Inflation is a government scam | Saifedean Ammous and Lex Fridman 

It is designed to keep us enslaved: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-H7kW2JP9WwU.htmlsi=qM6niRORnKqdz49N

Yeah I don't accept any facts

I just buy what rich politicians buy and sell what they sell. Works out great!

We do. The criminals pushing for the great reset are working against us.

Because people don't actually learn the things they need to be taught.

@@trippsmclovin It's like we're all riding a wave and you just hope that when you bail it's not because it's crashing into the reefs.

Cantillionaires be up!

True

@@jimmytimmy3680 TIMMY!

@JAB Initials You presume much, including about me. Seems you’re the one who may be slave to your prejudices. I’m sad for you if the government today is what you want it to be.

@@indoor_gangster TIMMEHHH

Laziness and ignorance manages to recite an adage. 🤣

Eff the government

Hayek? The libertarian super star economist? Shocking that he was critical of his peer who has seen much more success than him both in their lifetime and over the years.

@@kodykendall you can be friend of a person and don’t be a clone of his or her ideology, it’s healthy, now we can ask ourselves, why Keynes, with his bad economics is more known than Hayek? Is because make the politician like a hero? Who will profit with that idea?

The hilarious thing is that Keynes was extremely succesful as an investor throughout his lifetime but he is seen as the ivory tower scholar.

More monetary units chasing the same amount of goods / services. Denominator of fiat is infinity. Numerator of goods / services is not.

That's good, but personal happiness isn't the best ultimate goal. We need to advance human race. No one should work too hard, in a job that they don't like. But people should strive to do job, that they enjoy.

@@ConnoisseurOfExistence amen on that

@@ConnoisseurOfExistence Correct, we are drowning in the vastness of the cosmos, even the earth itself could destroy us, we must work to keep each other alive, but many people are becoming malicious and cancerous, selfish and evil. Many dangers are present, we must also work hard to fight evil.

Can’t think of any situation where if someone just worked a little bit harder they would be able to afford a Ferrari.

@@ConnoisseurOfExistence that statement sounds self contradicting

I had never heard the expression "planned obsolescence" in this context, and it´s a perfect way to phrase it. And a direct consequence of the short term mentality of politicians and advisors, whose interest in a country´s economy ends up right at their mandate ending date.

@@purpleman1974 Which context you mean? I meant the actual planned obsolescence of stocks, purposely made to expire in suboptimal time.

@@ConnoisseurOfExistence Oh, OK. I thought you gave that expression a meaning of economic/political policies that aim and get short-termed "good results", as short as their mandates, at the expense of sowing the seeds of future economic breakdown.

Seems to work both ways guys.

@@SPARKYTX I think so:)

@@CptVein inflation = good is a myth sold by those who cause inflation. Central banks have replaced the role of the treasury, and, given that they are private financial institutions, they have a desire to make money, hence rising interest rates. That interest rate creates a scenario whereby each dollar created has a hidden fee. If you tack that fee on each transaction, then it is compounded over decades. That compound interest creates the inflation, hence why money loses value. Government borrowing money is part of the problem as well. But don’t sleep on central banks controlling the money supply, etc. inflation is not good. Spending doesn’t need to be incentivized, since it wasn’t incentivized for thousands of years.

I’ve never heard anyone actually say that other than these two clowns. It’s the other way around - a small amount of inflation is a natural byproduct of a healthy and vibrant economy where people are spending. It’s not that it actually helps spending itself.

@@CG-rb4xo the central bank isn’t private, it’s a government body that is institutionally independent from the government but it is by no means a private business at all. They don’t “make money”…

@@christophersurnname9967 our central bank, “the federal reserve” is a central bank, and it is federal in name only. Please Do some research and get back to me, if you can. It is private because of the institutions and families that actually own it.

@@christophersurnname9967 also, pre-central banks, there was no inflation at all. The value of money remained constant for literally hundreds, if not thousands, of years. Those economies were stable. Inflation only became a thing when we allowed central banks to lend money to the government and people at interest. Again, interest is why the money loses value over time. If there were no interest, there would be no inflation of money. That is why governments and central banks, such as the federal reserve and Bank of England, etc. shift the interest rate around. They are trying to control inflation. Economies need constant growth because of our debt based system of money. Because our money is fiat, it is only ever created when people borrow. Obviously, in such a System spending and debts, and borrowing will need to be encouraged. Inflation helps to accomplish this. But these tools only treat symptoms of a disease created by our own money system-a system created by central banks.

Keynesian economics is an oxymoron.

Wow thanks for the indepth breakdown.

How does quantitative easing cause inflation on balance?

MMT (+negative interest rates) is the biggest economical cancer.

Mr. Smarty Pants in the hoooouse!!

According to mason, maybe no smarty pants… lol

Riiight? His lectures should be mandatory for every school lol

that's was one of the original ABBA members, right?

If you knew, you wouldn't need to know.

This is true.

@@indoor_gangster Yeah. The blonde one.

Yes! I've had to watch time again his unenlightened interviewees bitch about economics. Joe Rogan needs to get one of those Austrians on as well. The time is ripe for the Austrian revolution

And value adding capital

What are essential goods?

@@sethjohnson1733 twinkies and spirits... 🤣 everything else was lost in a boating accident.

As a former cokehead. I agree 100%

Crypto is the answer

Some prices going up due to supply/demand shocks isn't inflation. Price inflation is all the prices going up, the price level. And that is neccesarily because of money supply inflation, growing money bidding up somewhat sticky supply of goods. Price inflation is demand outsripping supply.

It’s not stupid. Over time inflation creates economic instability for regular people, who decide to hand over their rights to the government in exchange for “financial security”

@@thejfactor1 it’s stupid that the government causes inflation by constantly defining its currency downward by promising to always pay more next year for the same stuff

@@007SuperSoldier well yeah it’s a stupid concept in the lens of advancing humanity. It’s genius for government officials who profit from it.

Corporations are incentivized to takeover the government because the government is the ultimate monopoly (see: the monopoly on the use of force). So, in order to protect their corporate power, companies want to lobby the government so that the use of force is swayed in their favor. Just look at how many corporations have offices in Washington DC. Microsoft got hit with anti-trust lawsuits from the government in the 90s and quickly learned that it is easier to play ball with the regulators, than to try and run a free-enterprise based company. That way you can crush your competition with ruthless regulation that favors big business. Government power/regulation is essentially a cheat code for corporate profit.

People are sheep nowadays and rely on big daddy government. Just look at the last 2 years of tyranny where not only did a big part of the population supported tyranny but they demanded it

There is no "monetizing the debt". Money has always, always = debt. Money is a promise/IOU which always has 2 sides, a liability side and an asset side. US dollars are liabilities of the Fed reserve and an asset to those who hold those dollars. The Federal government can issue as many debt instruments/US dollars as it wants and does so through the use of a keyboard. When taxes are paid to the Federal government, you are redeeming yourself from the Government's tax liability which extinguishes that debt at which point US dollars are destroyed. Anyone can create money, its a question of getting people to accept your money. Disneyworld can create Disney bucks, Chucky Cheese's can create tokens, and surrounding business's could use Chucky cheese tokens as payment as long as they trust Chucky Cheeses to honor those tokens. US dollars are transferrable debt instruments, they are the Nations highest form of money because of the tax liability which makes everyone need those dollars. Taxation creates networks of buyers and sellers of goods and services who will exchange for US dollars, price their goods in USD.

@@henrygustav7948 money is a claim on resources today T0. debt is a future claim on money @ T + N periods for the asset holder. debt for the issuer (liability holder) is the obligation to settle the debt via legal tender or providing money in the future. money in a fiat system is not an IOU like in a gold based or even in a Type II paper gold based system. it's really only a liability in a fiat money system in so far as it may not provide you the same purchasing power or be worth the same amount of resources when you go to exchange it. what does the US government OWE you for your dollars other than the authority/trust/military backing that the dollars can in fact be used as legal tender to settle debts both in the form of bonds but also in the instantaneous liability of services rendered i.e. commerce? the answer is nothing because its not really an IOU like in a gold based system where you can always redeem the same amount of gold for it. When the treasury issues Debt a future obligation to pay the bondholder dollars and the Federal Reserve prints dollars and buys them that is called debt monetization. But make no mistake about it those bonds the treasury issue and the federal reserve bought will still be settled at par on maturity. the question is how many goods/services will those dollars be worth on that date.

@@JohnSmith-je1dm "money in a fiat system is not an IOU like in a gold based or even in a Type II paper gold based system. it's really only a liability in a fiat money system in so far as it may not provide you the same purchasing power or be worth the same amount of resources when you go to exchange it." Money has always been representative of debt whether its gold coins, tally sticks made of hazelwood or any other token. "what does the US government OWE you for your dollars other than the authority/trust/military backing that the dollars can in fact be used as legal tender to settle debts" The US Government extinguishes your tax liability when you pay your taxes and US dollars are destroyed. US dollars are transferrable debts/tax credits. When you pay your taxes you are redeeming yourself from the Governments tax liability. Look at any dollar bill, they are debt instruments which are legal tender for debts public and private. Public debt = Taxes. "When the treasury issues Debt a future obligation to pay the bondholder dollars and the Federal Reserve prints dollars and buys them that is called debt monetization. But make no mistake about it those bonds the treasury issue and the federal reserve bought will still be settled at par on maturity. the question is how many goods/services will those dollars be worth on that date." The Treasury can only issue Treasury bonds to those who already have dollars. You can not buy a treasury bond with anything else other than dollars. The Goods and services have already been paid for. The act of buying and selling bonds is not necessary and does not fund the Government. Does not provide the Federal government with US dollars to spend. Yes Treasuries are a future obligation to pay bondholders dollars. What did the bond holders exchange and give up to buy those bonds? They used USD. Does the Federal government have an inability to ever repay treasury bonds? of course not. To pay back a treasury, a savings account is debited with a keyboard and a checking account is credited. This is how Chinas US treasury holdings get paid off, how all treasuries get paid off when matured.

@@JohnSmith-je1dm Order of operations is Spend tax issue treasury bonds. It is not tax, issue treasury bonds, raise funds and then spend. The Federal government never has or doesn't have money, rather it creates US dollars at will for all its spending, by using a keyboard and crediting bank accounts. It always creates new US dollars for spending ALWAYS. There is no alternative option, no plethora of funding options. The Federal government spends one way and one way only and that's crediting a commercial bank account and then the commercial bank credits a recipients account. Bond sales are done after the fact in order to drain the banking system of reserves which are put there with previous Government spending. This is done in order to drive up interest rates, so sale of bonds is a monetary policy operation, not a Fiscal operation.

Eggs came from debasement. Remove debasement ability, and funding corruption becomes much much much harder. Because corruption isn't profitable for the customers that fund your corruption. Guy can pay his idiot nephew wages for doing nothing. That would be an example of corruption. But that corp would be using money badly and it's merchandise would be more expensive than the corp without that corruption. Wouldn't you agree?

Without money, how do you think the phone your using would come about?

@@chrisboshers the phone i am using is under 24h surveillance, so it is all about control !

@@SMT_2024 my point is that the corruption of money is not the purpose of money. Without money, you would have nothing and still be control

@@chrisboshers the corruption of money was not my point, in any circumstances money is just a mean of control, control thru ego and the size of it, of course anyone has a different level of ego and a different reason for witch they found themselfs in some situation related to money... we are different, the major porpouse of money is to gain power and control over others

@@SMT_2024 that isnt the major purpose of money though. People who dont know how to manage money just say that to make themselves feel better. Either you can manage it, or you can't. Money is freedom! Not tyranny,Not a way to control people. People without money say people with money "control" them, when in reality they cant control themselves.

Definitely should stop money lending and any type of usry. Only way is through our lord and savior Jesus Christ.

You get it. Most don't. Our political economy is hopelessly rigged against working Americans and that is almost entirely the GOP's doing.

Nope, current inflation has nothing to do with Wall Street speculation. It has everything to do with disrupted/broken supply chains, and the intense monetary stimulus enacted during covid (and also prior).

Or just playing devil advocate

exactly

People? Nothing these days they jus do wat the next person dose baffling really is

Why do corporations seek to own the government?

@@tanner9072 because if the government is left to represent the people it could oppose the power of corporations

@@lukasmolcic5143 what power do corporations have that doesn't stem from government regulation in the market?

@@tanner9072 You don't see why corporations would seek to own the people in charge of regulation?

@@Sofian375 I do see that. I'm asking the question to get others to rationalize that government is the source of corporate power. If there is no government to pervert, then corporations have to simply provide the best product or service and compete for benefit of the consumer in order to grow their profits. As opposed to competing for the benefit of politicians in order to grow their profits.

There are many ways it can lose its value. One of the main ways is if you constantly print more of it.

Couldn't people live in economically self sustaining communities by now that don't have to be living as far in the past as the Amish?

Fiat currency is the reason why the technological age began. It's not a con

You are 100% correct

tied to the production of gold, sure. The gold standard was the dollar being pegged to the amount gold we have. 1971 we completely and fully went off the gold standard so the dollar is pegged to absolutely nothing. When the govt has the printing machine and just keeps printing and printing, the value of the dollar continues decrease. There is no limited supply, just print more =inflation. The govt loves this because they want more money for this program or this govt agency they can print more. The saying goes, the dollar in your pocket is worth more than the dollar printed tomorrow. Side note, the reason the dollar has held any ‘value’ for many decades is we said for example to Saudi Arabia - We will buy the majority or X (large amount) of oil from you; but in return we request that you sell your oil to other countries in only US dollars.

Yeah, having your currency tied to the production of paper and ink is a lot better.

libertarian crypto bro grifting his grift

Exactly. It's the "capital" in capitalism

Not only that but money naturally gets accumulated at the top. Without inflation aka more money rolling into the system, the rich, given enough time, will end up with most of the money and the poor with ever smaller fractions of it.

@@AceDelta101 wrong, inflation hurts poor people the most, the rich and well connected know how to benefit from it

@@RIP-fiat Ah its wrong just because you say its wrong. Ok. Makes sense.

@@AceDelta101 if you actually believe that inflation helps the poor, you have way more explaining to do. Meanwhile, Cantillon has run circles around you. He's made you look like a total bozo, even though he's been in the grave for 300 years and does not have the same advantage of foresight that you do. Bozo economics needs you more than ever. You should explain yourself now so that we can be educated by your wisdom, bozo.

Yeah lex came off especially dumb in the end but we don't have the full context.

@@Alfa4 Watched the entire interview. He repeats that intellectual laziness atleast a few time. More context don't help. "let's give Keynesians a chance, we don't know". F off. We have given them 100 years. We do know. The results are in. He keeps his mind so open that his brain falls out every other minute. The idea about open mind is to look at the thing untill you can make an informed opinion. It's like he entirely misses that opinion and conclusion forming facilities. He just looks at everything for ever and claims his mind is open because he never is able to form an opinion. Dumb.

lex is big time establishment, don't be fooled

Lex is obviously trying to play devils advocate here. He claims he is ignorant on the topic many times. He doesn't want you to take his advice.

@@GurbyTheGreatT To claim that's obvious, you'd have to have seen him integrating the opposite view even with few syllables. He has not. He's fucking clueless. His only opinion is that he's got none.

Name them

japan