Max Keiser and Stacy Herbert co-host the Keiser Report on RT TV. I don't always agree with his economic views, but one has to credit him with being honest, frank, and candid about the state of our economy. In this clip below, Keiser and Herbert talk about the 'cult' of priniting money which has afflicted central bankers today:
You can watch the full show below (about 28 minutes long):
Our former Bank of Canada Mark Carney does escape criticism (around 6.05).
Later on in the show (around 25.10), he makes a very interesting point regarding the recent horsemeat scandal, where he argues that the fact that firms are using cheaper products is in fact inflation. I must confess I had not thought of that, but now that I think about it, he is right.
I am not an expert in cults, but my understanding is that they involve people who have even more of an aversion to disconfirming evidence than is normal to Homo Sapiens. People who have been freaking out about inflation through five years of weak demand and no inflation would be right up there. It is always 1976 in their world. As Keynes put it, they yell, "Fire! Fire!" in Noah's Flood.
Messrs. Kreiser and Herbert seem like they are auditioning for captain of Noah's fire brigade.
The consequences are terrible for working people. Long spells of low demand degrade people's work skills. As Milton Friedman understood, they also make people embrace bad anti-market policies.
Posted by: Gareth Morley | February 14, 2013 at 12:28 PM
And welcome back Gareth.
Posted by: Moin | February 14, 2013 at 01:13 PM
Glad to see you posting. Especially since Russ isn't supposed to have any interesting opinions any more.
Posted by: Gareth Morley | February 15, 2013 at 06:09 PM