If one looks at the catastrophic consequences of the great paper-money inflations, one must admit that the cost of making and holding gold is the minor evil. It would be futile to retort that these catastrophes were brought about because the regime merely used fiat money improperly.
According to mainstream economists, the expectation of inflation leads to higher prices. That is impossible, however, because actual inflation involves real increases in the money supply.
According to mainstream economists, the expectation of inflation leads to higher prices. That is impossible, however, because actual inflation involves real increases in the money supply.
Recorded at the Mises Circle in Fort Myers, Florida, 4 November 2023.
Recorded at the Mises Circle in Fort Myers, Florida, 4 November 2023.
Recorded at the Mises Circle in Fort Myers, Florida, 4 November 2023. Includes audience question and answer period.
Monetary authorities and monetary economists try to define money without understanding what money really is: a medium of exchange.
Andreas Granath joins Bob to discuss his recent article explaining the different definitions of "inflation" and why it matters.
The common belief is that inflation is the general rise in consumer prices. However, rising prices are a symptom of inflation, which really is expansion of the money supply.
