How did Schacht's MEFO Bills work? Were they inflationary or not?

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In 1934, Reichsbank President Hjalmar Schacht introduced the MEFO bills scheme to fund the German government's rearmament programme. There are various interpretations regarding this scheme, and there hasn't been a decent explanation of how they worked. Some say they were inflationary, while others claim they were not. This video aims to clarify what the scheme was about, how it worked and whether the MEFO bills could be classed as inflationary or not.
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18 июл 2021

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Комментарии : 1,1 тыс.

@Davide-yh8qx 3 года назад

Every Hoi4 player wanted this

@TheImperatorKnight 3 года назад

I gathered that after Googling "Mefo Bills" to see if there were more sources about it online and realizing that most of the results were from sites dedicated to HOI4.

@Black-js5ke 3 года назад

@@TheImperatorKnight have you play hoi4? And did you enjoy it or not?

@independentomega2701 3 года назад

@@Black-js5ke HOI4 is great, if you like beating your head against a brick wall. Watch some videos on RU-vid, it might be something you dig.

@TruetoCaesar 3 года назад

@@independentomega2701 hoi4 is great only if you have patience and are not bothered by losing by random events

@Black-js5ke 3 года назад

@@independentomega2701 I have 1 150 hours in hoi4 and have take the world as Germany and won the eastern front as ussr

@vulcan7859 3 года назад

Normal people: wait, MEFO bills? What's that? Hoi4 players: finally, after all these years...

@commissarkordoshky219 3 года назад

Fucking mood

@regu6582 3 года назад

LOL I knew what the MEFO bills were and found it interesting how HOI IV would deal with them. I think Paradox did a decent job tieing them to civ's. Hint, dump the bills asap.

@niranjansrinivasan4042 3 года назад

@@regu6582 why dump them ? it is the greatest buff for Germany

@davidburroughs2244 3 года назад

@@niranjansrinivasan4042 when you win, yes .... therein lieths the lesson. All real world iou's come with a due date - either one of when it is due or one of potentially never or immediate call.

@regu6582 3 года назад

@@niranjansrinivasan4042 And when war does break out... Better to get the benefit from NOT having as opposed to having the bills in the longer game.

@penguin6815 3 года назад

So how did MEFO bills increase construction speeds by 25%?

@quedtion_marks_kirby_modding 3 года назад

Swedish magic and game balance.

@michaelthayer5351 3 года назад

Well if you have more money (read inflation) slushing through a system, essentially giving an unlimited budget to what you really want, i.e. rearmament then you can do lots of things to speed up construction. Like, hiring more workers, paying more overtime for the workers, outbidding domestic competition for the resources needed to build the factories. It essentially lets you redirect all the resources and manpower normally tied up in productive industries and economic sectors into war production. Or like MMT where the government prints money and by inflation reduces consumer purchasing power while increasing government purchasing power, redirecting resources out of the population and into whatever the government's aims are without "officially" ever raising taxes. For Germany the aim was rearmament and conquest. For modern Central Banks, eh I don't know really, the tinfoil hat people have a lot of ideas. I personally ascribe it to shortsightedness, greed, but mainly the political inability to raise taxes or cut spending that leave inflationary printing the only alternative given the lack of political will to reform the status quo.

@grekusPotatus 3 года назад

They just gave the state stolen money.

@quedtion_marks_kirby_modding 3 года назад

@@michaelthayer5351 So tldr, they use inflation as tax to increase war production while screwing over more peoductive industries?

@michaelthayer5351 3 года назад

@@quedtion_marks_kirby_modding If you're looking for a one sentence summary, yes.

@gimmedat5541 3 года назад

TIK: why don't retailers raise the price on Toilet paper to regulate demand? TIK's Mom: well there are government regulations on this. TIK: But is this really the case? That you even cross checked your mother's statement on this is quite astonishing. Keep up the good work

@YekouriGaming 3 года назад

Keep in mind that it would be the wild west without regulations. One day it costs 10$, another day it costs 13$, next week its 4$ etc. One of the few markets that is pretty wild west is the housing market, and there it is a matter of cycle of 4-5 years between getting an awesome deal or getting screwed over. The issue with housing, basic consumer goods and other stuff is that you rarely have the time to wait around for the good deal if the price fluctuates a lot.

@davedoe6445 3 года назад

@@YekouriGaming yeah man gov't just makes everything so smooth

@coletrain5667 3 года назад

@@YekouriGaming You are off your rocker. The housing market is easily one of the most highly regulated markets in modern economies, every single aspect of it other than price is a product of central planning and social engineering.

@YekouriGaming 3 года назад

@@coletrain5667 The price of a house is not regulated, while almost any other price is.

@sorsocksfake 3 года назад

I think there's a problem here though. Market prices are great with rational actors. The Great TP Crisis of 2020 was primarily irrational. It had nothing to do with real supply and demand, as far as I can tell. It was the result of an insanity (and then a self-fulfilling prophecy). You can't market against that. Raising prices would likely just fuel the insanity as people "think" that the TP factories have been invaded by corona-chan's ghost. That's exactly a situation where rationing does seem reasonable. Its only impact would be, to prevent insane people from buying a cart full of TP and thus preventing people who actually ran out, from getting any.

@renngretsch 3 года назад

Young TIK: Who brought these toys during the night? Mam: Santa, a magic old man that comes down the chimney. Young TIK: Let me just check that.

@guernica4262 3 года назад

But is that really the case?

@lucas82 3 года назад

Mam: Stick to toy tanks

@HansLemurson 3 года назад

If a *Corporation* issued enough new shares to double the number of outstanding shares overnight, they'd face hell from all their investors from the resulting share dilution, and the stock price would plummet from both dilution and loss of confidence. But when a *Central Bank* issues new currency...it's _totally different!_

@AUniqueHandleName444 2 года назад

To be fair, central banks print money with the express purpose of getting people to spend it. It doesn't seem to actually work very well.

@HansLemurson 2 года назад

@@AUniqueHandleName444 If they gave it to poor people to spend, then it would work, but it would also make the inflation be felt very quickly and the "inflation tax" would hurt the wealthy, which is a no-no.

@LiftOffLife 2 года назад

The Central bankers demise will be block chain technology and crytocurrencies.

@intranext1359 2 года назад

@@LiftOffLife or use gold because if there is an electromagnetic explosion from the sun (god forbid), all unprotected electronics would be fried

@LCDqBqA 2 года назад

@@LiftOffLife The Central banker's demise is simply to stop using fiat and the central bank...

@brianpalmer6823 3 года назад

Isn’t this essentially a “War Bond” before a war broke out? That was my interpretation….

@Zveebo 3 года назад

Yes. But it would have been a much shorter video if TIK had just said that 😅

@alanpennie8013 3 года назад

It was something weirder, a quasi - government bill whose redemption could be indefinitely extended.

@simplicius11 3 года назад

No, it wasn't. The Mefo bills were only used and held by the arms producers and banks.

@mauertal 3 года назад

@@simplicius11 thats like the fed would buy her own loans..........crazy........oh NO......THEY DID THAT NOOOOOOOOOWWWWWWW..........

@janehrahan5116 3 года назад

@@Zveebo Just saying "the german 30s are the modern west" gets pushback from simpletons like simplicus down there :)

@1CE. 3 года назад

“Stick to tanks” Never got how people could sleep on these details. So much more interesting on how the war machine works than just the tactics themselves Average “WW2 tactics” Fan, Average “WW2 logistics” Enjoyer

@acew2306 3 года назад

I'm wondering what kind of pictures such a meme would even use

@tyvamakes5226 3 года назад

A picture of a tiger tank vs a detailed war map of the western front.

@koj2698 3 года назад

Average "enemy at the gates" watcher vs chad caucasus logistics researcher

@tyvamakes5226 3 года назад

@@koj2698 We need a better physical visual to emphasizes them.

@koj2698 3 года назад

@@tyvamakes5226 yeah but graphics work are boring and demanding so I doubt it could be done without professional support.

@TruetoCaesar 3 года назад

Thanks for making hoi4 more immersive

@TheImperatorKnight 3 года назад

FIRST! I made HOI4 more immersive?

@cplson2706 3 года назад

Would love to see TIK play Germany or UK in HoI4.

@purplefood1 3 года назад

@@TheImperatorKnight It's a national spirit in the game that gets you a fairly sizable bonus but if you don't declare war you take a large debuff.

@TruetoCaesar 3 года назад

@@TheImperatorKnight the bills are a sub event in the game but I never knew what went on behind the scenes. Now I can imagine schact in his office working with the nazis.

@ausar3852 2 года назад

In the game mefo bills can be cancelled or kept going. If you keep on the bills you rearm faster than everyone but your civilian economy stays behind from countries like uk... but if you capture those countries germany becomes strongest economy

@Corey_Brandt 3 года назад

Hitler: someone who is good at the economy please help me budget this. my country is dying! Food $200,000,000 Repatriation Programs $150,000,000 Infrastructure $800,000,000 Armaments Procument $980,000,000,000 Public Services $150,000,000 Schacht: Spend less on armaments Hitler: no

@theeternalsuperstar3773 3 года назад

that's the rough breakdown? Damn!

@Corey_Brandt 3 года назад

@@theeternalsuperstar3773 I literally just made the numbers up off the top of my head 😆 ik 98 trillion is way too much but its easier to understand the meme at a glance

@theeternalsuperstar3773 3 года назад

@@Corey_Brandt You wrote 980 billion, not 98 trillion.

@Corey_Brandt 3 года назад

@@theeternalsuperstar3773 like I said, I came up with it off the top of my head. 🤷🏼‍♂️

@AlphaAurora 3 года назад

That's a very unnoticed aspect of the interwar years. Germany had stockpiles of munitions and spares ready to go around the outset of the war due to all the interwar era production. Moreover, the fast victories over smaller opponents (up to the roughly equivalent sized France), meant that they had plunder and time to rebuild stores. Meanwhile the Western Allies at least only really started stockpiles post-Munich. Heck, even the US programs don't really kick off till 1939 or so.

@NNN_613 3 года назад

"It's distortions all the way down?" Wait a TIK, I thought it was turtles all the way down?

@peterg76yt 3 года назад

It's turtles but it looks like something financial because of all the distortion.

@mickandrus367 3 года назад

Back in the day, I studied central banking in grad school. TIK has a pretty good handle on how this works so I respect his opinion.

@GuilhermePereira-vi6vc 3 года назад

Ah yes, the MEFO bills, that thing that allow you to construct civilian factories faster as Germany in hoi4

@sld1776 3 года назад

Only indirectly, with the -5 percent to consumer goods. The tasty 25 percent buff applies to everything else you need to wage war except dockyards.

@doodguytheblank2403 2 года назад

Actually, the speed buff doesn’t apply to civilian factories.

@lesliefranklin1870 3 года назад

The toilet paper shortage last year (2020) was initially due to the consumers using toilet paper at a different location, home, rather than before, work. The toilet paper supply streams for home and work are different and are slow and difficult to change. It is not economically feasible to keep toilet paper in a big warehouse and redirect it quickly due to changes in market demands. There was actually a glut of toilet paper for the work and institutional supply stream. When people perceive a shortage of an essential item, they will tend to hoard that item. So, the perceived shortage resulted in a real shortage.

@alanpennie8013 3 года назад

There was the same problem with food as people ate out less.

@georgekosko5124 3 года назад

That's great and all but no, most people buying toilet paper did it because of panic buying, not because their home tp usage increased by 25%

@surlyboomergaming2517 2 года назад

Er.... no. At least not here (USA) the toilet paper problem happened almost over night with the quarantines. It also included just about any paper product you use at home, and basic food staples. So while your explanation is logical, it does not agree with the temporal realities.

@YlL-ji2sl Год назад

@@surlyboomergaming2517 It was clearly panic buying. People were beating each other up over the last pack of toilet paper. No one knew at the time whether the shops would remain fully open and the media said that there are shortages in toilet paper so the people bought even more. When you don't get toilet paper than you obviously buy other paper products to replace it which IS why the demand for napkins etc had risen aswell. And i get it. If i have to die i would want to die with a clean ass at least.

@daizyflower272 Месяц назад

And then there was a boom in babies. Covid babies. And covid breakups.

@TheADPOL 3 года назад

So, the MEFO bill...is almost literally just an IOU. Lol. "Give me your cash, you'll get it back and a bit more, I promise. Trust me dude."

@BoxStudioExecutive 3 года назад

Are you one of those people who don’t use banks

@flamingoxe5984 3 года назад

trust me dude it’s backed by the government

@gargoyle7863 Месяц назад

Yep, the "trick" was hiding it away in the balance sheets as something different than a IOU, so it was harder for foreign intelligence to sum up the true spending on rearmament.

@cdcdrr 3 года назад

Son: Dad, what is inflation? Me: Well, son- Private Banker: Yeah, what _is_ inflation? Central Banker: [cracks knuckles] Answer correctly. Me: *nervous sweating*

@ian_b 3 года назад

Being a bit of a Mises fanboy myself, I always like it when you do an economics video.

@YlL-ji2sl Год назад

How about learning something new instead of watching something you already knew?

@alexhodskins8426 3 года назад

Thanks for all the info and not sticking to tanks

@zephyrus339 3 года назад

I may have an idea on why they used the Netherlands as comparison. From an economic perspective the Netherlands functions largely as a German Bundesland. To have this make sense you must consider the following: The largest land border of the Netherlands is with Germany. People and business have done business on both sides of the border for centuries. Germany is the Netherlands largest trading partner. You must also consider the Ruhr area, Germany's industrial heartland. This area needs imported raw resources. How to they get these resources? Via the Rhine. How do you get on the Rhine? You go to the Northsea, enter the Netherlands and dock at Rotterdam, the biggest port in Europe (and the largest in the world before the rise of China in the 21st century). The Netherlands is a trading country. The more the Ruhr produces, the more products are transferred at Rotterdam. The more is transferred at Rotterdam, the more money the Netherlands earns. On the other hand if the Ruhr produces less (like in a crisis), the Netherlands earns less. So there is a direct impact of the German economy on the Dutch one. Also, prior to the Euro, the Dutch Gulden was pegged to the German Reichsmark. Comparing the two nations therefore makes some sense. Though Germany is a bigger country with a lot more economic flexibility. And the two countries have different laws and policies. So I wouldn't say any correlation is one on one.

@lincolnkia4256 2 месяца назад

“I May” isn’t a fact, buddy. 🙄 The Netherlands’ neutrality during World War I and its policy of non-intervention in European affairs made it a relatively neutral and objective reference point for comparing Germany’s economic and infrastructure achievements. This comparison could be made without the political baggage associated with other neighboring countries.

@frontiervirtcharter Месяц назад

@@lincolnkia4256 Political neutrality isn't the same as economic non-involvement. Politics sets up economic barriers, but in most cases those are gated barriers rather than absolute blockages.. Even North Korea and Myanmar still trade with the rest of the world, just with a lot of interference due to international and internal politics.

@Niklas.K95 3 года назад

Preventively: "TIK didn't gulaged himself"

@auo2365 3 года назад

TIK I gotta give you thanks. Your recommended readings got me through my history units. Without them I reckon I would be extremely lost in my modern history classes. Reading them was rather enlightening too. Thank you very much.

@lordbonney9779 3 года назад

TIK I came to your channel for information about the battles and problems during WWII. But, I also learn so many things I didn’t know I wanted to learn, but I’m happy I have. Keep up the good work and don’t let naysayers get you down!

@jamiengo2343 3 года назад

It’s really handy to get this simple explanation of inflation at 27:30. In fact, you have a great knack in making really complex sounding economic topics simple enough to allow me to wrap my head around them (just about), thanks!

@frontiervirtcharter Месяц назад

Except for the point at 27:04 where he misquotes what the wiki article on the screen says ..

@karisvenner3892 3 года назад

Great explanation, very fortunate that inflation measures in "modern economies" only account for consumer goods and not, oh you know housing prices, market prices, gold prices, anything-except-bread prices. BTW you have a Typo at 7:40 "Prises" instead of "Prices"

@sillypuppy5940 3 года назад

Ah, inflation. Randomly picking a number would be more accurate than the official figures. (Or perhaps they do that?)

@ardasurel8951 3 года назад

Some aspects of the Mefo Wechsel maybe could be reexamined. The Mefo Wechsel were not bonds, they were bills of exchange. The difference is that a bond is an 'I owe you' whereas a bill of exchange is a 'You owe me'. The cash which Hjalmar Schacht identified to be idling around in safes was the cash of war industy supplying companies. The chain that the Mefo BoEs started was that such companies could use their idle cash for the purchase of input for their pruduction, deliver the produced goods to the Wehrmacht and then could isse their BoE with the Mefo as the borrower. So this is not a bond in which the public can invest as today. It is more like a contract where the supplier allows deferred payment to the purchaser. As this document was interest bearing, two thirds of all the Mefo BoEs were held till maturity. And before the date of maturity of the bulk of these, the Reichsbank laws were changed and the Reichsbank was obliged to refinance the government without limits. You also could not pay with the Mefo BoEs (in the sense of walking into a shop and paying with Mefo), what you could do was to offset your own debts to third parties (business to business) under the condition that your own creditor accepted these bills . Mefo bills were intended to be a loan by industrial producers in the armament sector to the government and only a total of a third of these was presented to the Reichsbank to be discounted in the sense of being exchanged into Reichsmark.

@alanpennie8013 3 года назад

A very clear explanation. It appears that MEFO bills were converted into state debt in 1939.

@stargazerspark4499 2 года назад

indeed thank you for pointing this out.

@Hydrogenblonde 3 года назад

TIK, whatever you do please do not "stick to tanks". Your economic assessments are a revalation and in simple terms destroy the economic BS fed to us in the wider media. More please.

@PeachesandCream225 3 года назад

Thanks for the link to the pdf. Your passion for explaining history and economics is inspiring!

@samsonsoturian6013 3 года назад

MEFO Bills = High Interest Treasury Bonds in simple terms. Issuing more bonds is also how governments deflate their currency when needed, because they can sell the bond and then delete the cash.

@samsonsoturian6013 2 года назад

@@DonnieAllenCooper anyone. Government bonds are as safe as the cash issued by the same government, and there was plenty of idle German currency.

@AKUJIVALDO Год назад

High interest? 4% is high?!

@etistone 3 года назад

Great analysis! People have reached the same conclusions of dubious economical success of nazi Germany by looking other parameters such as child mortality, child growth, life expectancy, etc. They found out that there was no improvement on those parameter, despite reduction of unemployment, many people stayed miserable. While before the Nazis coming into power, there was improvement on those parameters. It is an indication that all the economic growth generated at the time was not directed at the people, but to rearmement and preparation for war.

@anon_148 2 года назад

Well, all that money directed to the war effort sure proved useful when Germany got itself in WW2 so I would say that their policy was a success no?

@etistone 2 года назад

@@anon_148 Yes, initially, when they plundered their neighbours after defeating them. But in the end, they lost big time.

@anon_148 2 года назад

@@etistone They were able to plunder and conquer said neighbours because they won offensive wars against very heavy odds, which is what their economic policy was supposed to enable. That is why I said that their economic policy was very sound, because it literally achieved what it was supposed to to a stunning degree. They ran heavy deficits to fund their army in a gamble to use said army to get the resources they lacked, even with TIK being tunnel-visioned into his ANCAP autism I don't get how he fails to see this. The economy is supposed to benefit the nation, not the other way around.

@etistone 2 года назад

@@anon_148 You are twisting the meaning of words. What you are describing is not an economic policy, it is a war policy, and yes it was successful, for a short time.

@anon_148 2 года назад

@@etistone What do you mean "for a short time", I'll say it once again they took over all of Europe against what seemed insurmountable odds and their economic policy helped them achieve that. TIK decries the "unsustainable" deficit spending and points to it as being the product of socialism incompetence, but clearly the economic policies helped them accomplish their goals. I don't quite understand what you mean when you say that what I'm talking about here is "war policy" and not economic policy, since I am referring to the way they allocated their budget and used the aforementioned deficit spending to finance the rearmament at the expense of other industries or long-term profit or sustainable growth, which is clearly a deliberate economic policy. The reasons they eventually lost were, among many others, the fact that their enemies simply had many times their industrial capacity, manpower and resources; I don't think anybody can deny that in 1939 and especially in 1941 Germany was punching way above their weight. I also believe it would be absolutely insane to claim that a more liberal, free-market oriented economic policy focused long-term economic growth would have had them better prepared for a war in 1939, which was clearly their goal.

@vareckthehistoricaldemon196 3 года назад

The MEFO bills were always extremely confusing to me so thank you for this

@thebourgeoiscapitalist9431 3 года назад

Keep up the good work TIK. I also found your video on why Hitler declared war on the USA quite useful in filling in several gaps in the explanation of his decision. However I have still wondered why it is said that Hitler wrote in his second book that he planned for war against America. This not only seems to be a bad decision but also would contradict his eastern front strategy.

@GQ1123ja 3 года назад

He needed the recorses of the SU to fully mechanize his Army and To build a Airforce and Navy to fight the western powers

@gilbertjones9157 3 года назад

When you couple this video with yours on the logistics for the Eastern Front you have a very deep insight of the complexity of the economy, war and likely out come, Germany was dying since before 1937. A short take away is that it is better to be Switzerland or Sweden, armed but selling to everyone. I know they were occupied but what was economics of Vichy France, since they did not have to continue the war? There was a shortage of labor with over a million men entered during the war. Did the French have a deflationary period? Did their economy contract? Did Germany tip the scales when they stated to print 5 pound notes that were indistinguishable from the genuine B.E. fivers? Could Germany have waged the whole war using their chief foe's economic stability, make war using their money? Economic Price control by Nixon and Ford's Wipe Inflation Now is a smigine of what it was like in Germany which we may see come back during our hyperinflation but if we loose so many to the infection and treatment of Cov19 would the developing contraction stall out the inflation? One of the response to the Nixon Ford inflation and imposition of price and wage controls was innovation, No more New York steaks replaced by Kansas City Cuts, new product new price. The USA has been in a shooting war every decade since 1980 and instead of wage and price control they have used derivatives to manipulate all commodities and keep the hyperinflation buried while keeping production moving. Another country to check during WW2 is Spain; how did their economy fare during that time? ------- War will rototill the economy of both side of a conflict. A better way is not to engage in war. Spend small on war and make the front line boots pay as you fight but how can a pilot pay for the Warthog Gatling ammo or the fuel the plane uses, but a sniper could pay for both his 50 cal long barrel and the round he would use and who's going to be responsible for using a drone? War maybe good for innovation but in reality is is good for nothing.

@deanmurphy5735 3 года назад

Careful Tik. You might be declared an enemy of the state and held at her majesty's pleasure.

@fallingfallingfallingfalli500 3 года назад

We all are. According to the "new" politic way of gauging "risks" we are "dangerous bugs" carriers.

@1amjapan Месяц назад

That was an amazing overview of a complex subject. I really appreciate how scholarly these lectures are, you're an excellent teacher.

@koj2698 3 года назад

Such thought provoking and challenging debates are far more important (especially with todays world) than anything else on your channel(despite you are killing it there too).

@garywebb8086 3 года назад

Now I know where the US government got the idea for savings bonds. 🤔😳

@Vitross 3 года назад

Saving bonds are way way older than mefo bills.

@playmaka2007 2 года назад

Not only are you a great historian, you are also a great economist. I guess being a great historian will do that to you!

@kernowpolski 3 года назад

A great piece of work TIk and thanks for the PDF - all very illuminating!

@RafaelSantos-pi8py 3 года назад

We can't understand the events during and leading to WW2 without understanding the economics behind them. And this channel is the first i see openly talking about them. Other documentaries totaly ignore the economics leaving a big gap of knowledge on the reasoning of the major players.

@jangelbrich7056 3 года назад

THIS is a topic I longed to know more since a long time. These mystic legendary MEFO thang. Thanks for this special video! (At 03:50 I was curious what You are showing. Alas those are not MEFO bills, but some other POW bills that the Wehrmacht issued in their detention camps. I would be keen to see a real MEFO bill ...)

@BQD_Central 3 года назад

For some reason you don't even find real Mefo-Wechsel Scheine in the German web. Not that easy to find one.

@jimsackmanbusinesscoaching1344 3 года назад

Disclaimer: I have not studied MEFOs in depth and am using the language of the video for this post. I think the challenges you are going to get come from the description of a MEFO bill. For all intents and purposes, a MEFO bill is a government issued bond. The MEFO has a single interesting feature in that it is exchangeable for cash at the request of the MEFO holder. All the government bonds that I am aware of are callable at the request of the government. I want to point out that these were apparently issued at a "discount". This would mean that the face value of the MEFO would be discounted against the cash value that represents. This would likely represent why they were not exchanged. Let me give your 4% and $1 example. A baker sells a bun for $1 of MEFO with 4% interest. The baker walks over to the bank that day to exchange the MEFO. The baker would not receive $1, but instead $0.96. This would be even more true if the maturity date was several years in the future. The other thing that should trigger economists was your quick jump over deflation (which if you sneeze you will miss). The general practice of operating governments at a deficit is that the debt principal is worth less in the future because of inflation. Periods of deflation are really bad for this. Operating at a deficit when there deflation is a way of bankrupting very quickly.

@johnweatherby8718 3 года назад

This was probably the weak point of the video the quotes about monetarist being wrong about the money supply decreasing and deflation not being harmful. While a general deflation can cause equilibrium, even Keynes admitted this, long term deflation transfers wealth as borrowers the loan plus interest with money that would buy more than when they took the loan so it transfers real purchasing power. There is a difference between prices dropping to reach equilibrium and long term deflation that transfers wealth that occurs with a trade deficit in a gold standard or if a central bank actually decreases the money supply rather than decreasing growth. You could say the same thing if you talk about short term general rise in prices to reach an equilibrium vs. long term rises in prices due to money supply and deficit spending. I don't want to harp on it much though because the general point was right.

@alanpennie8013 3 года назад

It was an effect a treasury bill but with the unusual quirk that after its original redemption date (180 days) it could be indefinitely extended in 90 day instalments. This is all from Wikipedia so it may not be quite accurate.

@jimsackmanbusinesscoaching1344 Год назад

@@AYVYN My post did not talk about production or conquest at all. It simply related the MEFOs to bonds that exist today.

@AYVYN 8 месяцев назад

@@jimsackmanbusinesscoaching1344 I apologize for my reply from last year. After continued research, you’re completely correct.

@InterestedAmerican 3 года назад

Allow me to swerve from the WWII-era German economy to current economic affairs that we all can see happening today (if we dare actually look) - It is about the condition of the United States economy (and by connection, the global economy, due to globalization) It is important to understand that the Federal Reserve follows the economic policies set by the Federal government. The Federal Reserve is no longer a completely independent agency. - Figures used are taken from the chart website used in the above video - The US currency supply 30 Dec 2007 is a modest $1.4-trillion. On 31 May 2021, the US currency supply reached a whopping $19.2-trillion. On average, that is an increase of 100% per year, since the 2008 financial crisis. Putting that into even greater perspective, it is a mind-bending 1,300% increase in the US currency supply over that 13 year period. However, we find the largest jump in sheer volume when we look at the period, 13 January 2021 thru 31 May 2021. During this period, the US currency supply went from $3.8-trillion, and reached that whopping $19.2-trillion figure. This means the US government created $15.4-trillion - that's a 500% increase in only 5 months! Anyone that has taken Economics-101 will understand that such government actions will inevitably have adverse effects the economy. Well guess what? There has been a very noticeable effect, and it is being felt right now by everyone in the United States. For the past few months consumer prices across the board have been slowly yet steadily rising. US Government economists claim the rising prices are only due to shortages in the supply chain caused by reopening the economy after the 1.5 year global pandemic shutdown. They also claim the prices will return to normal once businesses reach their pre-pandemic production capacities, and returning truck drivers start to once again deliver the increasing supply of commerce. When all this happens, the economy will be fine... you'll see. I'm completely skeptical of these claims, because I have been waiting since 2008's financial crisis for the US economy to force a policy reset. What I mean by "reset" is the moment when one economic policy becomes moot, and is no longer applicable to the current economic situation, and a new and different economic policy must be developed and implemented to steady the economy, so it can recover. To borrow from Professor Mark Blyth's (google/RU-vid him) computer analogy; think of the entire economy as a computer, and the economic policy that runs it as the software that operates it. At present, the computer is running on 40-year old software that has been periodically updated. But now, it appears that software is going to cause the computer to crash. A new economic policy (the software) is needed so the next iteration of the economy (the computer) can run smoothly again... for 40-50 years, when it should all happens again (because history shows that this does happen periodically, ~twice a century).

@stargazerspark4499 2 года назад

this is of course totally unsustainable and the wheels are falling off regardless of how they try to apply the brakes to the economy, The U.S. is running out of countries to invade and plunder too. looks like the petrodollar system is failing as well so other countries won't need any more devalued fiat dollars to buy energy resources (thanks Russia!), meaning an end to exclusive world reserve currency status. how convenient we have a global crisis in the form of a p(l)andemic to serve as a pretext for a "Great Reset". what a fortuitous "coincidence".

@luelee6168 3 года назад

Love your channel, LOVE IT!!! Your a history channel and yet you cover more than just history. Brilliant, simply brilliant.

@rafaellorentz6592 2 года назад

In Brazil they control the rise of prices caused by a inflation not by increasing productivity ( which, it’s kinda of smart) but by raising interest rates in banks, so it encourages people to save money. I never understood why the rising of interest rates would effect the stabilization of prices during an inflation. Thanks tik, for sharing a timeless knowledge. It’s not a WWII channel, because some issues of that era haunts us today.

@user-lq5yx1ke5k 3 года назад

Ah yes, Vox the pinnacle of Economics.

@rhettbutler289 3 года назад

keep the same prices but change the size/weight of the goods. My Cadbury creme egg keeps shrinking!

@lukebrennan5780 11 месяцев назад

I was reading "The Rise and Fall of The Luftwaffe" and they discussed using MEFO bills. Your explanation was exactly what I was looking for. Congratulations on a great explanation. PS love the range of books on your shelf. I need to get some of those.

@cc-dtv 3 года назад

Great video guy, was a pleasant surprise to see some of the concepts surrounding fiat currency being discussed in the comments a few days ago show up in a video

@Mrnewkrakbo 2 года назад

Damn! This series is amazing TIK and this video is even better than the previous, my head is inflating now

@wilmerholmqvist8705 3 года назад

That exemple was great I finally understood

@cnake4617 3 года назад

Nice video, as usual m8. Apart from explaining the mefo bills, this video also gave an insight into how currency works. Keep up the great work and never ever just "stick to tanks" Thanks a lot man

@eressea_ 4 месяца назад

Magnificent video and so iluminating ! I've been hunting this MEFO dark and conveniently silenced trick for years. I've never listen to someone with the capacity of explaining so much about it with a deep historical understanding of circumsances, and a sense of humor. Thank you for this work

@samsonsoturian6013 3 года назад

About central banks making money off money printing: That's only more or less true. In the civilized world hotshots are SALLARIED, and the men printing bills don't set the budget. In the US, inflation is targeted at 1%-2% to keep people investing and spending rather than saving. Of course, there's a conflict of interest where inflation behaves like a tax while not appearing as so, leading to many historic instances of currency mismanagement (mostly during wartime).

@janehrahan5116 3 года назад

Amazing. Almost everything you said is wrong.

@samsonsoturian6013 3 года назад

@@janehrahan5116 don't you have a court date to ignore? There's no combination of facts that renders everything I said wrong.

@therealcaesar3157 3 года назад

I always find your videos about economics to be extremely interesting. Have you considered a video about FRD's New Deal, because you only occasionally refer to it but never go into detail (as far as I have seen). I can imagine that you would be able to put a spin on the narrative on how he "ended a depression that went on for 12 years"

@jaimejaime2930 3 года назад

One of your greatest videos, amazing considering it was an economic discussion and had nothing to do with combat.

@holyfreakinschift5740 3 года назад

I moved you from "Great Researcher" to "Damn Near Genius". No, no raise, but think of the added prestige with that title! Great work, dude.

@monophthalmos9633 3 года назад

Funny that you post something like this right now. I'm currently wondering what to do with my own "rainy day fund", it's not a fortune, but having worked for it, I wouldn't like to see it wiped out.

@mahlapropyzm9180 3 года назад

Land and gold are the only true assets.

@TalkernateHistory 3 года назад

Put it in a Roth IRA. Buy VTI.

@Paciat 3 года назад

Thank you TIK. "America's Great Depression" from your link is in Polish too.

@soviettankmen Год назад

I just recently discovered (thanks to my friend) that Hjalmar Schacht was an economic advisor in Indonesia during the 50s. I will rewatch this video to understand his views and read Indonesian literature to see how much of his impact in Indonesian early economy and is there a similarity of it with German Natsoc economy

@nurmikoil1103 3 года назад

Hey, TIK. I made a comment about Hitler not being a socialist recently which your responded to. I did not realize at the time that you were emotionally involved with the topic because of your political beliefs. I just want to tell you that I love your videos man, and you produced many hours of quality content and a possibility of distraction from IRL struggles for me, and I don't want to trigger you over politics. Peace, much love!

@jamesbeeching4341 3 года назад

Very good! It is interesting that Schlact knew his economic "plan" was essentially false and was doomed...War in 39 looked inevitable from an economic point of view

@christopherconard2831 3 года назад

What happens to things like MEFO bills or government backed bonds after a war if they are issued by the loosing side? I understand that if it ends with a treaty and redrawing a few lines on the map the issuing authority is still responsible. But in the case of Germany or Japan after WWII, or Russia after WWI that government no longer exists.

@tlanimass952 3 года назад

In most cases, they just became toilet paper. At least this is what happened in Russia (speaking from personal experience). People basically lost their savings overnight.

@dessertfoxo4096 3 года назад

If the government secied to exist then the bonds no longer have value. A large part of the marshal plan post war in the UK and France was to stop the old government's falling and defaulting their debts and bonds.

@lucienberton4538 3 года назад

Hi TIK; What a timely topic for you to cover. I live in Lebanon. The country is presently bankrupt and going through a Weimar Republic style currency meltdown (all be it for entirely different reasons). Inflation rate is so far 1800% and rising. The central bank has seized all Euro/US$ bank accounts from all citizens and private companies i.e. forcing them to sell their US$ currency for local currency at the official rate which is 1/6th of the black market rate and dropping. Anyone needing to wire money abroad has to sell their US$ in the bank (i.e. Monkey Dollars) at the official rate, buy US$ at black market rate (from the bank that robbed them in the first place), and pay a transfer fees to boot, to make the transfer. Talk about being rear-ended without vaseline! No affection for bankers over here at all. L.

@BelleDividends 3 года назад

This one was a good economics video. Saying this as a marxist. Enlightening to learn of the difference between various definitions of "inflation" and that I should spend a lot more attention to "monetary inflation" vs "price inflation".

@ethanlynch8275 3 года назад

I really appreciate these types of videos, especially since it’s relevant to the current situation in world economics. Postscript I get the weird impression that, when currency is “deflating” the Central Planners want you to spend, and when currency is inflating they encourage you to save. Am I getting that right? Edit: My bad on the ‘they want you to save during inflation part’. That idea came from the fact that in school you were always encouraged to spend, even given the problems of inflation, rendering those savings largely worthless especially when they’re in paper currency or credit.

@overdose8329 3 года назад

Central planners never want you to save

@ethanlynch8275 3 года назад

@@overdose8329 You’re probably right.

@menajev 3 года назад

When currency is inflating they want you to spend, and when currency is deflating they want it to inflate.

@ethanlynch8275 3 года назад

@@menajev I think I get it - When the inflationary process is underway, the expansion of the supply of currency prompts the consoomer to spend more money, funneling large amounts of money through high taxes back into the government (accounting for spending multipliers). All in all, since the government just printed more money, and with no real change of the consoomer’s position (until the supply shortage hits, “prompting” the Central Planners to “rescue” the economy), the outcome (one of them) is the central planners are able to increase their share of the value of the currency over the consoomer. And, the process of inflation, shortage and more inflation is a repeating cycle that allows the process to continue relatively quietly. Would that be more accurate?

@agesflow6815 3 года назад

Thank you, TIK.

@rocksandoil2241 3 года назад

Your understanding of WWII is exceeded only by your lucid explanation of economics. Excellent Excellent

@pluxauag7555 3 года назад

Perfect, very sound explanation of money. "Princes of the Yen" a great documentary here on RU-vid based on a wonderful book. As an Economics graduate, I didn't know what Window Guidance was until that opened my eyes. You explained this subject wonderfully, thank you TIK. Totally agree.

@Random-om8rq 10 месяцев назад

you don't actually agree with him, because he's literally saying that window guidance, which was Japan's way and other countries's way in east asia to create money for productive investments, is in his eyes just hiding inflation, i think that's because credit creation, which what window guidance literally was, is for him inherently inflationary.

@quedtion_marks_kirby_modding 3 года назад

Ik this will sound like a dumb question. But what would be a more historical way to balance the economy of a game like hoi4 that doesn't shows the mefo bills as soemthing that helped the economy while also keeping the game balance?

@TheImperatorKnight 3 года назад

It's difficult because HOI doesn't have a proper economy. In theory, there should be an inflation feature, much like there was in EU2, where after a while the currency you're using becomes worthless and the economy starts to implode. So it may have a good effect in the beginning (maybe), but then results in long-term stagnation and difficulty.

@quedtion_marks_kirby_modding 3 года назад

@@TheImperatorKnight I wish hoi4 had a proper economy, but it seems the devs are "too focused on the tanks" to add one.

@juliantheapostate8295 3 года назад

@@TheImperatorKnight There is a crude inflation debuff if you play as Nationalist China

@DrewPicklesTheDark 3 года назад

@@TheImperatorKnight The MEFO bills cost more and more political power over time, you don't notice it much in a typical game since it's basically set up so that when you annex other countries you get their gold and that reduces the penalties of the MEFO bills. If you _don't_ start a war (Did a "peaceful Hitler" run once), then they can actually stack pretty high if you let them go on. It's a really really bad way to represent it, but it does at least capture the "if you keep this up forever you're going to get screwed" aspect.

@arvidkoop6738 3 года назад

Hi TIK At the beginning of the video you said that everyone who invests in the market during economic unsertanty is insane and that saving is the correct way. But for example now there is inflation so youre money which you are saving is getting worth less. Can you explain?

@TheImperatorKnight 3 года назад

The currency is becoming worthless, so people rush to make more of it in the stock market. The problem is that the stock market is at all time highs, and is ridiculously overpriced. Worse, you have to beat the inflation - which was 30% in 2020 in the UK last year (that's how much Sterling they printed - about 30%. The CPI doesn't reflect this). Therefore, there's a high chance of a crash where you lose everything, and even if there wasn't, unless you day trade, you're going to get destroyed in the stock market, and you've got no chance in making 30% in a year. So unless you're someone like Gregory Mannarino and know what you're doing (which I'm certainly not), then I'd stay clear of the stock market.

@arvidkoop6738 3 года назад

@@TheImperatorKnight Thanks for the explanation!

@SherlockHo1mes 3 года назад

@@TheImperatorKnight What do you think about investing in commodities at the moment? I know they are volatile now but I think it’s better than just waiting for your money to be worthless.

@davedoe6445 3 года назад

@@TheImperatorKnight But if central banks are inflating currencies, wouldn't it be reasonable to think that hard assets like (admittedly high quality) business equity would also go up in price? My model is: freshly printed money goes to rich investors who inflate asset prices first, and then later as inflation works its way across the economy business revenues rise to make the valuations reasonable. So it might be simultaneously a bubble and yet never "pop" in "real dollar" terms.

@Zveebo 3 года назад

@@TheImperatorKnight The increase in the money supply wasn’t anything like 30% in 2020 - what’s your source for this, TIK? In any case, you are creating the problem yourself by redefining inflation as something that has never been its primary meaning. The US stock market has averaged around 10% return (growth and dividends) yearly for well over a century. So long as you invest for the long term, and don’t do something absolutely insane like day trading or ‘investing’ in commodities or pyramid schemes like Bitcoin etc, you’ll be fine in the long run - you just have to accept there will be peaks and troughs and make sure not to act on any short term basis.

@tomg.1309 3 года назад

Thanks for this one; very interesting and well researched; getting the PDF download, thanks

@oesypum 25 дней назад

When you look at the Currency Reform in the Wesrtern zones of occupation 21.6.48, The Reichsmark was valued at10% of its pre-war value, and so the Deutschmark came into existence, this action caught the Soviets on the backfoot, and they introduced the East Mark around the end of August 1948 in their zone. Of course, it wasn' as horrendous as the hyperinflation of 1923, which had some of its roots in actions the Germans, themselves took prior to the outbreak of hostilities, and compounded by the Treaty of Versailles. Its first physical manifestation is assigned to the1.8.1916, when all mail prices were increased by 50%. Thank you for the explanation.

@grekusPotatus 3 года назад

Unfortunately in HIO4 Schacht doesn't have anything to do with the MEFO bills but some weird thing about Chehoslovakia. What a let down... Still I like the video so far.

@EndOfSmallSanctuary97 3 года назад

Paradox doesn't understand economics. What do you expect.

@grekusPotatus 3 года назад

@@EndOfSmallSanctuary97 Well the way I see it is that this is a historical inaccuracy since this activity is documented in the book Vampire Economy. It's a matter of bad research.

@GuilhermePereira-vi6vc 3 года назад

@@EndOfSmallSanctuary97 it is literally a game where a person, you, control literally the entire country like if you were a God. If you think that everything has to be perfectly represented you shouldn't even bought the game.

@EndOfSmallSanctuary97 3 года назад

@@GuilhermePereira-vi6vc That's not a counter-argument to what I said, Paradox apologist.

@grundergesellscahftmkii6196 3 года назад

In the end HoI is about game balancing due to multiplayer focus. So yeah don't expect much from them.

@mrniceguy7168 3 года назад

re: toilet paper shortages - you should have seen all the people on Reddit talking about empty shelves in a “capitalist” economy (the US) and how fast you would get downvoted when you pointed out that price controls are not capitalist. I live in Florida and every time a hurricane is headed towards us, we face all sorts of shortages because it is illegal to raise prices in an “emergency.” When I point this out, people think that prices will be astronomically higher and that the 99% will go without gas and toilet paper. They also suddenly ignore how shitty it is right now, even though everyone in Florida knows it sucks.

@mrniceguy7168 3 года назад

@@TheImperatorKnight God forbid people make the choice to pay someone offering a service.

@user-lq5yx1ke5k 3 года назад

Reddit commies don't understand basic economics? Who would've thought

@mrniceguy7168 3 года назад

@@TheImperatorKnight Imagine actually being so hurt by people having different opinions that you have to make false reports to shut their opinion down. We’re literally talking boring economics here. Sheesh.

@sergiojuanmembiela6223 3 года назад

Nope. You face shortages because there is a hurricane and logistics are hurt by it and people hoard whatever they can. Rising price would not solve that, it would only make the shortages fall disproportionately on the poor.

@damyr 3 года назад

@@sergiojuanmembiela6223 THANK YOU! I just wanted to write that.

@pertys_socks 2 года назад

Thank you, tik for explaining inflation and mefo bills. These things were never taught in school.

@nicopaepen4012 3 года назад

hi, FYI: the "money" you are showing at +/- 4 mins, is POW camp currency ("Kriegsgefangenen Lagergeld"), so it doesn't look like a MEFO bill. Great channel, by the way! greetings, Nico

@cnake4617 3 года назад

Ye we all noticed it, he probably couldn't find the actual mefo bills, when I searched it up I could find only reichsmark pics

@oaples8790 3 года назад

Something2 Hoi 4

@ptkiller26 3 года назад

The more I hear about the failures of inflationary policies, the more I am concerned for the world post-Covid. The sheer amount of fiat money that has been printed over the past year is likely to cause an huge economic crisis

@sillypuppy5940 3 года назад

It's here already.

@lamwen03 3 года назад

But the transfer of power to the government will remain. Which is, ultimately, the goal.

@Zveebo 3 года назад

All money is fiat money. Gold has no inherent value any more than anything else.

@user-dp6xi7gq4k 3 года назад

@@Zveebo Although not backed by gold, currencies are backed by goods and services. The more money you print without economic growth to back it, the more fiat it is. The point is, even though there isn't a gold standard, not all fiat money is created equal.

@Zveebo 3 года назад

@@user-dp6xi7gq4k Well, true to an extent, but money backed by a random commodity for which demand ebbs and flows over time is a poor way of running an economy (look at the silver-backed currencies of the past). Generally a good measure of whether money supply is keeping up with economic growth is simply to look at price inflation which is a fairly direct indicator of whether money supply is keeping a balanced pace with economic growth.

@jackmara7659 3 года назад

Sometimes sceptical of tics work, brilliant yes but sometimes sceptical 🤨 However...! This is nail on the head perfect 👌 and epically so... Exactly what needs to be heard by the people who care to listen, there’s no doubt possible about what is really going on in the world right now. Much respect from “not generally a fan” 👍

@FlvAet421 3 года назад

This video is a hidden gem. Thank you.

@jimcronin2043 3 года назад

The US Federal Reserve has stated that it has an "inflation goal" of 3%/yr. (measured by the CPI, not the Money Supply). Since when does inflation benefit anyone--except major banks? They can't afford price declines, particularly in real estate or else their loan portfolios will go upside down. This is evidence that the Fed is trying to fight off a "bubble" as discussed in the video. I would further suggest that it demonstrates an unwanted blurring of the lines between the private and public sectors

@Zveebo 3 года назад

Most countries have a target of a small level of inflation these days. Economists generally view a small amount of inflation as a good thing as it helps discourage the hoarding of money and means that people are encouraged to keep it flowing regularly around the economy. These sorts of targets have generally proved remarkably effective at keeping inflation and interest rates stable over the last couple of decade. Currency is a state creation, so I don’t see how a target for inflation blurs the lines with the private sector.

@jimcronin2043 3 года назад

@@Zveebo I am sorry but I am unable to agree with you. With the high levels of credit card debt in society it seems that people are not "hoarding cash". Perhaps that is the stated reason by the Fed, but maybe they are fibbing just a bit. Further, if individuals or companies were keeping large cash balances in bank accounts that would serve to increase the total pool of available capital which would increase the money supply even more because of the loan deposits with fractional reserves it would create.

@FullSemiAuto357 3 года назад

Should've named them mofo bills...

@jakubnita200 Год назад

great video, my a level textbook explained MEFO bills in a really confusing way and this cleared everything up for me

@splatsma 3 года назад

Fascinating, I bought the book, thank you for the recommendation.

@MrBigCookieCrumble 3 года назад

_Sticking to Banks_ i see

@davedoe6445 3 года назад

Stick to Gold. I want to hear TiK's 100% gold investment plan :)

@AYVYN 8 месяцев назад

Every word is an outlet for your biases. I will include real sources. Enterprises in Germany did not directly purchase MEFO Bills using traditional currency, nor did they hoard a rapidly devaluing currency. *“Each bill of exchange was strictly checked to ensure that it was backed by the appropriate commodity, e.g. no bills of exchange for loan were acknowledged.”* (‭Pentzlin, H. (1980). Hjalmar Schacht: Leben und Wirken einer umstrittenen Persönlichkeit. Ullstein Verlag‬). *“MEFO bills circulated widely outside the Reichsbank among companies and financial institutions.”* (Debt and Entanglements between the Wars / editor, Era Dabla-Norris - IMF eLibrary p. 220)

@christianlibertarian5488 3 года назад

Oh boy. I have been a disciple of Milton Friedman, and his explanation of the mis-steps of the Fed at the start of the Great Depression. He claimed (I thought) that the Fed tightened due to concerns about gold outflows. Now you say they actually loosened. I guess I'll read Rothbard's PDF.

@TheImperatorKnight 3 года назад

Friedman is great in a lot of ways, so you should continue to listen to and read him. Same with Thomas Sowell. But as you'll see when you read Rothbard's America's Great Depression, the Austrians have the superior economic model. And it aligns with the history better. Hope you enjoy the book!

@christianlibertarian5488 3 года назад

@@TheImperatorKnight A bit of a problem with the PDF download right now.

@dogcalledholden 3 года назад

Tik, this question has arisen from watching your series on paying for the German war effort of 1939-45: What about Britain's war economy? They strictly controlled prices and supply. Armaments were controlled pricewise strictly. Thompson charged the US Government $300 for a submachinegun, yet a STEN was as low as Three pounds per unit. How does this all fit in the economic scheme of inflation etc? I am fiscally dyslexic, and I appreciate how you manage to breakthrough the coma inducing dialogue into terms I can understand. Please keep up the good work.

@Ivan_I99999 3 года назад

Seeing as you're delving into more economics, why not discuss the role of bonds in the economy and recessions.

@falsouth762 3 года назад

It's TIK time!

@dogcalledholden 3 года назад

Thank you for revealing this.

@calumdeighton 3 года назад

A slow clap of applause here from me TIK. One hell of a way to shoot oneself in the foot in the Schacht section. "Oh, we are not trying to steal your money with schemes. By the way. Our modes operandum is to create schemes, for us to steal your money!" By the way, good podcast today from the Lotus Eaters on America at the moment and how its going. Becoming rather remarkably like Italy during the 1930s & 40s. Can give a link if you like to see what I mean. But otherwise. Fantastic content, and amazing work as always. 👍

@mistysowards7365 3 года назад

Tik, can you please do something well outside your norm on your channel please? We are in fact in a legit cold war inside the US ... And given your knowledge on the subject I would love your thoughts on this; Please review this new book, American Marxist by Mark Levin. . I really fear history is repeating itself in the worst of ways and the ones repeating insane mistakes really believe they can avoid ALL the history of past failures. Please Tik.

@ggimenes42 3 года назад

Thank you TIK for not sticking to tanks

@davidjhall5315 2 года назад

You hit the nail on the head there mate. Good work.

@georgewilliams8448 3 года назад

An excellent and informative video!!

@Grapymoron 3 года назад

Please explain inflation to styxhexenhammer666

@Grapymoron 3 года назад

@@TheImperatorKnight He did a debate with An0maly a few days ago and said that Trump's printing of 6 trillion didn't effect inflation. Here is the stream the debate portion is roughly 2 hours and it occurs at the beginning, ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-WvTZVXoxR5o.html the debate is about Trump and his polices, one of the main points is the 6 trillion printed and whether or not it caused/will cause inflation. There some topics in the debate unrelated to inflation, and a lot of name calling so it can be hard to listen to at times.