistic about the future of the Institute.
Amen to that!
Make a good US president as far as me
Man I love this dude. Calls it like it is. Plain English. Some humor.
I love Dr. DiLorenzo so much. What a wonderful man at the helm of the Mises Institute.
The main benefit of inflation: we continue to print money, maintaining our position, while you become poorer every day.
THERE IT IS
"For this essential acceptance [consent of the majority], the majority must be persuaded by ideology that their government is good, wise and, at least, inevitable, and certainly better than other conceivable alternatives. Promoting this ideology among the people is the vital social task of the “intellectuals.” For the masses of men do not create their own ideas, or indeed think through these ideas independently; they follow passively the ideas adopted and disseminated by the body of intellectuals. The intellectuals are, therefore, the “opinion-molders” in society. And since it is precisely a molding of opinion that the State most desperately needs, the basis for age-old alliance between the State and the intellectuals becomes clear." Anatomy of the State, Murray Rothbard.
These supposed higher centers of learning in the world are indeed about learning, not education. It is all in the indoctrination to a much higher degree than just high school. It is all about sending parrots to institutions so they can squawk louder and longer but they don't know shit about shinola. College graduates that know nothing about education nor the world around them.
Love it! Concise and full of substance
Enemies are good because then you can prop yourself up through the opposition. Everyone needs enemies in order to get support.
There’s an excellent book that covers this subject. It’s called “Death by Socialism” by J. M. Rock. I just read the e-book and I highly recommend it.
I'm convinced. I wanna work for the Fed!
I’ve read Dr. DiLorenzo’s The Real Lincoln, Lincoln Unmasked and just cracked the covers on The Problem with Lincoln. On page 26 under the sub-heading Lincoln and the Cause of War, it details his first inaugural on March 4, 1861, 163 years ago today. I don’t feel like celebrating.
I get learn a great deal from Prof. DiLorenzo's talks.
The better question is what group runs the banks and the government that colludes with the FED? Why is usury the preferred “strategy” of the West?
Or jewry
I think you are too scared to name the tribe in question
@@wgsmit02 Not at all, just don't want Susan to crack down on this channel. We have to play these games now.
The richest families control the banks. The banks started the Fed and control it. The Fed does not do anything except pretend it does things. Why is usury the preferred strategy? Because that is what is best for the richest people who control everyone and everything.
@02 The Tiny Hatters? LOL. I don't think we need to discuss or mention them. Instead let's focus on the biggest problems first: The Government ie ( multi-generational organized crime syndicate and the the banking system. If We can get rid of both of them and start something new, maybe one day we will be free. Right now we are not.
Thank you
Everyone accepts fed can print money but doesn't want to give up the idea that government runs on taxpayers' dollars. This is year 4 thinking skills.
Yep printing plenty of money for wars, but social security oh no that comes from your taxes. Lol! And with a straight face too.
americans are not very smart at that...fact.
DiLorenzo's talks are good stuff.
Tom, please post more often :)
The take on Paul Samuelson really crackled me (11:04). It's amazing how a Nobel Prize winner in Economics could say something laughable and stupid and codified it in an Economics textbook to be taught in universities, even the Ivy Leagues. On top of that, Samuelson is graduate school professor in Economics at MIT. Imagine what kind of economists, with twisted & distorted view on economic realities were produced, FED (pun not intended) with Samuelson's flaky textbook.
Now imagine an economy where bankers have to live like a wage workers. Because you have no real way to get around using money and central planning. You can see that when Gorbachev ended central planning and brought back private property that Milton Friedman advised is it created an economic disaster until banking and industry could be put back into the hands of a few oligarchies as planners. Go ahead and fire all your "central planners" to save money and see if that will help your falling rates of profit in industrial production.
You are poorer because you rely on cash. People who bought assets don't care. They profited so much that they don't even check the prices of goods. You don't have to be a 1% to live without fear of inflation. You just got to make right choices, that's life.
The deeply indebted and those who have contracts to pay out denominated in U.S.D. are those who benefit from inflation.
Such as home owners with a fixed-rate morgage
And of course the -33 Trillion dollar federal government
Asset holders ie banks and corporations.
@@authenticallysuperficial9874 True, as long as the homeowner never moves and property taxes don't go up substantially. If they want or have to move, they get to buy a new house at the inflated price, with the property taxes proportionately higher.
00:12 Jim Bennett's quote about being ahead of those who are nipping at your heels suggests staying ahead of competition.
01:23 Tucker Carlson's experience in Moscow highlights how perceptions of cost differ between countries, impacting one's perspective on economic issues.
02:20 The speaker considers writing a book on who benefits from inflation, highlighting a lack of understanding among the general population.
03:55 Debtors, including the federal government, benefit from inflation due to reduced real value of debt.
04:17 The Federal Reserve's history includes financing bailouts, reflecting a pattern of intervention in the economy.
06:52 Bailouts create a system similar to economic fascism, where losses are socialized while profits remain private.
10:18 Inflation and economic instability benefit the welfare bureaucracy by increasing demand for welfare.
12:01 Political business cycles suggest that Fed policies can be influenced by electoral concerns, affecting economic stability.
16:00 Fed spending on itself is linked to changes in the money supply, indicating self-perpetuating inflationary incentives.
20:56 The Fed influences monetary policy literature, controlling the narrative on monetary policy through subsidized research.
21:44 Fed's funding and influence extend to supporting woke ideologies, highlighting broader societal impacts beyond economic policy.
the very fact that this is not spoken about in college, not even attending economy classes, is notable.
LOL. Great humor and content!
Wonderful Wonderful
Tom is the drug 4 me !
Great talk, I was looking for the $163,800 Janitor salary figure to cite in my own work but can't seem to find it in the source. Please could someone provide reference to it? Thanks
What you folks need to realize is that banks do not loan dollars.That would be illegal.
The answer is Abraham Lincoln
The FED lowered its inflation objective to less than 2% in 2012. They changed the target to a long-term average of 2% inflation. Because long-term interest rates are set at inflation plus a profit margin, the implication is lower interest rates. I consider the current rising interest rate to be a very serious issue it will cause more investors to withdraw from the market. But then despite the severe bear market, I am aware of certain investors that continue to earn over $365,000. Wish I could accomplish that.
Very possible! Particularly in this weak market. There are several opportunities to generate excellent returns, but such intricate transactions can only be carried out by seasoned market professionals.The FED lowered its inflation objective to less than 2% in 2012. They changed the target to a long-term average of 2% inflation. Because long-term interest rates are set at inflation plus a profit margin, the implication is lower interest rates. I consider the current rising interest rate to be a very serious issue it will cause more investors to withdraw from the market. But then despite the severe bear market, I am aware of certain investors that continue to earn over $365,000. Wish I could accomplish that.
I totally agree, it's been three years and counting, and I've made over 1.7 million by simply following a coach's advice. I was on the sidelines for a while watching, trying to determine the best time to get in, before I came across a coach, recommended by my wife. I was reluctant at first but I went ahead and contacted the coach. As a small reward for my consistency, I went on a trip to the Bahamas in the late summer.
This sounds interesting. My portfolio is in the red. Can you recommend your analyst, please?
Natalie Noel burns is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
"if you want to know what is really going on at an organization, ask the janitor" was a saying that I've heard more than once. An observant janitor will likely come across some interesting memos that have been discarded in the waste paper baskets, and likely overhear the gossip at the water cooler.
If you want to ensure that the janitor doesn't leak his store of insider info, pay him/her well, I guess. That explains the 6 figure salary of the Fed's janitor.
Rich people in bad times will only increase their gap over middle class and poor people. When the economy is good, like in 2016-2020, everyone benefits and the gap has a chance of narrowing.
Tom mentioned the movie "The Big Short" the lingering question at the end of the big short and they ask it like 5 times is how are the accountants allowed to keep these banks running when all their assets are garbage? At the end of this video, Tom says the list of things the federal reserve regulates, and wouldn't you know it, I heard "financial reporting procedures and accounting". The fed is allowing this creative accounting today as well as long as they don't go illiquid like the california banksk
They don’t allow it they require it. Accounting should be simple A+B-C-D. I’m fact they made simple accounting methods illegal.
The banks and employers of course
Vast oversimplification that ignores that fact that both businesses (employers) and banks often fail as a consequence of inflation.
100% Factual
16:30 AJ Shaw mentions Samuelson's book on @amitvarma podcast
Can’t the FedResBank be outlawed?!?
Only if you have a better alternative.
@@theodorehaskins3756 check out what Milton Friedman and Thomas Sowell has said about the Fed. Fascinating…
Imagine an Ayn Rand Presidential debate with Hillary Clinton🤔
I don't think they all conspired: they did not understand what was happening. Never attribute motive when it is usually incomptence
When Fed exists so many years, and damage is already done, they will "End the Fed".. We living in the comedy movie.
not 5.9999m but according to the Croix Rouge Int. it was .275m mainly from typhus and malnutrition, in any case it would have needed 180m gallons of fue and taken 43 years to deal with 5.9999m with 6 burn34w.. also.. head of al Shiffa hospital orthopaedic surgey has DIED after 120 days of TORTURE.
Burn down the federal reserve
But that's how the elites get their free money for doing nothing.
SO, i get that the Fed has flaws and the critics exposed by DiLorenzo are justified, but what is the alternative for the economy? What does he propose to make things better? That's what I'd like to hear from him. Solutions. Are there any ways to fix all that?
@21:37 "...no criticisms of the FED..." Yeah, I took a business class back in 2005 and when Greenspan's name came up the teacher said:"ISN'T HE WONDERFUL!" IMHO
Who benefits for Userry....humm...the J... Do not give them ideas anarchist but not communsit party
Austrians, correct me if I'm wrong, but I think the Fed is being short sighted.
If they really took a long term approach, NO one, not even them, benefit from inflation. As no one benefits from any plunder, in the long run.
Plunder discourages production and is ultimately self-defeating. It is only short-sightedness OR a desire to purposefully crash everything to the ground that can motivate people to plunder - inflation or otherwise.
I believe this is what Bastiat talks about in Economic Harmonies or as Ayn Rand puts it "there are no conflicts of interest between rational men."
the banks benefit from inflation long term because it removes the incentive to take your paper and coin money and put it in your own safe versus Bank Of America or JPMorgan. You can get 1% or 3% in a CD if you do that. No, this is actually why they have the inflation target at 2% and not 0%
You should read democracy the god that failed by Hoppe. He goes into great detail about the reasons behind this self defeating purpose.
The question is when will this all end? Can it go on forever?
When fiat starts to really decline....
Inflation boosts Sales Tax........and this is what is disingenuous about Gov . Policy.
Gov. Can't institute Taz Moratorium (s) ....( As clearly it's THIER ..........fault ) (⁉️)
The question is not the correct one. The correct one question is "who is benefiting from money printing?" (Money printing under various names).
Everyone who should know better sat back and watched as this happened and did nothing,now they same billionaires are coming back to haunt us
Who benefits from inflation? Thomas J diLorenzo!
Says so right in the title. Cushy job at a prestigious institutite. Gets to give lectures and write books!
J'accuse!
For the dense, slow, or bad at humour: that was a joke. Love ya Tom!
I can only buy bonds or stocks or crypto for an amount I have, If they tank thats it. If I could have unlimited money and tries I'd be rich forever. Kind of upsetting. Treasonous. Not hyperbole, treasonous. Swing the pirates
maybe would be more wiser to explain in details how inflation ruin us. A lot of people how no idea how to understand this topic.
Q
Bible
Debt forgiveness every 7 years
Year of jubilee 49th to 50th year
Return of all property to all who had to forfeit it due to debts
Slaves had to be also set free!
Q ❤
Government…..
actually, it's much worse than that
Thomas may know something about economics, his comment about Ukraine was ignorant
Are government is worth less!!!!!!!!!!
Our
Capitalists. You're all welcome.
Force the wisest hardest working disciplined, determined visionary creators of the actual products that raise the standards of living for all of the humans, to have to give their $ away to the worlds over breeding societies, will take away their incentives to keep on creating the newest and best products that benefits all of the people in society. Also it doesn't force the excuse makers to have to learn how to take the responsibility for not planning their own citizens futures more wisely. if you knew how hard it is to feed them. Then why did you keep on planning to breed them??????? Starvation is one hell of a motivator!!!!!!!!!
Some facts and lots of opinion.
I stopped at Tucker "quote" 😂 Bye!
Political theater
Oh this is great, correcting the professor. Inflation is not expansion of the money supply. Inflation is expansion of the money supply faster than the expansion of goods.
No. Inflation is simply increasing the money supply. The amount of goods produced is irrelevant. You are conflating cpi with real inflation. CPI can increase regardless of the money supply due to demand.
@@bowlingvanjapan4099 Well bean brain, perhaps you should consider that words have meaning which you don't seem to be able to comprehend.
inflation
noun
1: an act of inflating : a state of being inflated: such as
a: DISTENSION
b: a hypothetical extremely brief period of very rapid expansion of the universe immediately following the big bang
c: empty pretentiousness : POMPOSITY
2: a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services
Yep as soon as you have banks that can write contracts to hold gold and issue paper money to both the owner and the borrower you have the magic of creating more paper money in value circulation than actually gold in money. The first printing of money to pay for war in the US was for the civil war. Who gains when inflation occurs? The owners of private property. The value of their property rises. A large part of capitalism is nothing more than the slight of hand played with numbers.
You can’t even get basic facts right.
The “first printing of money” was for the Revolutionary War.
Da Djewz
❗The beneficiary is the bourgeoisie. As long as there is private property that is concentrated in the hands of the bourgeoisie, there will be no democracy, but there will be a plutocracy. Do not confuse plutocracy and democracy. Socialism or barbarism!
Socialism as a whole, has never worked no matter what manifestation it takes. Education and medical care can be exemption. But Socialism becomes communism which turns into authoritarian government. Always be a group of elites running the shit show that it is ." Everyone is equal but some are more equal than others" is their mantra...self governing, inalienable rights that you as a human being are born with, pursuing of happiness thru freedom and a capitalism monetary system...is and always will be the finest..🇺🇲🇺🇲🇺🇲🇺🇲🗽🗽🗽🗽
Generally agree with him, but his “facts” on Wall Street bailouts are incorrect. The government didn’t eat the loses. The companies paid loans back with interest.
Not all of them. Ford did, but the other two didn't fully pay them back.
DiLorenzo uses the example of the crash of 2008. I'll just remind everyone that if the Fed had not bailed anyone out, the whole financial system of the USA would have failed. Talk about ruinous for capitalism. I should state clearly that I was not in favour of the bailouts either. On the other hand, I understood why they were necessary. They were necessary because loosened regulations on the financial services industry allowed them to take on some incredible risks that ultimately led to the crash. Alan Greenspan said at the time they all thought the market would be self-regulating, and that risk analysis would prevent what happened from happening. Well, it didn't, and the financial system around the world was shaken to it's knees.
fed scam
Look up Fed employees. What he says isn't true.
I'm going to be honest with you all. No one has a definitive and macro AHA moment regarding economics. No one. Not even this guy.
He has merely tapped into a set of ideas that supports his own background in education and 'experience'. The 'synergy' of this confluence ideas has manifested for a time. And has timely presented a hill for him to stand on. But it's all still ephemeral. A fire and fury that could still be entirely baseless and not firmly rooted in reality.
The average person absolutely benefits from inflation.
The average person’s balance sheet is made up a large amount of fixed nominal liabilities, and somewhat larger amount of assets, largely real (home, cars, household goods, and stock funds) with a small amount being bonds and nominal savings.
This type of balance sheets benefit hugely from inflation and get rocked from deflation.
As far as their income statements, these are usually renegotiated annually in the case of salary, and daily in the case of many life expenses. This leaves the income statement more malleable to inflation realities, as labor is also a “real resource” and can benefit (nominally) from inflation.
Good ideas, but poorly organized as a presentation.
Duh. Who benefits? Corporations. They adjust immediately. The average person. Stuck trying to keep up. Cant just "do it" like business.
Nope. Vast oversimplification on your part. There are many corporations and businesses that ultimately lose profits precisely because of inflation. In fact, if inflation is high enough, the connection between inflation and business failure becomes starkly obvious.
Attacking his own ruling class. Naturally when prices rise faster than wages for property property owners benefit.
You sound confused, the only ruling class is literally the people the people vote for and government employees and nominees. The US government is powerful enough to continually cause economic crashes and destroy markets by regulations, and they are doing that. Soon private schools will cease to exist, only government-approved transport will ever be available, and so on. Even religions are dying out as abortion is forced down the throats of Catholics. That's what you wish for, a government that controls everything.
And yet our ancestors suffered from mass poverty & starvation back when they used gold & silver for money.
ur so lost dude, just stop typing
And that is "cause and effect"? Huh?
People also suffer from poverty and starvation today in places where gold and silver isn't used for money. What's your point exactly?
only if your ancestors were commies.
That is only because technological development outpaced inflation.
This guy cant speak properly
Very poor speaker. Bye bye.