We are developing the social individualist meta-context for the future. From the very serious to the extremely frivolous... lets see what is on the mind of the Samizdata people.
Samizdata, derived from Samizdat /n. - a system of clandestine publication of banned literature in the USSR [Russ.,= self-publishing house]
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Steve Baker interview on government debt and inflation I have not watched this yet. But I am certain it is worth watching.
Steve Baker on Why Government is Failing you Debt & Inflation Peter McCormack Podcast
In this episode, we discuss pressing economic and political issues such as the challenges of government debt, inflation, and the often overlooked consequences of central bank policies. With a focus on the impact of taxation and government spending on individual freedoms and economic productivity,. We also discuss the structural inefficiencies in politics and examine the growing disconnect between politicians and economic realities.
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Who Are We? The Samizdata people are a bunch of sinister and heavily armed globalist illuminati who seek to infect the entire world with the values of personal liberty and several property. Amongst our many crimes is a sense of humour and the intermittent use of British spelling.
We are also a varied group made up of social individualists, classical liberals, whigs, libertarians, extropians, futurists, ‘Porcupines’, Karl Popper fetishists, recovering neo-conservatives, crazed Ayn Rand worshipers, over-caffeinated Virginia Postrel devotees, witty Frédéric Bastiat wannabes, cypherpunks, minarchists, kritarchists and wild-eyed anarcho-capitalists from Britain, North America, Australia and Europe.
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Yes indeed – the Central Bank does not “fight inflation” it creates it.
Credit Bubble commercial banks can inflate credit for a certain amount of time – but such Credit Bubbles always burst, taking the Credit Bubble banks with them, and prices go back down again – UNLESS a government Central Bank bails out the system by creating fiat money (which people are forced to accept by Professor Krugman’s “men with guns” – his words, not mine).
Long term major inflation is the work of government and the things they create, such as the American Federal Reserve – ordinary bankers, no matter how despicable they are, can not (can not) create long term major inflation – just temporary Credit Bubbles which always burst.
Why do governments and their Central Banks create inflation? They do so to fund their wild spending – and the spending of their Corporate friends. We know from the Cantillon Effect (named after the Irish economist Richard Cantillon three centuries ago) that Credit Money concentrates wealth in a few hands at the expense of everyone else.
As for wild government spending – Roger Sherman, the only person to sign all the founding documents of the United States, warned that wild government spending would lead to demands for ever more fiat money (money that was not physical gold or silver) and that this fiat money would corrupt society – totally corrupt society and subvert the polity.
Sadly he was correct – both as regards the United Stated and the United Kingdom.
I think I may have found the oddest place for this lesson to have appeared. The whole thing isn’t safe for work, and neither its economic lessons nor its other general philosophic assertions are very sound, but… well, it’s still worth a glance if you want something radically different from your routine.
Of course, if it’s not that different from your usual routine, you probably know what I’m talking about without looking at anything but the URL.