Economist Dr. Joeri Schasfoort Talks Inflation, Bitcoin, and Misinformation

[@MoneyMacro]

Thanks for the great conversation! Great timing of this release as I finally finished the inflation video we talked about 😃.

[@MoneyMacroTalks]

I second that!

[@ritzkola2302]

Four Economic sectors. Primary, Secondary, Tertiary, Quaternary. Is there a chart or website or channel, that breaks down WHAT time of year each sector is at its strongest? As well as a chart that shows historical data Year by year for each sector performance?

[@raffaelegeneletti1972]

Great conversation. Thanks for spreading quality information

[@augustus331]

Couldn't ask for anything more this saturday morning than Plain Bagel and a Groninger. Kon minder :)

[@MoneyMacro]

@Erik Yes, 3 weeks in the International Financial Markets (Bachelor course)

[@PBoyle]

Great interview, and thanks for the shout out at the end. I have been a subscriber to Money & Macro for a few months and would strongly recommend the channel.

[@MoneyMacro]

Thanks Patrick!!!

[@Ferdinand208]

Patrick is my favorite comedian on KZbin 😉

[@robervaldo4633]

besides the amazing content, love your sense of humor 😂 - thanks!

[@vzxvzvcxasd7109]

Wow! Great trifecta! Would love to see a economist Vs hedge fund manager Vs investor on tricky topics. Then I feel that we're finally getting the fuller picture

[@vishalnangare31]

All great minds 😍, Subscriber of all 3s (free)😔😁

[@fertwvnbxcbwrtrecvbvcx]

I love the trend of academics sharing knowledge online. I'm sick of fake-gurus who are as dumb as I am.

[@litprince6538]

Same

[@evanchapman9395]

Dumber

[@giveusascream]

If you're watching academics online, you're probably smarter than you think

[@lorikpajaziti499]

same

[@syndakitpanda1777]

Well said good sir , well said .👍

[@inferno0020]

Dr. Schasfoort is the golden standard of the KZbinr economists. He is both considerable and well-articulated.

[@Repoboba]

So glad to see Joeri here. Love Money&Macro and The Plain Bagel channels. The combo is so great!

[@pragmatiste]

25:04 As a Turkish citizen who is experiencing that inflation, in 2013 as a college student you could have lived with 500 600 Turkish liras a month easily(rent excluded). 2018 you could live with 800 900 Turkish liras. 2022 you need 1500 Turkish liras to not live but survive without any social activities. Appreciate US or EU standards of living guys it's really a blessing.

[@harveypolanski755]

So would it be safe for an Anglo looking American to go over there with a remote business and live on the beach like a king with loose women?

[@pragmatiste]

@@harveypolanski755 Everything other than imports like a Phone or a computer, is 1/15 of it's uk price. You can be a king here with your 2000 pounds because a professor doesn't earn 1000 pounds a month.

[@Charlielinja]

@@harveypolanski755 not for one that speaks/thinks like that, no.

[@PAIP_Studio]

Greek/Canadian here... I would invest money out of Turkey if I were you or have a business based in another country. Personally I am trying to get in the Japanese market but it is not easy. The USD is about to lose it's world reserve currency statues. Most of what you see and don't understand in the markets, is market manipulation right now, to try and stock up in every commodity possible by large players and institutions as they are trying to hedge against the unknown. Don't freak out like they are... Don't worry everything is going to work it self out...

[@TheSteinbitt]

@@harveypolanski755 Yes, Muslim countries are known for booze parties on the beach and loose women, I think you’ll do great flaunting wealth and partying like that!

[@olliert4840]

Off topic but I love Joeri's voice I feel like I could listen to him speak on stuff all day lol

[@taylorism7787]

It’s refreshing to hear a conversation between two rational, well-informed, thoughtful people on KZbin.i wish the good content drove out the bad content

[@timelston4260]

Goodbye, Economics Explained; hello, Joeri Schasfoort! Thank you for introducing me to this guy's channel. Finally, some uncommon economic sense on KZbin.

[@JerkandDork]

Economics Explained simply copy-pastes texts from textbooks and news articles

[@yeetyeet7070]

@@JerkandDork EE is exactly that type of wikipedia page + stock footage youtuber

[@andresgarciacastro1783]

They contradict themselves from video to video. It's sad

[@trixn4285]

A. Mitchell Innes has written two notable papers about credit money in which he refutes the barter story of the classical economists and points out how money has always been largely credit based. It's very interesting and a must-read for anybody who wants to explore the nature of money. The two papers are "What is money" and "The credit theory of money" and you can find them freely available online. Those have also influenced a lot of post-keynesian economists and maybe most notably the MMT people. For me it seems most useful to think about money as credit. You can use all kinds of commodities as means of exchange and value storage and so on which most people intuitively associate with money. But if you include those in the money term you are basically saying that anything is money to a degree which doesn't get to the core of it. Therefore I like to think of money as debt and only as debt and of everything else just as commodities that may or may not be useful for trading purposes and so on. Commodities are kind of a fallback for when you loose trust in a debt-based monetary system. Debt is created by the interaction of two entities. If the whole economy consisted of only two individuals money would simply be created if somebody writes on a piece of paper that he/she owes me something equal to 10 potatoes. That's it. Money got created. If you add more people you'll notice that you can now pay other people with that piece of paper given they trust the originator pays back his debt when it comes due. Another interesting view the one of Georg Friedrich Knapp known as the "state theory of money" which points out that most of the time money has been a "creature of the law" in that there often has been an authority that established a certain unit of account.

[@gcb2101]

"Before you get too excited....." Hahahahaha, welcome to Dutch directness 👊😂

[@sprinkle61]

Raising interest rates during a supply shortage is NOT like killing the patient to stop a disease, because the patient isn't dead, we are just encouraging people to save and not to spend now, when the shelves are empty. Clearly if demand drops for a few months, there will be time for the ports to get fixed and catch up, and then no more supply problem ! But since the patient ISN'T actually dead, and still has their money saved, when the supply issues are gone, and the shelves are overflowing, they can THEN spend the money on the abundant stuff, and not have inflation, so the higher rates DO solve the shipping problem, by giving the breathing room to fix it, just like some restrictions on people gave time for the hospitals to empty, and vaccines to be made. Sometimes a pause is what is needed to right the ship.

[@TbirdThunderstruck]

Good points. I think his point was raising interest rates will "kill" demand. Like in 1979-1982 when interest rates went potentially too high and caused a recession, and killed demand too much. In 2007, rising interest rates, caused a lot of people to default on their debt, sort of killed demand in housing. In my opinion you are 100% correct on needing to raise interest rates. The extremes with Fed policy over the last 25 years has made booms and busts of the tech bubble, the US housing bubble (causing GFC), and many bubbles today.

[@MoneyMacro]

@@TbirdThunderstruck yes. This was my intention with the analogy.

[@MoneyMacro]

I think it largely boils down to where you believe most of today's inflation comes from. If I read correctly, you are arguing the massive demand-shift from goods to services is the main culprit behind supply chain disruptions (not e.g. port shutdown which would be pure cost-push inflation). If that is indeed the case an interest rate might be appropriate to sort that out. I know it might come across as such, I. Not against a rate hike at all. I just think it should be fine for the right reasons and with an acknowledgement about potential collateral damage.

[@sprinkle61]

@@MoneyMacro In the end, we don't know what is causing the inflation, since there are both port slowdowns and a lot more base money at the same time, but because the port issues are persistent, fixing them would at least clarify the situation, even if it does not stop the inflation. The ports themselves never shut down, because they were essential jobs, however, there was a shortage of truckers to move stuff from the ports, because the ports are dysfunctional, and its undesirable from a trucker perspective to deal with the hassle of getting a load out of a port, for reasons related to how ports operate. In the end, we don't know what tapering and raising rates will do. IMO, the patient that may die is the US government, which has 30 Trillion of outstanding debt, mostly short term debt, and that gets VERY hard to service, at even a moderate rate of interest. IMO, 2 % should be payable, but remember that the US budget is WAY in deficit, so every point of interest makes the budget situation that much worse, even if the real rates are still very low.

[@andresgarciacastro1783]

Raising interest rates also raises the cost of the primary expense of people (housing). Ironic

[@DanielGarcia-jj3gt]

You two are the only two finance/economic channels I actually enjoy. Awesome to see two great minds working together!

[@VillemVallimaa]

Also check Patrick Boyle's channel 👍

[@thomas.02]

I think you'd enjoy watching Patrick Boyle too!

[@SRR-rh7id]

@@thomas.02 Patrick is awesome! Informative, funny and sincere

[@donwinston]

Dr. Joeri Schasfoort's KZbin channel is awesome. Macroeconomics seems to be mostly handwaving but he makes it almost sensible.

[@ZMB-on5ub]

Cool crossover! Just started watching the both of you quite recently.

[@aidanheffernan652]

Dr. Joeri Schasfoort that was one of the best explanations of the contributing factors to inflation I have heard. Thanks man you can consider me +1 to your subs

[@giusepesm]

This is probably the best collaboration in the history of KZbin! Was really hoping something like this was coming out!

[@DeletedDenizen]

Like a wish come true! Hahaha

[@dirk.no-whisky.4u]

They really are the gold standard. Credible and humble

[@akgelos17]

Great Video guys!! Richard I really enjoy your videos and find them very useful and highly insightful. Could you please do 1 about stock spilts and their significance? Would be very helpful.

[@ChristesII]

28:40 More like "They have DeFi'd the odds", am I right?

[@e7venjedi]

Ya it's tough to walk that fine line of 'gatekeeping' as he said. You can't just "trust Economists" like you trust a surgeon as if Economists haven't been SPECTACULARLY wrong about economic outcomes before aka through history. Many [Academic] Economists wish [and/or pretend] their subject is like physics or medicine, but it's just too complex to ever 'solve' because it's a 'science' of human behavior. Hence why there are always new theories being created to explain the last recession or crisis that was not predicted by 99% of the "professionals". It reminds me of the military quote: Generals are always prepared to fight the previous war. ;-)

[@epsilon3821]

Mate...It's been predicted almost a century ago already. Read the writings of Ludwig von Mises. Though, I suggest you start with Sowell's Basic Economics.

[@glensmith491]

Economists primarily spray economic perfume upon the machinations of their ideological masters and stank upon their ideological enemies.

[@epsilon3821]

@@glensmith491 This is true for the intellectual "economists". Hence why the real empirical economists get outmaneuvered because they don't deal in wishful propaganda.

[@wnsjimbo2863]

@@epsilon3821 Ludwig von Mises AHHAHAHAHAHA the flat earther of economics

[@DonarKanal]

Serious question, please somebody explain: 25:20 Theory of Debt deflation. He says that of businesses go out of business - - > there is less demand. How? If business goes bust, it means that supply goes down and thus prices go up and delaftionary spiral is avoided. Is it not?

[@chase_like_the_bank]

This video is amazing and this guy is brilliant

[@SRR-rh7id]

Really appreciate people like money and macro!

[@raicubogdan8078]

thanks for the video and kudos to both of you, great job! you're very good at what you're doing!

[@z74al]

Thanks for the reasonable, nuanced, grounded discourse on complicated topics. Crypto/inflation discourse is maddening.

[@cryptocontrarian5026]

Money & Macro, Unlearning Economics, Patric Boyle, and Plain Bagel are a great start if you are into Bitcoin, but not into cults.

[@crisptitanium]

Bitcoin is trust in PoW, not trust in others. Work/energy can't be counterfeited.

[@garyeades3119]

But the work/energy can be wasted on projects like Bitcoin.

[@wafuboe3777]

man i love economics i would lvoe to do a major but there not a lot of jobs to apply it properly i feel like only jobs youll get its on goverment or university and ong. any advice out there what other focus are out there that companies look for? thanks!

[@gorandamchevski]

Any chance you can get Damodaran on the podcast? :D Great show!

[@GubeTube19]

That would be awesome

[@ThePlainBagel]

Great suggestion! I'll see what I can do

[@anthonyowens6446]

HAHA love it. “Your video on inflation is good” “Oohh thanks!” “No no, wait, before you get excited, it’s cause everything else it sh**”

[@goodq]

What a fantastic discussion that I sincerely thoroughly enjoyed listing two. Thank you so very much for sharing this.

[@JackDuffley]

I think there's a pretty significant difference between monetary vs productivity driven deflation. Assuming the money supply remained perfectly proportional to the population, you wouldn't see stable prices - you'd see deflation. That's because people and businesses get more productive over time. This is the "good" kind of deflation. The "bad" kind of deflation is the kind that Dr. Schasfoort seems to be referencing - the monetary kind of deflation (i.e. where debt is destroyed via default). In a highly indebted economy, deflationary episodes like that hurt tremendously. And those episodes have historically led to very strong political reactions. Though it's the only medicine to a debt bubble besides huge currency debasement, I suppose.

[@pascalladal8125]

Very interesting. I'm wondering though, in your first example, you do have to assume people are consuming the same exact things, no? An increase in consumption(demand) could counterbalance an increase in productivity(offer). Am I missing something?

[@JackDuffley]

​@@pascalladal8125 Yes, in the example, I assume the basket of goods stays the same. In any event, you'd be able to get more or better stuff for the same amount of spending as before. For a real example, check out the late 1800s in the US, one of its greatest eras of economic growth, which saw consistent deflation with huge increases in productivity, purchasing power, and real wages.

[@pascalladal8125]

@@JackDuffley Cool thanks! I'll check it out! Take care

[@steviewonder417]

Where will the monetary base come from?

[@epsilon3821]

@@JackDuffley BASED. Have you ever read Thomas Sowell?

[@abdullahtalks650]

The collab we all wanted

[@Dyllyn133]

yoooo best crossover

[@nothingisawesome]

love Joeri and how he rips apart terrible econ channels like EE

[@chilldude30]

God yeah Economics Explained is awful

[@thealrightgatsby1874]

@@chilldude30 I've watched a few of his videos, but don't have a decent understanding of economics. Why is EE bad? Does he do the sensationalizing that Joeri mentioned?

[@robervaldo4633]

@@thealrightgatsby1874 Money & Macro has a few video responses to EE videos, e.g. "Hyperinflation Already Here? REALLY!? | Economist Responds" and "Dutch Economy Most Unequal? REALLY!? | Dutch Economist Responds" (both from Money & Macro); you can start to perceive EE has some biases and superficiality

[@legendary7957yahoo]

@@robervaldo4633 ah the classic guy who thinks response videos means the responder is more right

[@theadorebagwell7187]

@@chilldude30 haha I’m still an economics noob so I was always under the impression that he was a good and knowledgeable person Breaks my heart, he was the first eco channel I watched 😅

[@Andrei.Joldos]

Hi, Richard. Thank you for another great discussion. I've been following you for a while and I heard you mentioning getting close to the time limit for the video several times. It sparked my curiosity: why is there a time limit? Apologies if you already answered this before and I missed, and if you could please point me to the answer I would be very grateful. Thank you, and as always, it's a pleasure following you.

[@johnthicks8568]

Inflation is great if you own assets. Even better if you own (reasonably) leveraged assets.

[@e7venjedi]

34:18 I say this with all the love in the world: THAT'S WHAT WE'RE HOPING YOU WOULD ADDRESS AT SOME POINT!! Please do explore that! As you said, people intuitively know the game is rigged towards financialization, hence the exponential adoption of Bitcoin and the increasing focus of 'average people' on out of control asset price inflation. I would love to see Joeri and/or TPB have a discussion with any of Robert Breedlove, Raoul Pal, Lyn Alden, Brent Johnson, Preston Pysh etc. You could just hash out the differences and overlap between the Bitcoin paradigm and the Mainstream.

[@sprinkle61]

Bitcoin is in the process of monetizing, and that is why it is excessively volatile on the upside and the downside. In time, it should behave more like gold, still having large swings, but over years not hours. Its volatile now, because its mostly held by speculators, but as it becomes more stable, they will sell, and people who just want to save will become the largest holders, and this will make its price more stable. It could still become usable money then, when the price isn't mooning anymore, and the fear that you would overpay will go away, for the most part, when huge moves are no longer the norm.

[@applefav101]

Can't wait the whole video in 1 sitting, but I'm definitely coming back to watch the rest of it! I love the guest speakers and long video format!

[@whatsup3519]

I have a question. Does share price drop to 100 % of it's value?if it's fundamental r strong? If not why? Could you please answer my question

[@george6977]

If nobody recognises the intrinsic value, I think the share price could fall 100%. As the share price falls, a company’s credit rating is likely to fall, and cost of capital rise. Suppliers and customers would be reluctant to do business with the company .

[@dontthrow6064]

26:12 talking about debt and deflation, arent banks reserving the right to readjust your debt in case of inflation? "you want a loan or not?"

[@ainzooalgown1364]

Deflation is the bomb that banks have strapped to their fiat currencies. If prices ever started going down, the debt-based economy of the world will be plunged into chaos. Soon these discussions will be centred around historical events, not economic theories.

[@ho-no-rio]

Fantastic video!

[@mininigenovesi7333]

Excellent interview

[@Zeerokool]

Not only adding sources but it would great if channels recommend other channels in the descriptions. It would help everyone involved and kick the algorithms ass!

[@supercluster847]

26:44 bitcoin example is not valid: it's not a deflation - it is reduction of purchasing power of your bitcoin cash - so it's, actually, hyperinflation ~ 40% (at a time when posting a comment, bitcoin price is 35000 - huge drop from 67000 of its november 2021 hike) in a few months - you have to pay twice more sum of bitcoin to buy a Tessa car, - that leads to decrease of confidence in bitcoin as a wealth holder.

[@gotnoname3956]

Most Bitcoin Holders do not sell there coins because they think the value will be much hogher in few years (and decades) than today. The volatility is just a part of it. This was the key point he wanted to highlight and it’s true. Just look at the return p.a. of the past decade or the average return of the past 5, 10 years. I also would not “use” my coins because the potential return for the near future is more attractive.

[@butterfacemcgillicutty]

I'm going to invest all my money in bitcoin, and when the price crashes I'll panic sell everything and lose tons of money. Am I doing it right?

[@markotimmy11]

You are on the right path my brother!

[@husnucoban3571]

You also have to invest in a shitty altcoin and comment everywhere that it will go to the moon

[@george6977]

No, an investment produces an income stream. Bitcoin is a speculative instrument.

[@davidelizalde3844]

This is the way

[@lolaland5595]

As Warren Buffet once said, "Buy high and sell low"!

[@MnMEminem]

At 11:00 it was a bit cringe that economist didn't find causation of money supply and CPI decoupling, while it's obvious that technology is responsible! Some industries got more advanced and automated than others!

[@andresgarciacastro1783]

1000 dollars that switch hands 6 times creates the same effect on inflation than 6000 that switch 1ce. Speed at which money is used is as important as quantity.

[@andresgarciacastro1783]

This is why those models screw up.

[@cynthiaaiken2424]

fiat means by decree. does that change the dynamic?

[@ZelenoJabko]

Richard Coughing or Richard Coffin? Or maybe Richard Coffing, the Pokémon? Ah, screw that, I am just gonna call you Hans.

[@patrickmeehan6856]

Can we nominate this guy for the FED chairman? Such cogency, rationality, and no BS. Has anyone tried to average/synthesize the four theories for inflation 21:30 as a metric for overall CPI?

[@Justffffff]

wow my two favorite economists

[@jonathanbatterson414]

Great Interview!

[@Aaronthebald]

Very nice video Richard.

[@guitarislife01]

Great interview

[@augustus331]

Plain Bagel and a Groninger in one video. As a Groninger, I cannot ask for any more.

[@MoneyMacro]

Grunn

[@wallpello_1534]

How does gold have a fixed supply? Weird to say that is the same thing as Bitcoin

[@MoneyMacro]

I would argue that both have a rather inflexible (slowly increasing) supply at the moment. But yeah there are big differences when it comes to distribution and also potentially supply (e.g. what space mining becomes a thing and the discover massive gold deposits).

[@wallpello_1534]

@@MoneyMacro fair enough

[@sor3999]

The amount of gold on Earth is finite and very limited. Bitcoin has an expected maximum number of "coins" that can be "mined" though it can be divided up a lot more than a dollar though paying for something in 1/10,000th of a bitcoin is a bit odd.

[@alpines]

What a great conversation! Would love to subscribe on Google podcast !

[@vietanh2101]

Thank you for the interview. I think this is the best podcast that I have watched on your channel. I really hope to see another collaboration between you and Dr. Joeri again.

[@imranarshad7302]

Companies are using supply chains shortages as an excuse to raise prices. Nestle tried raising prices by 20% in my local grocery store chain. Luckily the grocery store refused and removed all Nestle products from the shelves.

[@vevenaneathna]

i think if you can, you should go over all the numbers on buying your first house or first rental. yeah i know your a fin. analyst but these videos do very very well considering who your subs are. I respect your level tone and caution on a lot of this money stuff and I think you would be a unique voice in the youtube world. either way, thanks for uploading

[@AdamChodaba]

Bitcoin has no intrinsic value same as the dollar has no intrinsic value. That's the perfect take on it. Both do however have an extrinsic value and that is where the "zero value" argument falls apart.

[@axelnils]

Does anything at all have intrinsic value?

[@ygustavo]

Money supply can increase and not cause inflation, as long as the demand of that money being printed stays constant. If the monetary base is expanded, money continues to ciriculate with constant speed, and there is no increase in the supply of good & services to match the consumption power the new money will give the people, you're getting inflation.

[@d0palwh56]

No, fiat means “let it be done” in Latin. It is currency not by consent , but by command.

[@anjaseidl4003]

Minute 39.00 All you explain... how does it relate to "Political Systems", such as "socialist" , "capitalist" systems. More recently I read, that the way the "European central bank" is run, is actually very similar to socialist banking systems. .... How would you comment on that? Andreas Marquart, an economist, says that price stability policy is a "trojan horse". Economies do not need it. ....What do you think about it? And ... what about the governance of international finance? What do you know? What should we know? What role does the individual play?

[@jakefarmer3122]

Great interview, Canada sure did kick the crap out of deflation worries.

[@DabloEscobud]

You must not live downtown because I can't hear the horns in the background lol. Great content, appreciate you buddy

[@tutakprime]

I love this! watching this while eating my breakfast :) Thank you!

[@mahdi5796]

Follow both your channels and loved the interview. Regarding deflation, please invite Jeff Booth, author of Price of Tomorrow

[@TheLatvianK]

Great to see more podcasts!

[@williamm8702]

Hi Richard, just started watching your videos from its beginnings and because I just started investing through Robinhood I have learned a small amount of knowledge in stocks. Not commenting on your latest video, I saw the video about investing in stocks won't get you rich and I agree with you 100%. I'm a 62 year old that just retired with limited income can I realistically see some money with limited investments. I know I don't give much info but overhead expenses are small and monthly income is little over 900 a month. Question is can I see some profits from let's say 200 a month investing in estate stocks? I'm looking at long-term say 10 years. Thanks in advance!

[@superdeluxesmell]

Excellent.

[@WorldinRooView]

34:30 - Ah yes, the good old CookieClicker economy.

[@meshies]

Awesome stuff. Everybody mentioned got a new subscriber.

[@robertpavlak3570]

Wonderful video, and made me aware of money and macro. Nice to hear an academic view of crypto.

[@jhutt8002]

Crypto stablecoins are pegged to US treasury bonds? So they're really just 21st century version of South Sea Company... Who says hostory does not repeat?

[@robertplatt643]

Look at how much a smartphone cost 25 years ago. It only existed as a prototype and cost about a billion dollars. It went into production a little later at hundreds of dollars per item spread over tens and then hundreds of millions produced a year. Now you can get one for $50. So a decline in price of 10 million percent. Has anyone figured in that deflationary factor into CPI? Of course not, but they should. The same with tablets, streaming services, and free online services like messaging and maps. Prices on consumer goods didnt' move for 25 years, and now, because of a social disruption caused by covid, they are beginning to, but when covid is under control, the inflation-devouring mechanisms of Wal-Mart, Amazon, and the world global supply chain that feeds them are going to return with a vengeance.

[@inferno0020]

Yes! Yes! Yes!

[@cyclingchantal]

Love this. Thanks Richard and Joeri!

[@DonarKanal]

Debt is a natural way of society, agree. However, debt money is said to have the ability to target people who use them the best. That is not an ability of Debt money. That is ability of profesional lending. If profesionals calculate risk and want to make profit, they surgically allocate money to the right people and it doesn't matter if money came from Debt creation or from savings that were lended to somebody.

[@ideashop4981]

Great interview!

[@DoingItRight53]

Not sure "academics" are the best source. Their track records as a whole haven't been the best.

[@MoneyMacro]

If you say hasn't been the best ... My counter would be, who's track record has been better? Just elaborate a bit, I think your argument can be made for many professionals. Hedge fund managers don't have the best track record. Yet, I'd rather have one manage my retirement money than some kid on tiktok. Medical doctors have a pretty bad track record. At the start of 20th century some surgeons believed brain surgery could cure criminal tendencies (yikes). Still, if I am sick I go to a physician and not the the spiritual healer I met in yoga class.

[@ichiruki9812]

@@MoneyMacro correct!

[@OnDaJohn]

Pretty sure distrusting people who spent an average of 12 years studying one topic in a rigorous environment is a bad call. And let's not forget that PhD students get paid very little to do their research (which, in aggregate, greatly benefits society). Anyone else either lacks the proper knowledge or has a profit motive, neither of which incentivize truth.

[@DoingItRight53]

@@MoneyMacro your analogies are too simply put. Why invest your money at all in a hedge fund if an overwhelming majority of them underperform the market? That's the track record. Data clearly points to simple index investment as the overall winner. Medical Doctors overall have a pretty good track record. Anybody can make an argument that "some" do not. We can cherry pick bad apples like we can cherry pick data to support any claim. Covid has been the most recent example in terms of cherry picked data. The question becomes what is the track record of the majority, not the minority. The problem I have with academics as a whole (not necessarily any person in particular) is that they tend to overanalyze and then become overconfident in a subject. A great example would be an individual that has only worked as a college professor after graduating college trying to teach an entrepreneurship course with zero real world business experience. How ironic is it that this individual who has only worked as an employee is attempting to teach others how to start a business and risk loss in order to make money? Yet there are many "academics" just like this throughout the university bubble who truly think they have this "superior" knowledge and understanding without any real world experience. This problem has been highlighted quite a bit, especially in recent years.

[@DC-nj8kv]

@@DoingItRight53 without condemning or condoning the content of your reply, you didn't answer the original question. If not academics, then who is a better source?

[@Asgerbadasker]

Amazing!!

[@tommykegler5439]

Richard what’s going on with those earbuds? They are quite bent. Also great vid!

[@j.r.w.devisser6030]

Great video, KZbin needs more of these honest intelligent discussions. Goed bezig Joeri!

[@rof8200]

Phds are generally technically right but almost always directionally wrong

[@robervaldo4633]

the only inflation factor to which bitcoin is "deflationary" is "currency supply", and that can't prevent price increases by itself -- except for people who believe inflation is absolutely and only related to that one factor, which is what most crypto gurus are into

[@QuyPham-fq6pd]

You should do a video with Justin Oh from Cents Invest

[@butterfacemcgillicutty]

Oh, this channel is Candian, didn't notice.... *hears 'about'* ..ah, there it is, yes Canadian.

[@futoohell819]

Pog money & Macro

[@anjaseidl4003]

Thanks a lot. Let´s go to the next "topic" and "struggle" on that. "GROWTH", "ZERO GROWTH", next "CLIMATE FRIENDLY ECONOMIC DEVELOPMENT", "GREEN ECONOMY". That is, when it gets interesting. I remember, that in corona times we were able to see that animals appeared on the roads, where cars were driving. Let us not be "stuck" in "terminology" (even though practic examples are given" ......

[@M0stlyHarmless9]

Very informative and entertaining

[@RandomGuyOnYoutube601]

Good stuff but I would expect you going much deeper since the video is 49 minutes long.

[@chrisbaker2669]

The inflation in the 1970's can be explained by the united states leaving the gold standard on August 15th 1971 this caused the money supply to sky rocket because money was no longer tied to gold at $35 an ounce.

[@stnbch3025]

How about the effect on inflation of factors like price competition, labor impoverishing trade agreements, monopoly or greedy surplus creation...

[@Soulmodulation]

You should have on Evidence based Wealth (Aka, BelangP). He has some of the best arguments for gold as a store of wealth without discounting other asset classes like most goldbugs.

[@DimitrisAndreou]

It seems like the "economist" discredits any economic theory of the past, with the offhand remark "well, see, CPI has decoupled from money supply". Maybe there are economic theories that have a wider applicability than the immediate surroundings and historic setting of the economist who deduced the theory. But who knows? Why study anything? "CPI has decoupled". The sad state of modern economic "science".

[@DennisFinancialDoctor]

Why this guy look like Elon? *subscribed*