Podcasts about monetarists

If they are, it could mean lower rates, not higher rates…

As the Bank of England plays one-club golf with interest rates, (using the wrong end of the golf club while dressed in scuba gear) Patricia & Christian talk to economist and author of “Can Heterodox Economics Make A Difference?” Dr Phil Armstrong about changing the game.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767   Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers” (2023): https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html     LIVE EVENTS! Rethinking Capitalism weekends (Sydney 22nd, 23rd July and Canberra 26th, 27th August): https://modernmoneylab.org.au/events/ Sign up to the Gower Initiative For Modern Money Studies' mailing list for updates about their event with Warren Mosler in London on 1st September (details TBC): https://gimms.org.uk/mailing-list/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th): https://www.mmtconference.eu/ Apply for Dr Dirk Ehnts' Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics     Relevant to this episode: All our episodes with Phil Armstrong: https://www.patreon.com/posts/42072846 Phil on Twitter: https://twitter.com/PhilArmstrong58 For more on inflation see our episodes on inflation (below) Our two-part interview with Steven Hail explaining the terminology and the mechanics of government bonds: Episode 30 - Understanding Government Bonds (Part 1): https://www.patreon.com/posts/29621245 and episode 31 - Understanding Government Bonds (Part 2):https://www.patreon.com/posts/29829500 For more on Warren's Mosler's view on interest rates, and how central bank base rate rises likely have an inflationary bias, listen to Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683     For an intro to MMT: Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   Quick MMT reads: Warren's Mosler's MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail's quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 Quick explanation of government debt and deficit: “Some Numbers Are Big. Let Me Help You Get Over It”: https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/     For a short, non-technical, free ebook explaining MMT, download Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf       Episodes on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929      Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558   Our Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701 Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     More on government bonds (and “vigilantes”): Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245 Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421 Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Apply for Dr Dirk Ehnts' Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/   MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757     We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos     Show notes: https://www.patreon.com/posts/85216072?pr=true

Monetarists believe there is an optimum growth rate of money. However, a fiat money system itself is unstable, so there is no optimum growth rate. Original Article: "Is There an Optimum Growth Rate of Money?"

Monetarists believe there is an optimum growth rate of money. However, a fiat money system itself is unstable, so there is no optimum growth rate. Original Article: "Is There an Optimum Growth Rate of Money?"

It is interesting that the founder and leader of the market monetarists declared in January 2020 that the world was about to enter a "golden age" of low inflation for the Federal Reserve. Original Article: "Keynesians and Market Monetarists Didn't See Inflation Coming" This Audio Mises Wire is generously sponsored by Christopher Condon.

It is interesting that the founder and leader of the market monetarists declared in January 2020 that the world was about to enter a "golden age" of low inflation for the Federal Reserve. Original Article: "Keynesians and Market Monetarists Didn't See Inflation Coming" This Audio Mises Wire is generously sponsored by Christopher Condon.

Welcome to Finance and Fury, the Furious Friday edition. A lot of people are talking about how this shut down having a similar or worse economic effect than the great depression. Today, we are going to look at recessions, what happened in the great depression, and compare the governmental policies being proposed to help boost the economy. We’ll look at their theory behind this and consider whether it will it help the recovery? Talk about a recession or depression similar to that of the Great Depression – think about the roaring 20s – I know nobody listening would have been alive – but it had a stigma – the music would never end – western nations were developed – times were good and nothing could cease the music – the depression kicked in – After an initial recession Recession - a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. 6 months of negative – Before now - We haven’t had a recession under this definition since June 1991 What happens if it keeps going? Depression - is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe economic downturn than a recession – characterised by length and severity a decline in real GDP exceeding 10%, or a recession lasting 2 or more years – so if GDP drops by 10% - which it could – then the economy is officially in a depression   GDP – The measurement of what we are marked against GDP = "an aggregate measure of production equal to the sum of the gross values added of all resident and institutions engaged in production – Income or Expenditure approach – we will look at expenditure   Four Components of ‘Expenditure’ GDP– might be boring for those who know the theory already – but those who don’t – quick intro C (consumption)- normally the largest GDP component in the economy = private expenditures in the economy (household final consumption expenditure). categories: durable goods (cars, TVs), nondurable goods (food), and services. Equation - Value added = Price sold at – costs of inputs (labour, materials, etc) Higher profits lead to consumption increasing GDP I (investment)- business investment in new equipment/services  construction of a new mine, purchase of software, or purchase of machinery and equipment for a factory Spending by households on new houses is also included in investment. "investment" in GDP does not mean purchases of financial products classed as 'saving', as opposed to investment - avoids double-counting company uses the money received to buy plant, equipment, etc. G (government spending)is the sum of government expenditures on final goods and services. salaries of public servants, military and any investment expenditure by a government. does not include any transfer payments, such as social security or unemployment benefits Net Exports = X (exports) – M (Imports) Exports - represents gross exports. GDP captures the amount a country produces, including goods and services produced for other nations' consumption, therefore exports are added. M (imports)represents gross imports. Imports are subtracted - imported goods will be included in the terms G, I, or C   To boost GDP – Both supply and demand economic theory want to boost aggregated demand – most efficient method is the increase consumption – as it makes up the lion share of GDP – same goal but different views on how to do it Demand side - boost domestic demand - expansionary monetary policy, or expansionary fiscal policy (transfer payments) This is what we are used to – and this is what we will be getting more of down the road The policies decision are focusing on boosting consumption – demand side economics – consumption represents around 60-70% of GDP in most western nations – our economy is consumption based so lets look how well this works in the long run – go back to one of the worst GDP crashes   The Great Depression was a severe worldwide economic depression during the 1930s - beginning in the United States started in 1929 and lasted until the late-1930s – some countries almost up until WW2 (1938-39) Personal income, tax revenue, profits and prices dropped - international trade plunged more than 50% Unemployment in the U.S. rose to 25% and in some countries rose as high as 33% (in Aus due to agriculture, manufacturing) – nobody to trade with and being dependent on export markets longest, deepest, and most widespread depression of the 20th century.  What triggered it? major fall in the US share market - September 4, 1929 - Then October 29, 1929 (known as Black Tuesday) –dow jones index 381 to 230 – almost 40% - Between 1929 and 1932 – low point of 45 (from 381) – Loss of 88% - took 25 years for the US market to recover - worldwide GDP fell by 15% - met both definitions for depression What was the cause? A lot of finger pointing at the time – there were two predominate theories Keynesian(demand-driven) - consensus = large-scale loss of confidence from market crash led to a sudden reduction in consumption and investment spending panic and deflation (price reduction) set in = people hold money to avoid further losses - Further exacerbates a decline in an economy – comes from uncertainty - Keynes- lower aggregate expenditures in the economy contributed to a massive decline in income and to employment that was well below the average – at the moment – we have both a drop in confidence – due to uncertainty about government responses – but also lowering in employment so incomes as an aggregate may drop heavily – depends on the numbers called on governments during times of economic crisisto pick up the slack by increasing government spending – but this time around additional stimulus directly to businesses and individuals Theory also states that the private sector would not invest enough to keep production at the normal level and bring the economy out of recession But government and business spent more in the first half of 1930 than in any 6-month period prior – why didn’t it help? Consumers - suffered severe losses in the stock market the previous year - cut expenditures by 10% - businesses can increase investment – governments can hand out stimulus – but if people aren’t spending this theory fails interest rates had dropped to low levels - but expected deflationand the continuing reluctance of people to borrow meant that consumer spending and investment were depressed.  Core issue with increasing money supply – what if nobody borrows? Due to no confidence – of if they do borrow – their cashflows go towards repayment of debt due to uncertainty – do these sound familiar at all? But This theory doesn’t point out the cause though – just why it might have gotten worse from 1930 Monetarists - believe that the Great Depression started as an ordinary recession but the shrinking of the money supply exacerbated the economic situation –they argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish Market crash = reduction of bank shareholder wealth and more importantly monetary contractionof 35%, which they called "The Great Contraction." This caused a price drop of 33% (deflation). during the first 10 months of 1930 - 744 U.S. banks failed (9,000 banks failed during the 1930s) Bank failures snowballed as desperate bankers called in loans which the borrowers did not have time or money to repay. future profits looking poor, capital investment and construction slowed/ceased. surviving banks became even more conservative in lending - built up capital reserves, made fewer loans vicious cycle developed and the downward spiral accelerated – sound familiar? Same thing in 2008 and now Today – banks reining in lending through increased requirements – worried if people will lose jobs – so have tougher lending requirements – regardless of cause – from bank failures to a forced shut down of the economy – Criticisms – Fed not lowering interest rates soon enough (by increasing money supply) = Central Banks failed to inject liquidity into the banking system to prevent it from crumbling – and bank failures – this is what is different this time around – but the bank lending Federal Reserve passively watched the transformation of a normal recession into the Great Depression – true – but what power does a CB have to keep small businesses open or to make people spend the money that fiscal policy is giving them What was the cause of the great depression – many theories about what happened after – but Friedrich Hayekand Murray Rothbard - wrote America's Great Depression (1963) their view - the key cause of the Depression was the expansion of the money supplyin the 1920s, of which led to an unsustainable credit-driven boom Banks/Share traders – margin requirements were only 10% - Brokerage firms lend $9 for every $1 investor had deposited When the market fell, brokers called in these loans, which could not be paid back Whilst the debt levels on margin loans at the individual levels were lower this time around – the debt levels were still higher Personal debts on mortgages, CCs, personal loans – at the corporate level have highest levels of debts – gov levels as well – and in parts of the world economies was funded by QE policies - Back in 1920 into the 1930s - The chain of events proceeded as follows: Massive increase in money supply and speculation – driving share market and bond pricing up unsustainable Market dropped - Outstanding debts became heavier – prices/incomes fell by 20–50% but the debts remained at the same dollar amount Debt liquidation and distress selling - Contraction of the money supply as bank loans are called in by the banks – created further liquidity issues - A fall in the level of asset prices compared to loans – then a greater fall in the net worth of businesses, triggering bankruptcies A fall in profits - A reduction in output, in trade and in employment Pessimism and loss of confidence – people see prices going down – so why spend $1 today if cheaper tomorrow? Opposite to inflationary pressures – ‘rather you pay me today than tomorrow’ Today – we have MMT – out of all of these steps the one that QE and government payments are trying to avoid is the contraction of the money supply – trying to provide ‘liquidity’ to banks and governments - But Credit expansion cannot increase the supply of real goods - merely brings about a rearrangement diverts capital investment away from the free market/market conditions – how economic wealth is created Instead - production to pursue paths which it would not follow under normal conditions the upswing lacks a solid base - It is not a real prosperity. It is illusory prosperity – Example – the real value of goods goes nowhere – just the prices of things but your PP stays the same Growth is not an increase in economic wealth, i.e. the accumulation of savings made available for productive investment. arose because the credit expansion created the illusion of such an increase. Savings plummeted due to lower rates (no incentive to save – look at interest rates today) – but instead repayment of debts replaces savings – debts are high – savings rates are low – confidence is low = repay debt instead of spending Hans Sennholz - argued that most boom and bustsin an economy - were generated by government creating a boom through easy money and credit, which was soon followed by the inevitable bust like in 1819–20, 1839–43, 1857–60, 1873–78, 1893–97, and 1920–21, The crash of 1929 followed five years of reckless credit expansion by the Federal Reserve System again – to little effect Looking back on both Demand and Monetarist theories – see any problems? Their solutions are what contributed to the share market bubble – artificial increase in money supply + artificial push to increase demand It might try to put a bandaid over the problem – but never actually treat the wound – so you end up losing an arm down the road Similarities to today – prior to the crash - we already had a massive bubble in markets from easy money policies and the amount of credit – not equity – in markets – Today – rather than putting in protectionist policies and individual taxes increases (reducing the individuals take home pays) – they just shut down sections of the economy to the same effect – lower money which individuals can demand Fiscal stimulus – the jobkeeper payments - $1,500 a fortnight – for all workers – even if they were only earning $300 a FN prior – Pensioners – getting an additional payment and subsidies on rent or electricity – This flow of money is demand side – tried to boost the demand – but what good is it if there is no supply – The only supply is large companies – further reducing the supply to the economy or shoring up the monopolistic behaviours of the market Summary - Keynes -stimulus to boost aggregate demand is only really effective in relatively closed economies (why they tried tariffs back in 1930 – made it worse though) free capital flows and globalization pretty much most of the stimulus has been in fact relatively ineffective – if money being introduced in Aus is spent on Amazon – US does well – needs to be spent in local small business to help our economy The multiplier has been small - indeed negligible - and the stimulus have been therefor rather poor. these policies can hardly be justified - I don't think the answer lies in yet more Keynesism, any more than it necessarily lies in printing yet more money So all considering, why should be we expect any different now – it comes down to individuals decisions – if people get money But old Economists still love this idea – But how is this money ever repaid? Not their problem – dead before bill is due But with MMT – debt isnt seen as an issue – as Govs can just print money – so get into as much debt now and then print your way out of it later Australia – Total Money supply (M3) 15 years ago was $500billion – today is $2.2 trillion – Growth of 10% p.a. M1 though has sky rocketed – in the past year – went from $360bn to $1.2 trn – more than tripled – but this happened in July last year – Despite what politicians are saying – printing money to try and boost the economy will likely fall short of what the targets are Thank you for listening to today's episode. If you want to get in contact you can do so here: http://financeandfury.com.au/contact/

Welcome to Finance and Fury the Furious Friday edition If you have been paying attention to the news then you would know about the current GDP per capita recession. Today we will look at recessions and different policies to help boost the economy. It is all apart of this miniseries on supply and demand side economics. There are lots of different views to avoid recessions and get out of them. What is a recession? What is a GDP per capita recession? A period of temporary economic decline and negative GDP growth for 2 consecutive quarters. The GDP per person is declining, we haven’t had a recession under this definition since June 1991 If this keeps happening for 2 years, that’s when we get a depression. GDP? The measurement of what we are marked against An aggregate measure of production equal to the sum of the gross values added of all residents and institutions engaged in production The four components to GDP? Consumption, usually the largest component of GDP. The value of consuming by individuals in the economy. Investment, it is business investments in new equipment and services. Buying things for the business to operate, this gets included in investments. Government spending, the sum of government expenditure on final goods and services. Net exports, this is our exports minus our imports. In addition, the services we produce that are used by other countries. Economics textbooks will admit GDP is flawed when it comes to measuring production in an economy. How do we boost GDP? Supply side: boost domestic demand through cutting taxes and reducing regulation Demand side: boost domestic demand through expansionary monetary policy, or expansionary fiscal policy The Great Depression: Started in 1929 and lasted until the late 1930s What was the result? What triggered this? Well a major fall in the US share market Worldwide GDP fell by 15% and it lasted over 2 years What was the cause? Keynesian theory – demand driven theory. Loss of confidence from the market crash led to a reduction in consumption and investment spending Why didn’t the massive spending help? What are the issues with increasing the money supply? What if there is no confidence? Monetarists – believe the great depression occurred normally but the shrinking of the money supply exacerbated the economic situation It was caused by a banking crisis A vicious cycle started and a downward spiral accelerated What are the criticisms? What is the lack of spending or lack of money supply? Why was there a crash in the first place? Australian school and Debt Deflation Friedrich Hayek and Murray Rothbard - wrote America's Great Depression (1963) Expansion of the money supply in the 1920s, leading to an unsustainable credit-driven boom It was the inflation of the money supply that led to an unsustainable boom in asset prices and capital goods What was the chain of events that proceeded? Credit expansion cannot increase the supply of real goods Who is Hans Sennholz? Why were there protectionist trade policies? Why were the income tax rates raised? See any problems with demand side and monetarist solutions? What happened in 2008? Massive debt increases to fuel demand as well Monetary stimulus has very little effect Central banks print money for the sake of putting it into the economy Summary: Keynesian theory is really only effective for relatively closed off economies The multiplier has been small If we keep trying a failing solution, why should we expect a different result? What is the solution? We will cover this next Friday If you go to financeandfury.com now, you can subscribe to the mailing list and receive the workbook on Monday when it released, to go along with Monday’s episode. We won’t send any spam content, it will just be workbooks, attachments, and info to go along with some episodes. If you want to get in touch, you can do so here over at the contact page. Thanks for listening, and have a great day.

Last Night we debunked the mainstream Keynesian economic theory detailing the great depression, WWII Deficit spending, and how in fact – said spending HURT the economy and caused a net drag for decades to come. Tonight – on a much more concise show, we're going to discuss the monetarist view, which was presented originally by Milton Friedman in Monetary History of the United States. Milton Friedman and Co-Author Anna Schwartz in a Monetary History of the United States – argued, however that the Fed did NOT do enough. The theory – at the time – was considered revolutionary and caught on strong with a lot of the non-Austrian “Right” side of the political spectrum, because it gave those on the right a way to say “Fiscal Stimulus wasn't needed”. The argument that Friedman laid out was one that essentially said, and properly so, that low interest rates and quote unquote “EASY MONEY” were NOT synonymous. While true – there are still a lot of flaws with the monetarist view of the Great Depression – Namely that it purely encourages another unsustainable boom by propping up prices before markets fully clear and pulls its evidence from the previous decade and the fact that the Fed kept propping up the market at every downturn. When the Fed finally decided NOT to continue propping up the overvaluation of assets then the market crashed. By Milton Friedman's account had the Fed just propped up asset prices once again in 1929 and despite the malinvestment and the fact that many businesses were booming on credit with no sustainable organic growth just doesn't matter. There's other issues with what Milton Friedman and the Monetarists say. Tonight we Discuss

Popular opinion, especially among Keynesian's, but forfeited by Monetarists as well, states that World War II budget deficits ended the Depression But the Truth Is  by 1940 - before War Time Spending Provisions DRASTICALLY increased the budget - Private Investment had ALREADY driven Per Capita REAL GDP to above its 1940 levels... Primarily in the face of the ACTUAL budget cuts (Real Per Capita) in 1932 and 1933. Hoover's first two years 1930 and 1931 spending actually increased, and despite the later year cuts was NEVER actually cut below 1929 Levels! Tonight we debunk the whole history, Great Depression, through WWII, through the Great Society, up through the Ford-Carter-Reagan Presidencies, and then through the Bush, Clinton, Bush in a History of Government Spending, Private Investment, Consumption and Incomes in the US.

Monetarists that worship Milton Friedman argue that a steadily growing economy needs a steadily growing money supply. They argue that if this does not happen, recessions and depressions will occur. This is all nonsense though. If it were true, third world nations could end poverty easily by simply creating a central bank and printing money until poverty is eradicated. Learn more about this in today's episode.How Much Money Should There Be?Regression theorem Mises WikiSubjective theory of value Mises WikiThe Origin of Money and Its ValueHuman Action by Ludwig Von MisesTom Woods Liberty ClassroomInterested in Bitcoin as an alternative to US Dollars? Use our Coinbase link!If you sign up with our coinbase link and purchase $100 in bitcoin, you will recieve an extra $10 from coinbase.The "Shift" Bitcoin debit card is through coinbase as well.Support the show by entering Amazon through our link HERE!Support the show with Bitcoin HERE!Use this address to add the Logical Anarchy Today show to your podcatcher or subscribe on iTunes!http://shoutengine.com/LogicalAnarchyToday.xml

  Join us this coming Wednesday at 3pm, when Jim Mayer, Director at M-Wave, shares his thoughts about the challenges facing US manufacturing today and how they can improve their chances tomorrow.   Historically, recessions in the United States have tended to originate in the manufacturing sector.  Each school of economic thought, Keynesians, Monetarists, Austrians, etc., have their own theories as to why it happens but regardless of the “why” the “where” has been fairly consistent.  This last recession however was different.   Manufacturing found itself deeply wounded and it remains so today.   As we turn our attention to the imminent election and the changes that may, or may not, come from it, one of the likely consequences is that bank lending, in all forms not just residential, is unlikely to quickly return to pre-recession levels.     This means that manufacturing industry access to the financial leverage needed to ramp back up will not be available the way it has been during past recoveries.   Brent E. Hamachek Brent@SeguewaySolutions.com   Tom Kuchan Tom@SeguewaySolutions.com    http://www.seguewaysolutions.com/   (847) 778-9474

Join us this coming Wednesday at 3pm, when Jim Mayer, Director at M-Wave, shares his thoughts about the challenges facing US manufacturing today and how they can improve their chances tomorrow. Historically, recessions in the United States have tended to originate in the manufacturing sector. Each school of economic thought, Keynesians, Monetarists, Austrians, etc., have their own theories as to why it happens but regardless of the “why” the “where” has been fairly consistent. This last recession however was different. Manufacturing found itself deeply wounded and it remains so today. As we turn our attention to the imminent election and the changes that may, or may not, come from it, one of the likely consequences is that bank lending, in all forms not just residential, is unlikely to quickly return to pre-recession levels. This means that manufacturing industry access to the financial leverage needed to ramp back up will not be available the way it has been during past recoveries. Brent E. Hamachek Brent@SeguewaySolutions.com Tom Kuchan Tom@SeguewaySolutions.com

This weeks guest is Philip Pilkington, a prolific economic contributor to the excellent ‘Naked Capitalism’ blog. 'Naked Capitalism' is one of the most visited economics blog on the web, featuring some of the top Political Economy bloggers on the planet. The show is loosely based around a series Philip wrote for the blog on Monetarism - the economic theories of Milton Friedman. We cover such rocky territory as the intellectual battles between the Keynesians and Monetarists, the Austrian School of Economics and Political Propaganda, Maggie Thatcher and class war, Union Busting and Military Coups, Finance vs Industry, and the return of the Gold Standard. That's all folks!?!#@**&^!! You can find Philips writing here and here: http://www.nakedcapitalism.com/ https://fixingtheeconomists.wordpress.com/

Meet the monetarists! This business cycle theory emphasizes the effect of the money supply and the central bank on the economy. Formulated by Nobel Laureate Milton Friedman, it’s a “goldilocks” theory that argues for a steady rate of fairly low inflation...