Former FDIC Chair: "Stop Raising Rates Now

Started by Rod Kaufman, 03/14/2023 09:22AM
Posted 03/24/2023 03:45AM | Edited 03/24/2023 03:49AM #30
Originally Posted by James Lacey


So, an interruption in supply caused by a global pandemic can't cause inflation? Or an interruption in supply caused by war? Or an increase in demand caused by consumer fear or speculation?

You've said some crazy things on this forum and spread lots of falsehoods and misinformation, but saying that *only* government spending can cause inflation is monumentally incorrect.
DS in Texas said:  

You've said some crazy things on this forum and spread lots of falsehoods and misinformation, but saying that *only* government spending can cause inflation is monumentally incorrect.

Oh really? 

I just sent you Milton Friedman who said it, not I.  So you might want to argue with him.

BTW, where did you get your economics degree?? 

Oh wait, you say you don't have one? 

So what is your evidence when you call Milton Friedman Nobel Prize winning economist "Monumentally incorrect"?

Here again for your education:  https://www.youtube.com/watch?v=jWKhjJzsY1Y

30 seconds of your life when you watch Milton Friedman tell you that Gov't spending and creating of money by gov't are the ONLY thing that produces inflation.  

Watch it and you'll increase your IQ by 10 basis points!!  smile
Posted 03/24/2023 03:49AM | Edited 03/24/2023 03:50AM #31
Originally Posted by Richard Davis

DS in Texas said:  

You've said some crazy things on this forum and spread lots of falsehoods and misinformation, but saying that *only* government spending can cause inflation is monumentally incorrect.

Oh really? 

I just sent you Milton Friedman who said it, not I.  So you might want to argue with him.

BTW, where did you get your economics degree?? 

Oh wait, you say you don't have one? 

So what is your evidence when you call Milton Friedman Nobel Prize winning economist "Monumentally incorrect"?

Here again for your education:  https://www.youtube.com/watch?v=jWKhjJzsY1Y

Many things can cause inflation, which happens anytime demand outstrips supply. This is a basic economics 101 concept. I promise you, there are lots of people, including lots of economists, who would disagree with Milton Friedman.
Posted 03/24/2023 04:13AM | Edited 03/24/2023 04:15AM #32
Originally Posted by James Lacey


Many things can cause inflation, which happens anytime demand outstrips supply. This is a basic economics 101 concept. I promise you, there are lots of people, including lots of economists, who would disagree with Milton Friedman.
Yep, they are as dumb as rocks also.  smile
Posted 03/24/2023 04:15AM #33
Originally Posted by Richard Davis

Yep, they are as dumb as rocks also.  smile

Right, so the one economist who says something you agree with is correct, and everyone else is wrong. Awesome critical-thinking skills as usual.
Posted 03/24/2023 04:20AM #34
Originally Posted by James Lacey


Right, so the one economist who says something you agree with is correct, and everyone else is wrong. Awesome critical-thinking skills as usual.
Oh no, I'm pretty much that was YOU, who stated that when you wrote your prior ignorance, mocking Milton Friedman for pointing it out.

Here's a clue, Milton Friedman isn't the ONE economist who agrees and knows what causes inflation. 

There are hundreds of thousands of others like Thomas Sowell, Henry Hazlitt, Art Laffer, the Foundation for Economic Education, etc...  
Posted 03/24/2023 04:29AM #35
Originally Posted by James Lacey


Right, so the one economist who says something you agree with is correct, and everyone else is wrong. Awesome critical-thinking skills as usual.
Permit me to educate you further.  

The working definition of inflation:  Too many dollars chasing too few goods.

Virtually every economist on the planet would agree with that statement.

And what is Joe Biden doing hand over fist?  He's printing money and introducing it into the economy while the supply chain is shrinking.  

Now think about this using the logical portion of your brain.

That is the working definition of "too many dollars", as Joe Biden's administration just prints money

"Chasing",  

A shrinking Supply chain, i.e.  "Too few goods"

America under Joe Biden.  smile
Posted 03/24/2023 05:07AM | Edited 03/24/2023 05:45AM #36
Originally Posted by Richard Davis

The working definition of inflation:  Too many dollars chasing too few goods.

In other words, demand is outstripping supply. And that can happen for many different reasons other than government spending.

Look, if you want to believe that ol' Milton is correct simply because his rhetoric shoehorns with your politics, then fine—more power to you. But you are kidding yourself if you think most economists would agree that government spending is the only source of inflation.