Air Date: June 9, 2012
When is this from?
Edit: June 9, 2012
Last edited by Confederate; 11-05-2012 at 02:57 PM.
Why is there a Ron Paul head in the corner?
"No matter how noble you try to make it, your good intentions will not compensate for the mistakes that people make; that want to run our lives and run the economy, and reject the principles of private property and making up our own decisions for ourselves." - Ron Paul
wow i feel sorry for Peter. He is surrounded by a bunch of morons there.
Mainstream economists and their many-factions-religion have to be the most credulous breed of humans on the planet, and this video confirms, once again, that intelligence and wisdom are by no means synonymous.
What I learned from that (once we dismiss Schiff as The Non-Mainstream Dunce):
Monetary inflation is a panacea without ill effects. Its relationship with prices can safely be ignored so long as other causes for price increases can be identified, or named.
"That is not exactly the relationship between the monetary supply and prices. It's not a direct relationship between prices and monetary supply. There's this other thing that you learn in your first year economics class and that is velocity, and how many times those dollars turn over." - Betsey "Mainstream-Know-It-All" Stevenson from Wharton (Hears a Who)
Let me translate the interchange for the class:
SCHIFF: Copious amounts of additional gas have inflated the balloon, causing its volume to expand.
BETSEY: (doing the Keynesian razzle-dazzle) You're not looking at this right. There is another thing you learn in your first year physics class, and that is velocity. If you increase the velocity of the molecules inside the balloon (read=add heat, since molecular velocity is what heat is), that will also cause the balloon to expand, without any additional gas. Once you understand this mechanism for expansion, the actual gas content that was added to the balloon can be safely ignored.
::: pause :::
BETSEY: What we're trying to do is add more gas (in copious amounts). But as we do that, we need to carefully monitor the expansion, which we will attribute to increased velocity.