Biden: “Milton Friedman isn’t running the show anymore”

Inflation: hold my soon-to-be fifty dollar beer…

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16 Responses to Biden: “Milton Friedman isn’t running the show anymore”

  1. FlyingPigs says:

    cannot see how inflation cannot happen.

    fark it’s gunna be fun the years ahead.

  2. caveman says:

    Here’s a good line for you,
    “Fed’s Rosengren says higher inflation will be as temporary as last year’s toilet-paper shortage”
    Link

  3. John A says:

    What the dimmies and the currently-labelled POTUS forget is that Milton Friedman was not the instigator of the previous era of inflation but rather, the messenger predicting its consequences.

    And today those people in power do not want to know about the consequences which they have made almost inevitable by unleashing this tsunami of paper dollars.

  4. mh says:

    Treasury Secretary Janet Yellen got into trouble Tuesday for telling the truth. That morning, at a conference sponsored by the Atlantic, she raised the possibility that one day the Federal Reserve may raise interest rates “to make sure our economy doesn’t overheat.”

    The US Fed Reserve rate is 0.25%, I’m seeing.

    One day they might go up? I think Yellen might be right.

  5. FlyingPigs says:

    can we now just say… “these people are educated idiots”

  6. FlyingPigs says:

    and what about the thickheads in charge at our RB and youGov Treasury?

  7. FlyingPigs says:

    I also heard that the aforementioned careers, depending on who you talk to, weren’t worth saving. Or the plodders attached to them.

  8. gardez bien says:

    “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. … A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth”.

    Quite so. The second part of the first sentence is usually omitted. Importantly, it helps explain why inflation also occurs when productive economies collapse, say in Zimbabwe. Either way, there is too much money sloshing around and chasing fixed or declining output.

    Otherwise what our masters tell us is inflation is simply price adjustments to supply, for example the Great Banana Inflation of 2005. Producers raise output to replace lost goods.

    Other forms of ‘inflation’ follow rather than lead very serious inflation, notably in the form of excessive wage demands.

    The moral of the story is: Stop printing money and expanding government spending and borrowing. It seems each generation (or two) has to learn this for itself, the hard way.

  9. Entropy says:

    2006 Mr. Bien, if I must be pedantic.

  10. Entropy says:

    Imagine what a squanderfest the next federal budget will be.

  11. cuckoo says:

    “When did Milton Friedman die and become king?” Biden asked in 2019.

    Er, Joe, it’s supposed to be “Who died and made Milton Friedman king?“. So now make like a tree and blow.

  12. m0nty says:

    Inflation has been well under target for more than a decade. We need a little bit more of it. It is our last problem, literally, especially since we have so much ammo in potential interest rate rises just sitting there.

    Remember when you lot predicted stagflation? Good times.

  13. Forester says:

    I believe under Magic Money Tree economics they intend to tax away any excess money.

    I suspect the people they intend to tax won’t be the ones rolling around in the printed money.

  14. John A says:

    m0nty says: May 8, 2021 at 9:07 am

    Inflation has been well under target for more than a decade. We need a little bit more of it. It is our last problem, literally, especially since we have so much ammo in potential interest rate rises just sitting there.

    Remember when you lot predicted stagflation? Good times.

    Nope. We have had inflation in housing and land prices, and in the stock market. All of which underpins the illusion that superannuation is a good method of saving for one’s retirement.

  15. Dusty says:

    Was never a fan of friedman, more rothbard. Government inflation is absolutely evil as it is taxation by stealth. Not only does the government now makr more money off of every part of the private sector, the rising cost of living means there’s not any incentive to save, and thus attempt to go beyond your standing by investing. Cryptocurrency and physical metals are looking mighty fine about now.

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