Ludwig von Mises discusses inflation, labor unions, and issues of the adoption of improper terminology and widespread public misinformation at the Mont Pèlerin Society meeting at Princeton, New Jersey, on September 11, 1958.
Central banks are driving asset price inflation in stocks and real estate. That means people holding those assets get richer. But everyone else just gets higher prices.
There's now no difference between monetary policy and other government programs designed to prop up firms, industries, and other favored groups. The Fed is simply another government planning agency.
Price inflation is so difficult to predict, because there are so many moving parts: money supply, demand, money velocity, and supply of goods and services.
Central banks have decided that one of their main missions is to prevent deflation. But this only ends up causing the malinvestments that lead to economic busts.
The EU has now become essentially a makeshift, lawless regime designed to prop up bankrupt states. So much so, in fact, that even the German supreme court has become alarmed.
