Inflation: The Real Cause

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Please join the David Starkey Members' Club via Patreon www.patreon.com/davidstarkeytalks or Subscribestar www.subscribestar.com/david-starkey-talks and submit questions for members Q & A videos. Also visit www.davidstarkey.com to make a donation and visit the channel store shop.davidstarkey.com. Thank you for watching.

[@evolassunglasses4673]

Brilliant video. Great economics channel to sub is maneco64

[@richardwalton6993]

Counterproductive administrative restrictions applied to fuel production in the USA - in order to satisfy their own zealous version of net zero - has greatly added to their nearly 10% inflation rate.

[@soapsuds5770]

What is Vimar and how is it spelled? This is the first I have heard of it and when spelled like that, it doesn't bring up anything that looks like what you were talking about in the search. Thanks. Great video as always!

[@bruceyboy5280]

John Law ,, invented quantitive easing

[@andrewsargent1684]

@@soapsuds5770 I guess you mean Weimar.

[@spm36]

The mess these politicians and media have caused is unforgivable

[@edwardpreston2098]

These past few days of ECONOMIC INSTABILITY, INFLATION and RECESSION watching my portfolio decline is very disheartening. Holding doesn't really profit much. Any idea on how to earn better in the market?

[@ye2881]

@@edwardpreston2098 •A very good technical analysis and understanding the market price action makes trading easier and less confusing. As a beginner, I strongly recommend a professional for your analysis, she is Ms Milly Millz…

[@robinlillian9471]

Because Henry VIII didn't cause a mess when he ransacked the monasteries. All leaders are human, have faults, and make mistakes.

[@masoncarlos124]

*Crypto trading* is quite profitable I'll always pick Short term trading over Holding cause I have made a lot of profit from trading.. it is also surprising as I also trade with Ms Milly Millz on a short term basis.....I advice you seek the help of an expert to avoid the trauma of too much losses..

[@robinlillian9471]

@@edwardpreston2098 Instability is quite common in markets and has been for a VERY long time. In Germany during the Weimar Republic, people brought wheel barrows full of money just to buy some bread. Be grateful the situation isn't worse. One piece of advice: Do NOT sell when the stock market is low unless you own stock in a company that is about to go bankrupt.

[@ColonelMuppet]

Starkey is so human it almost brings on the tears…the self deprecation and humour over his younger years is as endearing as the sheer genius of the man.

[@jr7077]

Totally agree. He's a lovely chap to listen to via podcasts when I'm driving. Wish I could have the man round for dinner.

[@edgarfriendly5321]

So human? He wanted the jab to be compulsory. Moreover all those freebies are what drove inflation high, including the jab. Ironic.

[@krackerman3628]

ahh I get you --- sarcasm... nice one... but sadly a lot of the thich c@nts that follow him won't get that... because they are fkin thick as sh1t

[@chrislambert9435]

Inflation is from one place and one place only, it is from "government" working with central Banks to Print money and distribute this cash through so-called quantitative easing, the present Government spending schemes will cause more Inflation

[@63Baggies]

He is NOT a genius - studied? YES - articulate? CERTAINLY - but NOT a genius. This post, though very good infotainment, misses the point. The FIAT monetary system has served its purpose and will now be disposed of quietly only to be replaced by a system that exercises even more control over a population already enthral to the debt based paper money system.

[@sirrodneyffing1]

I could cry. Best description of inflation from a public intellectual I've ever heard in my life of almost 60 years. Inflation is the confidence trick of Government; get elected by handing out benefits today, and pay for it by slowly stealing away their wealth in the future. Selling the family silver, just very slowly.

[@stevewatson6839]

William Rees Mogg made the same point when inflation went away with the Cold War's end.

[@sillypuppy5940]

TIK has some interesting things to say on the subject too.

[@stevewatson6839]

@@sillypuppy5940 Great back catalogue! I'm reading "Hitlers National Socialism", the book you can see on the shelf behind Lewis's left shoulder, at the moment. I'm glad he has branched into delivering Real Economics 101 and not stuck to tanks! LOL!!!

[@cloudybeforerain7134]

@@stevewatson6839 A tank only gets you so far 😉

[@raycarter4030]

you sound like an abject, strange, beguiled and poorly informed fool.

[@goodyeoman4534]

Fascinating and insightful as ever. The problem is, it won't change anything. 90% of the general public don't understand, or even try to understand things like inflation, national debt etc. Much less do they care about notions of personal, moral or communal standards. Nope, it's whichever politician smiles the most or parrots the catchiest mantras that will determine who gets voted in. Anyone who has a different view can easily be dismissed as a 'Covid denier', 'conspiracy theorist' or whatever else the smear of the day is.

[@jwadaow]

I think a huge number of people do understand.

[@stevewatson6839]

The motivated overthrew the Romanovs, the Stuarts, the Capets, etc. Our revolution need be no different.

[@countryman5329]

Plenty of actual anti-vaxers and conspiracy theorists out there

[@wolfiestreet6899]

Because they specifically do not teach PPE in state schools. They take us for the fools they educated us to be.

[@wolfiestreet6899]

@@jwadaow They understand the effect, they don't understand the cause.

[@jontoward1213]

This man is a National Treasure! He speaks so eruditely. Absolutely brilliant.

[@gregsmith7949]

The thing is...this WAS PREDICTED! When small businesses were being shut down and people being laid off the government said "don't worry...we have stimulus checks" and the Fed started printing money like crazy when your more sober economists said "hold on". These economists knew this would come and here we are.

[@Lee_303]

Yes & the wealthy get richer, the poor get poorer. How anyone can say this isn't about greed when this is happening, grand theft in broad daylight, is beyond me.

[@0tispunkm3y3r]

Yep. Blindingly obvious to anyone with a brain from almost day 1. Makes you wonder.

[@acecolnaco6587]

Well if you read the bible......if you have a brain it tells you of a world in chaos then the lawless one and his false prophet come and will sort it out ( order by chaos ) then after 3 half years he will force everyone to take the mark 666 on his hand or forehead and worship the beast (the devil ) do you not see where we are going.....convid passorts????? Then think they want a cashless society.....in the bible it says ( and no one rich or poor will be able to buy or sell unless he has the mark of the Beast.....meanwhile all born again Christians are being slaughtered....you have 7 years when he comes then think before he does come where you want to spend eternity!!!

[@andrewsargent1684]

A lot of economists don't seem to realize central banks, like the Federal Reserve, don't really print money (at least in the sense that they mean). Money is created by commercial banks, some onshore, some offshore (in the Eurodollar markets). All the Federal Reserve can do is mess around doing asset swaps: purchasing bonds, swapping them for Bank reserves. Reserves are a funny kind of money that virtually all stays within the banking/financial system and does not circulate within wider commercial markets/"the real economy". For most of the time the Fed creates money with a virtually zero velocity of circulation. The Government stimulus checks did for a while push money into a place where it could actually circulate within the real economy and in doing so added demand far beyond the capacity of the supply-side to meet it. Let's see what happens when higher prices have drained that money away. Sorry! I've gone off on one but when i read central banks have been "printing money" I get triggered haha!

[@lorrainebrown7263]

As an older person who was bringing up a young family - and struggling - through the 70’s it has always been obvious that this was all going to come to fruition. The younger generation have to learn this lesson that you need to work to eat.

[@ally11488]

I think you'll find the younger generation spends more time at work for little reward. Is it any coincidence that's there's more billionaires in existence nowadays? Boomers have the annoying habit of being too nostalgic about poverty along with corporal punishment for the young.

[@physiocrat7143]

The alarming thing is that the Chancellor had a First in Oxford PPE and an advanced degree from an Ivy League university. Gordon Brown was advised by Ed Balls, another Oxford PPE graduate with a first and an advanced degree from an Ivy League establishment. What are these places teaching their students? They need to be closed down. Nobody with a "qualification" in economics should be allowed to hold office or be in any other position of responsibility.

[@googlecontrolled]

"He who shall not work shall not eat". I've had a hard day at work and came home to find all the benefit people sat sunbathing drinking beer in the good weather whilst their kids enjoyed the big paddling pools.Tommorrow I am chopping wood to dry for winter fires but they'll be drinking beer sunbathing again. Any government help with bills is skewed in their favour from my taxes taken off my wages at source 😤

[@juvenalsdad4175]

Chin up, Mr Parkinson, the resourceful will fare better than the beer-drinking sunbathers when the going gets tough. In the meantime, you may have to render unto Caesar, but you can still enjoy the the satisfaction that the food on the table comes from your own efforts.

[@philiphudgens4726]

Yeah & their kids roam in gangs causing trouble....& we pay for it all! I'm all in favour of a safety net, but these are generational career scroungers.

[@googlecontrolled]

@@juvenalsdad4175 Thank you for your attempt at appeasement but it is marred by all the politicians remarks that the poorest need help first as regards the cost of living risis and energy bills. I have no confidence given that while I had time off work from covid I received no help whilst someone on benefits who has all their bills paid by my taxes recieved £200!!! Ask yourself who needed it most, theworking man perhaps or the benefits sunbather with no expenses. The politicians are vote chasers,after that they don't care, but thanks for trying.

[@lesleywillis6177]

There is an attitude in our country that denigrates low grade jobs. Not from me. I respect a burger flipper 1000 times more than a layabout.

[@turbolevo8703]

The client state.

[@newcjon]

This is a great talk. I’ve been banging on for years that inflation is not the rise in prices. It is the extension of the money supply to a greater extent than the increase in the value of goods and services produced. The price rises are merely a result of this. Inflation is 100% produced by government and the money printers. People need to share this talk of Dr Starkey far and wide.

[@wolfiestreet6899]

Inflation is a devaluation of currency.

[@sirrodneyffing1]

Yes. It's not the price of things going up, more value of your money going down.

[@the_forbinproject2777]

same here , money supply in excess of utlity as I put it but I'd say its planned to reduce government debt , the reader may differ on that

[@sirrodneyffing1]

@@the_forbinproject2777 Forbin Project. Amazing film. Watched it on TV in the 70's and it made a big impression on me, very prescient. Look up Midjourney and DALL E 2 AI Art.. Here comes "The Voice of World Control" and I'm not looking forward ward to it..

[@deborahcoveney8846]

The bastard political class in Britain are all corrupt. We need a general strike

[@staffie1uk]

As I used to say to people during the lockdowns “it’s a bit like the war, without the war!” Always a pleasure to listen to you David. Thank you.

[@elkpaz560]

I've just been watching an episode of 'Coversations that Matter' on YT - about the sequence of invisible catastrophic threats which we are presented with. Always invisible and unverifiable by the ordinary person.

[@SunofYork]

More than one million dead here in the US...all caused by anti-vaxers

[@staffie1uk]

@@elkpaz560 Will check it out.

[@specialkcitizen6263]

Isnt it amazing that one of Britains most learned historians can never be allowed on mainstream TV because he stated an actual fact. But its great to see this man stick 2 fingers up to the establishment and go solo.

[@fredbloggs5902]

Hilariously if he gets the formula right, he could end up becoming more influential (and richer) on KZbin that he ever could from mainstream media… …Unfortunately I suspect at his age he simply can’t be bothered.

[@bertiewooster3326]

@@bestcomsystems4458 You know what you are talking about.......hahahahaha jeepers man you should be in charge then hahahahaha. Yawn x195

[@steven.ghodgson765]

At 80 years old I have just learnt some of the mechanics about the causes of inflation. Thank you David , keep up the good work.

[@DrawnInk1]

David Starkey, a real class act. Knocks spots off our political class and the scientists who were treating the nation like a Petri dish.

[@gstephenson9442]

My first thought when furlough was announced was inflation. I was absolutely mortified. Meanwhile, the media was entirely jubilant. Rishi was the man. Is everyone really that stupid?

[@louisebendall2894]

Thank you again Dr Starkey for once again making things so clear. What a shambles we are in, with no help in sight, but for a few voices like yours.

[@richjones4956]

Join UKIP. We are fighting back.

[@aislaportland5555]

And there was me ,thinking of bypassing this gem. Because I was dim enough to think him only a historian and not an economist. Thank God I remembered Neil Oliver...a polymath who joins the dots of his former specialisms to contemporary cultural critique. And therefore is essential viewing. David joins the happy throng...this is magnificent teaching. Thank you Dr D.

[@FunkmeisterOfSedgley]

Hi Aisla, I too watch everything Neil and David put out. They have more common sense and vision than the House of Commons.

[@stuross8190]

For me, This is David Starkey at his absolute best. A decent analysis of the subject with historical context. My opposition to covid panic was generally mocked from the start. I am now even more certain that the response to covid is far more damaging than the actual virus. Coupled with that, is an almost total mistrust of govt and media information in future. So many of us are now at risk of losing all we have worked for. All this for virtually no reason. In future, ignore any govt that tries this idiocy ever again.

[@stuross8190]

@@bestcomsystems4458 I'll read on, My heart rules my head sometimes ;)

[@paradox7358]

“History never repeats itself, but it does often rhyme.” Mark Twain

[@WolfgangVonKempelen838]

Or you live in a "boom and bust" economie model

[@ceased2care]

Love that

[@georger64]

The Road to Weimar….. yes, I think of that a lot. My grandmother (German, born in 1909) told me many stories. Rough times ahead!

[@sirrodneyffing1]

I think he's echoing the book ' The Road to Serfdom'. the result being mostly the same.

[@jerrysims6691]

Great presentation as always, David. I remember saying two years ago that lockdowns would have major repercussions in all areas of our lives for decades to come. I believe those repercussions have far worse to offer up now.

[@ruthcollins2841]

Those with commonsense said the same thing but as usual the morons in charge who are blinkered didn't think the same!🤬

[@mattc2094]

Yes indeed, not many people were brave or honest enough to speak of the long term after effects of lockdowns, unemployment benefits etc and, as David explains, this is the reality we’re in. In my opinion, government policy was an overreaction.

[@dontuno]

@@mattc2094 Overreaction is a massive understatement, combined with far too many milking it for all it was worth.

[@pbohearn]

@@dontuno The graft and fraud in the USA with all of the big companies, led by the airlines, grabbing tons of money when small businesses were an afterthought and got nothing, and those mom and pop stores on Main Street all closed down forever because they can’t start back up, they have no money, they lost their leases, the restaurants are closed, is truly the stinking stench of a pigsty of hungry greedy millionaires and billionaires at the trough

[@pbohearn]

Mr. Starkey I really enjoy your excellent and thoughtful lectures on history and culture, in this case economics of the modern time. And to hear your stories about shopping for navy gear as a Randy gay chap in London was delightful. However, I don’t always align with your political outlook, and I must take exception on a couple of your assertions. I am an American not a Brit , so these could be inaccurate but here they go: 1. you lay the blame on Gordon Brown squarely for the mess Britain got itself in with Browns ill-advised economic strategy, but you fail to mention he was responding in an emergency situation to a problem that was created by the previous Prime Minister who didn’t have the backbone to stand up to the US fake war. Moreover you note, accurately, that the provision of mortgages for Americans not suitable risks to lend large amounts of money to ended up causing the near meltdown of the banking system, and suggesting that somehow the policy in the USA was automatically transmitted to Britain, as if again you had to do what the US was doing. How is that so? Perhaps you were copying a bad policy, but it wasn’t being enforced on you. I do believe Britain still has autonomy over its internal policies regarding its own finances. these ill-advised policies of Blair’s administration caused the inflation and now Mr. Gordon had to deal with. Just like Mr. Obama and Bush.. And you give a very dark warning of the Weimar republic to come if we don’t do something about their unrestrained spending, which I agree 100%. But as you know, although the economic situation was terrible in Germany after WW1, as well as the demoralization of the German people, again not largely created by the weimar republic but by the terrible debt and punishing policies after World War I visited upon the Germans that they were ineffective in managing. Moreover, although the economic situation was out of control bad, as you know you and I would be a lot safer in that era than the next, where We could dance cheek to cheek in a little cabaret, but with the rise of the brown shirts, we may find ourselves In a concentration camp acting out the play, “bent.” First we had the rise of communism and socialism to topple the royal and aristocratic families who held so much of the power and wealth all over Europe, in order to equalize power among the people, however the communist system also failed because ultimately (as we see in Russia and China) money and power is still held by a small group of oligarchs with very little for anyone else. capitalism was championed By the likes of Reagan, bush and Thatcher as the way for the economic engine to benefit the most, yet that also seems to be cracking as the very wealthiest billionaires are holding more power and leverage over the democratic government who is powerless now to do anything to regulate Their insatiable and immoral greed. So it’s been a series of experiments but we somehow just can’t get it right. Can we? You can’t give too much of it to any small group, but it always seems to go that way. The elite who attend the world economic forum don’t have our interests at stake:they are the leaders of the biggest companies, The owners of the assets and the supply chains, including land, food, energy and finances, the people with the most power and influence with heir messaging going right into our ears through our computers, Constantly surveilling us, mining our personal data so they can manipulate us better, controlling the media, and feeding the public fear messages and lies for manipulation. They create policy independent of any governing body that is supposed to be creating the policies. One feeds on the other, Government and defense, aerospace and oil companies, that create the necessity of war, and why America has been in a constant war since World War 2. any ruling system we create ultimately is corrupted by greed and desire for power, whether it is the Roman Catholic Church, the monarchy, communism or elite capitalism; they all exploit the lessers, that being us. elite capitalists are no longer the “noblesse oblige” accountable to government, but are robber barons and sexual perverts, largely doing whatever they want and calling the shots, corrupting and bribing politicians, using our own government secret service against our leaders to compromise them, trading weapons for crack cocaine to dump on the streets of Chicago all the while exhorting “just say no,” and blaming the largely black addicts for their disease, and throwing them in prison while powder cocaine users don’t go to prison. Just look at the promise of post -Apartheid South Africa: a heartbreaking reality. “Rainbow Democracy” was supposed to level the horrible inequities, and harken political and economic democracy for all its citizens. Bu the African leaders have shown themselves as corrupted as the worst Afrikaner, hey became bedmates of he British SA bankers, getting in on the grift with no interest in improving the lot of their own people. The people can vote, but they sill live in shanties and their lives remain much as when they were under Apartheid. Shameful.

[@Soulmusic357]

100% - The silence from the complicit is deafening. There will be a reconning.

[@MrAmbrosse]

I already understood everything contained in this video regarding inflation, but listening to David Starkey communicate these ideas whilst adding in the historical context is a pleasure.

[@davideaston1139]

Yeah me too, the only criticism is when he said the governments central bank? and did'nt explain how the very private central bank print money...

[@alancooper9632]

What a brilliant insight in to a very difficult to understand subject. I'm only one ordinary fella in my mid sixties, but I found this video easy to understand even for me. Absolutely brilliant.

[@mattc2094]

Yes, David explains it really well. I like his example of Henry VIII’s coins, where the silver was watered down. Explains inflation very well

[@slimytoad1447]

" Both led by their pricks!" Legendary words David!

[@zoidberg444]

22:55 - The Cantilon effect - so named after the economist who first noted the phenomenon. He noted that when new money enters the system it does so in an uneven way which drives up asset prices and therefore diverts the gains to the upper percentiles of the wealthy. I believe F.A Hayek compared it to pouring honey into a jar. It always piles up at the one end. Ludwig von Mises also noted the effect. The whole notion of "tickle down" economics is bunk - by the time that new money trickles down the value has inflated away, the people closest to the money who can make it out of thin air or borrow at negative rates get the benefits. Wage earners get screwed. The transfer is actually negative - the value transfers up from wage earners to the elite. Many of our elites who have seen their wealth multiply many times over in the last 2 years should be called Cantilonaires. Good luck explaining this to the idiotic normie dross who fell for the COVID scam and now can't believe they can't afford electricity, petrol or rent. The situation in many markets is a double wammy - yes we have experienced severe monetary inflation but the lockdowns and the war have seriously disrupted these markets on top of that. While America is technically energy independent the oil market is a lot more complex than most people know. Not all oil is created the same. America can be divided into different zones in terms of where their oil comes from and the set ups the refineries have in order to process it into useful products like fuel because oil comes in different grades that in turn produces different amounts of certain products depending on how heavy or light it is. A lot of the US east coast uses Brent Crude from the North sea. The midwest refines a lot of the shale oil - the southern United States had refineries that were geared to use "heavy sour" originally from Venezuela - you cannot just change a refinery over - it would take years. The US fell out with them and had subbed in Russian oil to replace that because it has similar properties that the refineries can process. Its ideal for making diesel fuel where as other US crude like what is produced in the midwest is lighter. Now they are probably still using Russian crude but its coming through multiple intermediaries to evade sanctions and in reduced amount. Also because of decades of environmentalism the US hasn't built a new refinery since 1977 - but the population and oil consumption has increased since then which means America cannot produce enough refined product so they straight up import it from less scrupulous places like Russia. I think in Europe we straight up imported 15% of our diesel supply from Russia. Diesel has been short all over. Luckily in the UK we never went as far down the diesel rabbit hole as they did in mainland Europe. Diesel has been well over $5/gallon in parts of the US which in turn feeds back into farm equipment and goods vehicles which are all diesel powered. You also have ESG criteria from investment firms which strangles investment in oil and gas exploration and has for years. These companies are also being told by politicians and elites that the oil industry will be obsolete by 2030 (the most idiotic statement ever) and in turn they have no interest to make major new discoveries at a time when making new finds is becoming harder. If memory serves world oil consumption is something like 12 billion barrels a year and I think last year only 5 billion new barrels of reserves were found. Major gulf producers probably have less oil than they claim and no desire to go through it faster than necessary because once its gone they are screwed - particularly the house of Saud. The war in Ukraine is also essentially a bail out for Americas shale gas business who's LNG is far more expensive than the Russian gas and would not be able to compete except for the sanctions. Fracking is far more energy and capital intensive than regular oil and gas. The wells are deeper, hydraulic fracturing requires energy and large amounts of water and the wells decline in production very quickly. Europeans are getting into bidding wars with existing customers for LNG like Korea and Japan. Most European countries cannot even afford this gas - it makes their industries non viable. This is probably one of the largest economic disasters in human history. They doubled the global money supply in 18 months and coupled that with serious structural problems in key energy and other commodity markets - like food. Which is directly related to energy due to the fact that oil powered machinery and electricity is needed for farming. Fertilisers either come from Russia and/or are made from natural gas. Food processing and farming has essentially had a business model built on exploiting cheap labour or just outright slave labour. It feels rather like the scene in the dark knight rises where Bane breaks his restraints and tells the CIA man his master plan is "crashing this plane WITH NO SURVIVORS!".

[@richardwebb9532]

I agree, however, would like to point out the fact that the technology to produce petrol from coal exists, which is as cheap to produce as oil, as does plant based fuel tech. Just because oil runs out, it does not mean we grind to a halt, however, the same cannot be said for "green" energy, as only so much cobalt and lithium exist on earth, and unless we get the tech to produce more, we screwed in that direction.

[@krisfraser6181]

Good and informative post but you may not be aware that Mr Starkey was very much one of your normie dross who fell for the C scam, indeed he wanted the needle to be made compulsory for all.

[@zoidberg444]

@@krisfraser6181 I followed him throughout the pandemic - he seemed very much in the vein of former supreme court justice lord Sumpton that it had all gone way to far. I think you might be confusing Starkey with Andrew Neil who went off throthing at the mouth on vaccine passports and compulsory vaccinations.

[@krisfraser6181]

@@zoidberg444 listen to the Triggernometry episode David Starkey - I won't bow down to the Mob from 58 minutes to 69 minutes. As for Andrew Neil, I wouldn't waste my time.

[@doppies2000]

there is no such thing as a "Trickle Down" Economy. only a Bubbling Up Economy ! everything from the Bottom rising to the Top ! a gigantic Pyramid Scheme ! and that includes Pensions !

[@3bebles]

What an eye opener! Often questions are not asked because of presumption of holding knowledge already, or fear of displaying inadmissible ignorance... Your explanations allow us all to follow such a major "understand need". The light you shed on the most recent events is very disturbing and needs to reach all the shadows and dark corners. Thank you for provoking our thinking and immunising our fearing.

[@richardhaynes5793]

Excellent as always, shared it on my Facebook page. Road to Weimar... God, I hope not. However, something that I have been saying for a while is that if a country as civilised as 1930's Germany could end up in 'National Socialism' then to assume that Britain is immune to such evil is arrogant, deluded idiocy.

[@suds2808]

You reap what you sow. Now we are reaping the consequences of economic madness.

[@royalirishranger1931]

In around about the spring when the American economy begins to flounder , we will become acquainted with the consequences of our political economic failure , and lament. I fear it will be dreadful. They , who have brought us to this catastrophe, should be held to account but won’t.

[@wordjunkys]

I recently discovered you after searching The Monarchy by way of Cambridge University on KZbin. After watching your brilliant talk there, I searched for more talks by you. "Hello," as a new subscriber to the "David Starkey Talks" channel from the States, where my brain has fallen in love with your knowledge and wit! Thank you for your insightful and entertaining content!

[@fortuner123]

When I was about 8 years old in the late 1950's my dad bought and old army bell tent and a patrol cooking stove (pump up - how it never exploded I'll never know) from army surplus. Knife/fork/spoon clip together sets, aluminium rectangular mess tins (still available from Alibaba) and massive wooden tent pegs. Well, that was our first camping holiday and a real adventure. Some survival techniques were quickly learned!

[@keithianlocke]

There is also an element which people are afraid to discuss..... immigration. If there is a set money supply in circulation, and then you open the borders to millions of immigrants, that money supply has to spread much more thinly across the increase in population number. That makes everyone worse off, and would easily explain why over the last 20yrs we have seen such a high % fall into greater debt and fall below the poverty line. The only fix they would have for that is to print more money, which causes inflation that hits people already worse off.

[@juvenalsdad4175]

I think you might want to read some economics text books. Just a suggestion.

[@wolfiestreet6899]

@@juvenalsdad4175 Why? Does increasing money supply not contribute to inflation? Because that's economics 101.

[@juvenalsdad4175]

@@wolfiestreet6899 That was not Mr. Locke's point. He seems to think that the amount of money in circulation was fixed at some point, and over the last twenty years has been gradually spread between more people. The money supply increases with growth in GDP. It has to, otherwise you get the opposite problem, deflation. Increasing the money supply in advance of growth will, of course, lead to inflation, but if done carefully, and there is some slack in the economy, and your currency is well regarded at the time, it can act as a growth stimulus. It is when it is 'money printer go brrrrr' that it becomes a problem. Mr. Locke is partially right when it comes to personal debt and a lowering of living standards being due to not enough money to go round. Despite growth in GDP, much of that has been extracted by the financialization of the corporate world into stock and share value, rather than investment into producing new value across the economy.

[@dangermann7460]

Very good, I completely agree. Fifty years of borrow and spend are catching up.

[@Lonewolf__666]

When David Starkey speaks, everyone should listen.

[@nockianlifter661]

Inflation is always and everywhere, a Government policy.

[@paulwood6519]

One striking historic example of tackling inflation due to currency debasement is that set by Henry I who, summoning the moneymen to court, informed them that catching them in any further debasement would result in the removal of one hand and one testicle. Needless to say, Henry suffered no further inflation concerns for the remainder of his reign.

[@MiddleAgedBrit]

Another facinating breakdown of history. Difference is.. Henry had a long term goal rather than a fleeting five years between elections? Thank you David!

[@stevewatson6839]

The folk behind the curtain have the long term goals that allow this.

[@sinamirmahmoud7606]

quantitative easing : plundering savers ... 500 years of generations and generations work and save so one guy can print 1000 years worth of money.

[@shedactivist]

Great lecture. At the beginning you pointed the finger at BJ and I thought what about all the others clamouring for lockdown as well, even saying it wasn't enough, and then at the end you show how they all were indeed 'In It together'.

[@kimberlyperrotis8962]

I know someone who was given a mortgage before the ‘08 crash, where the monthly payment alone exceeded her monthly income! How did the lender think she could pay that? She lost the home to foreclosure, of course, right afterward.

[@craig5066]

Irresponsible and unregulated lending doesn’t just affect the individuals who borrow irresponsibly it can also have far reaching repercussions financially for the many who are sensible with their finances as well. The banking and financial sectors are always on a winner due to controlling lending and owning debt,and it seems we still haven’t learnt from the crash in 2008.

[@Sukerkin]

My word, good sir! I have been exclaiming about the lack of lessons learned from the 70’s but have not looked as far down the avenue as yourself. If things do indeed get that bad then the wheels are definitely off and my vision of a non-impoverished retirement is a fantasy.

[@derekmills1080]

David, your veracity and perception of matters pertaining to inflation should be compulsory listening for our lamentably stupid 'politicians'. Your argument was, nay, is an example of intellect and clarity spiced with, dare I say, cynical humour. I much appreciated this talk - it has stimulated my mind, yet again.

[@breakingbombast4439]

Fantastic talk….spot-on, Brother.

[@evolassunglasses4673]

Google: How many Dollars printed in the last 3 years

[@gleefulme9617]

Far, far too many & our supreme idiot president is going to spend us into a complete financial depression. If he, Harris & Pelosi dropped dead today, it would be a blessing.

[@magnacarta9364]

80% OF All US Dollars In Existence Have Been Printed In Just The Past Two Years

[@54032Zepol]

Most big businesses/banks are just too big to fail so much that their collapse would further push the Domino effect, every bailout by the government is designed to prop up the Domino from falling even further

[@stevewatson6839]

@@54032Zepol "Most big businesses/banks are just too big to fail ..." That is just a lie. Don't peddle other people's bullshit.

[@54032Zepol]

@@stevewatson6839 it's true look it up because your ignorance is showing

[@lizcaporicci8483]

Thank you so much, Dr. Starkey for your very informative 'take' on the true meaning of inflation. You are correct in saying that it is very difficult for businesses to come back to the pre-Covid time. These lockdowns have caused so much damage.

[@geraint8989]

How apt that Cicero gets name-checked here. If we could grab hold of and manipulate spacetime, I think Cicero might name-check Dr Starkey. Truly engaging speakers are a delight to behold, but sometimes the skill is superficial. It can certainly take politicians to places they don’t belong. But when the skill draws from deep reservoirs of knowledge, and is driven by a fierce intellect, it is captivating! In these intimate talks, Dr Starkey doesn’t even need to deploy any of the oratorical weapons we have seen him wield, but I can think of very few people I would more enjoy watching simply talking to camera on any given topic. I would watch Dr Starkey talking for an hour about how paint dries.

[@jodycarrithers6160]

Absolutely. The Army Surplus Stores are Still around in parts of the U.S. and, yes, they are still places many of the younger generations go to pick up some "edgier" fashions in order to look unique and different.

[@barrywalsh7926]

David, I would like to propose a topic for a future talk. It would be interesting to compare how Norway and the UK managed their North Sea oil resources. If the UK had followed Norway's economic model, how would the British economy look today?

[@markvoelker6620]

The definition of inflation (the real, original definition) IS multiplication of the money supply, which then causes an increase in the general price level. The redefinition of "inflation" to be the increase in prices, is an attempt to hide the cause of those price increases.

[@rocketpig1914]

What on earth makes you think that? Money supply may well be, now and historically, the chief cause. But not the definition. The clue is in the name. Prices _inflate_ , and governments _debase_ the currency (and it was that which governments used to do, for they never used to be able to print money as it was literally composed of precious metals).

[@markvoelker6620]

@@rocketpig1914 I remember the real definition, before they changed the meaning of the word around 2013. All electronic documents can be and are changed as time passes. Inflation is called that because adding currency and credit into the economy is like pumping air into a balloon.

[@rocketpig1914]

@@markvoelker6620 i was hoping you'd provide a bit more evidence

[@wolfiestreet6899]

David Starkey is absolutely SPOT ON! About time somebody said it. Very intelligent and enlightened man.

[@wolfiestreet6899]

Until I found out he is pro compulsory c19 vax. Sorry Dave, I can't do that.... Unsubbed.

[@benny532017]

@@wolfiestreet6899 evidence please

[@wolfiestreet6899]

@@benny532017 Triggernometry interview, start at around 58 minutes.

[@benny532017]

@@wolfiestreet6899 thanks - great precise reference! Wow that really hasn't aged well. Goes to show that even someone who can look clearly at history can be overwhelmed in the 'fog of war' I wonder if he still agrees with what he said now

[@ejbvermont]

From the USA: I agree with most of Dr. Starkey's analysis, but we have also seen rises in fuel, gas, and food. Though gas prices are now falling.

[@evolassunglasses4673]

End the Fed.

[@stevewatson6839]

They won't fall to what they were though.They never do. Stop falling for crap.

[@mattmangan6051]

he gave the US as an example where despite being energy independent there is still inflation due to quantitative easing / printing money.

[@jennyaskswhy]

Top-rate commentary Starkey. It is always useful to be reminded of essential economics lessons from history. What would you recommend we do now?

[@leoroverman4541]

Could I just point out, that the Civil service doesn't just work in areas which are sedentary. What has been overlooked is the strain on the Borders, due to staff shortages that could have been augmented.

[@jr7077]

How wonderfully insightful this man is. A great orator. A real delight to listen to.

[@tonygiles1841]

A great bullshitter

[@johnwalters5131]

a valuable commentator on these present crises giving reasoñs for the mess . as entertainingly informative as ever , cheers DS

[@landsea7332]

19:13 " Quantitative Easing " - occurs when central banks print money ( increase the M2 money supply ) and use it for " asset purchase programs. " This is a euphemism for central banks printing money and buying government and corporate bonds. In one way or another , most of this printed money ends up in capital markets , the ultra wealthy , additional real estate purchases and the stock market. However , the printed money effectively devalues the incomes, savings and pensions from Citizens who actually work or worked for a living . The net result is a wealth transfer - from people who actually work for a living - to the ultra wealthy. .

[@helenel4126]

Thank you, Dr Starkey for this presentation. Being a citizen of the United States who was fortunate to study history from middle school through university, I am more familiar with the events that caused inflation in my country. I appreciate the opportunity to learn more about the events in British history that led to inflation, and the actions of British politicians (equally as inept or cynical as ours) to exacerbate the situation. Alas, even though my husband received a pay raise when obtaining his post-lockdown job, inflation has destroyed any benefit of the same. As much as I would like to become a member of your club, our budget cannot afford it. Meat is an increasing luxury, I drive only when absolutely necessary (though our gasoline prices are trivial compared to those your nation endures), and non-necessities are considered askance.

[@nonoyorbusness]

The great pestilence of the present is the WEF "young world leaders".

[@dennislynch1326]

dennis lynch absolutely spot on ....... as a member of this public ....what is the solution to remedy this situation.given some sort of action/solution activity I'm not at all sure that most people with all their own problems of daily survival are in a position to engage in anything ....it's clearly a real problem that our elected officials should be addressing...but as starky said all our choices of elected officials have all been tainted with causing our present demise.. and many of our news media ...not a mention from...... in any real depth.....perhaps they didn't want to upset us

[@violinstar5948]

was hoping to hear about lack of gas storage, failing to build nuclear power stations, failing to frack or dig oil out of the north sea, how our privatised energy prices compare with the French nationalised energy costs. Was expecting more analysis.

[@freehand2090]

He explained that even though the USA is self sufficient in oil gas and food, they've got equally high inflation

[@kiwitrainguy]

@@freehand2090 Any inflation in the US that is caused by increased oil and gas prices is because that both of those items (and numerous others) are internationally traded commodities. If there is a World-wide shortage of any of those commodities there is a corresponding increase in its price.

[@colinmartin2921]

Absolutely marvellous Dr Starkey, as usual. Funnily enough, the only politician that I have heard talking about the reality of this is Steve Baker. I wrote to my MP at the start of lockdown and warned him about the effect that it would have on the economy, but he brushed me aside......

[@philipprice171]

Mine too. Wonder what his reply would be now.

[@Isclachau]

What worries me most is even myself of moderate intellect as early as May 2020 realised this pandemic was basically nothing of any great concern. However so many did and worse continued too. People I considered far smarter than myself seemed to take all of it in. Sure sometimes people personally benefited from lockdown and hence willingly ignored any naysaying. But I realised we are a nation of pathetic sheep and it scares me. Considerably.

[@awolgeordie9926]

I think of the British people as a herd of tax cattle - guided and prodded by the MSM. Fed their values by their betters.

[@krisfraser6181]

Starkey was one of those who took it all in. Is now trying to rewrite his own recent history. The man called for those who refused the magic potion to be made second class citizens. Inconvenient facts which he tries to sweep under the carpet.

[@barneylamar4380]

As a boy I had a stamp collection and was fascinated by the period of history (Weimar Germany) when inflation was such that it cost 30 million Marks to buy a postage stamp to mail a letter. Are we entering that period again? We shall see. Thanks for your glorious presentation.

[@danremenyi1179]

The single most importnt thing you said is "They are all in it". As a student of economics going way back to about the same era as you, David, I could never understand how the basket of goods used to calculate the inflation rate was established. I was always conscienous of the cost of housing and how it was left out. There is much more to be said than you could cover in your 33 minutes. But you have got the ball rolling. I would like some suggestions about what we can do!

[@peterfmodel]

Very true, in micro-economic terms if you exchange your $20 notes for twice the number of $10 notes, the value of what you get for a single note immediately halves. You experience 100% note inflation. In macro-economic terms there is latency between the creating of money and its inflationary effects.

[@cpuuk]

Loved the chat about the causes of inflation. One question- Brent Crude in 2018 was around $40-$50PB and rising... 2019 it dropped back to $50PB 2020 it plunged to $20PB (lock down) 2021 it rose to $60 (still lockdown) 2022 it rose to $120 (out of lockdown) If supply\ demand was the governing logic, why did crude rise during its weakest demand (lockdown)?

[@stevenwhitehead4015]

USD monetary base increased over 50% between 2020-2021, therefore you get a corresponding 50% reduction in purchasing power

[@murrayeldred3563]

Probably the most lucid and clear and measured talk I have ever heard in this series without his subtle NeoCon comments. Well done Lady Starkey.

[@RIGIBBONS]

As usual, a brilliant, insightful analysis How I wish you had been my tutor at university; I might even have become an economist... Even from the level of an ordinary person uninitiated into the complexities of economics, it was obvious to me right from the start that shutting off the economy and paying people NOT to work was a recipe for catastrophe. 'The road to Weimar', to an historian like me, is a truly chilling phrase.....

[@crawford1083]

Man's a genius. All of this wiothout out-takes or cuts or pauses, apart from the odd sip of water! A disgrace that the broadcast media do not use this man more.

[@philipbrooks402]

Brilliant as usual. One criticism, the title of the programme should have been those final words, 'The Road to Weimar.'

[@jonscotty3647]

Good suggestion 👍🏼

[@wolfiestreet6899]

How about 'suggestion' rather than criticism?

[@philipbrooks402]

@@wolfiestreet6899 Fair point.

[@barsons2298]

Listening to Tudor debasement took me right back to school History and Dr Starkeys excellent Tudor documentaries. Debasement means nothing as a child, it certainly does as an economically active adult. Last two minutes were particularly sobering Weimar is a powerful economic symbol. Many thanks for putting this together.

[@lordsummerisle852]

What a brilliant talk. I've been trying to say this but could never put it as articulately as Mr Starkey.

[@mk7073]

"The Road to Weimar" indeed - read Adam Fergusson's fantastic book "When Money Dies" for a solid explanation of the Weimar hyperinflation. Personally I see this as a long-term deliberate policy to devalue government debt. All western nations have grown huge debts from welfare and subsidy of various interests over 50 or so years and the interest bill is getting prohibitive. All western nations have inflated their money supplies and are currently experiencing consequent price rises. I believe it's all part of the plan to avoid a sovereign default and if the peon public take the brunt, then so be it.

[@johnadamm]

One of the problems with being a public health practitioner is that if one proposes preventative measures and they work, then one is excoriated for"being over the top" and "draconian" measures; if one doesn't and the deaths escalate one is excoriated for "failing to take action". If to date nearly 190,000 deaths in the UK is "merely piffling" then, well, who am I to argue?

[@mikeallen7566]

Enjoyed that .. I watch a lot of Milton friedman, Peter schiff .. and they all say the same thing . Its about time the general public knew of the actual cause of inflation, and that dictionaries start defining it as an increase in the money supply like they once did.

[@markblaxill7958]

The problem is not the government. The problem is the Bank of England. They should put interest rates up sufficiently to push inflation down. The BOE should NOT have any other interest in the economy!!

[@shoa4566]

Your talks are always such a treat. It is a privilege. Thank you.

[@paulbrunton877]

My goodness if only David Starkey was our prime minister, our country would be an island nation again.

[@tzazosghost8256]

Dear Mr Starkey, thank you for another crucial talk on such an important matter. Does this not remind you for the religious and moral hypocrisy of centuries past. That the constituents of the elites would rather mask their dealings than be honest with the people. Fearing a justified punishment for their actions and believing that their status ought to be unquestioned as a divine right, rather than achievement through merit (which cannot be but subject to scrutiny). In former times such incompetence and outright treason would be subject to brutal punishment. Truely they now expise the triumph of Communism in that power is itself moral and thus since they have power, they must be moral in their own eyes. Our questioning their behaviour is Rebellion from the ordained hierarchy of God or Fate or their innate superiority born of their position.

[@krisfraser6181]

What do you mean? This man was in favour of MANDATORY arm pokes for all. Did you say hypocrisy? Can he spell it?

[@sirrodneyffing1]

The Road to Weimar? Echo's of "The Road to Serfdom" by Friedrich Hayek; and one of who's books Margaret Thatcher is reported to have banged on the table in a cabinet meeting saying "this is what we believe in!

[@Hatemoth]

I love you David, thank you so much for carrying on 👍🏻🙏🏻

[@tomjones8328]

yep, and very rare to hear someone who will not bullshit about the basic (and obvious) cause, money printing.

[@bfree2speak_freely48]

So clear, so digestible. More informative than the many years I spent studying finance and economics. Not so sure about the image of you in a sailor suit, but I can forgive you.

[@timelwell7002]

With the exception of a very few economists (such as Patrick Minford) pretty much all economists are in agreement as to the causes of our current high - and rapidly rising - inflation. Whilst those such as Minford - who adhere to an extreme Free Market Capitalist model of economics - may disagree, nonetheless pretty much all economists agree on the main causes. Top of the list is Brexit - which accounts for 80% of the inflation currently being suffered in the UK. Of course, other countries have inflation too - but not to anything like the same degree as here in the UK. Actually, here in the UK we have ZERO growth as well, meaning that we have *stagflation* rather than mere inflation. In point of fact, there are NO other countries in the G20 (Russia excluded) which are suffering from such high inflation as the UK - because unlike the UK, all the other countries are continuing to trade with one another, just as they did prior to Covid. All the other countries have had a significant economic 'bounce back' since Covid, but not the UK. And the elephant in the room is Brexit. Whereas here in the UK, the hard Tory Brexit (leaving not only the EU but also the Single Market and the Customs' Union) has forced many small and medium-size business which export goods and services (legal and financial) to greatly reduce their trace with the EU - the biggest and richest trading bloc on Earth - or in some cases to either cease trading altogether, or to move their entire business to various EU countries. And as if this hard Brexit were not damaging enough, now we have a cost of living crisis set to devastate around 45 million UK citizens - around two thirds of our population. It is significant that no other developed nation has such high energy costs. This has come about not because of the Russian invasion of Ukraine (although this is a minor factor in the UK) but because of the following: 1) Since 2010 the Tory government have cancelled the building of more renewable sources of energy - solar/wind turbines - we have less capacity to produce eletricty than we should have. 2) Since 2010 the Tory government have not sought to build any new nuclear power stations. 3) Since 2010 the Tory government have sold off our reserve gas supplies. 4) Since 2010 the Tory government decided to stop the program of insulation of homes. 5) Since 2010 the Tory government decided not to invest in new types of renewable energy - such as wave and tidal power. Furthermore, the economy is suffering badly from a lack of both skilled and unskilled workers due to government policy to prevent Freedom of Movement. We lack abattoire workers, butchers, HGV drivers, van drivers, vets, engineers, plumbers, carpenters, electricians, etc. - this inflation is not down to a lack of demand but a lack of supply. Moreover, the ongoing policy of economic austerity measures (wage suppression) which the Tory government and major employers have imposed upon the nation since 2010, have resulted in a lack of disposable income amongst an increasing number of the adult population. Now throw disastrously high energy prices into the mix and we have a nation where wealth is taken from poor and medium wage owners and given to the already obscenely rich (shareholders of said major companies, many of whom are not even UK residents). It's a 'Perfect Storm.' The number of billionaires in the UK has grown significantly in the last 3 years especially - owing to the 'smash and grab' raid which the currrent government have perpetrated upon our nation by taking public money (raised from taxation) and distributed tens of billions of pounds to Tory donors by way of PPE contracts (over £13 billion), Test & Trace contracts (over £37 billion), 'Operation Moonshot,' (£100 billion pounds) and now the Net Zero contracts (£140 billion pounds).

[@bazs7669]

Very interesting, the role of quantitative easing in stoking inflation has been highlighted by Mervyn King, Yanis Varoufakis and others. I wondered why QE is never mentioned in the media as the major cause of inflation, but your explanation makes a lot of sense.

[@vacation_generation]

One of your most enlightening talks. Very informative. Where were educators of such quality when I was a lad?

[@stephensmith9665]

Dr. Starkey, one thing I would say you haven't got quite right is the American situation. While they were energy independent in Trump's administration they have given that up under the Biden administration and over the last 2 years they have experienced a very big inflationary impact in pretty much everything. Fuel, food, motor vehicles, building supplies, you name it, the prices have been skyrocketing.

[@themanftheworld8439]

Any chancellor of the exchequer MUST be a qualified economist.

[@norbertk.5328]

The main cause of inflation is greed. It is always has been. The companies/retailers always want to earn more money more quickly than the general population who doing the actual work. So they raise the prices. This is why a pay rise always have only a temporary effect if it has any at all.

[@philipedwards9129]

Dr Starkey is the best brain in this country and the best of men.

[@nakrat11]

The same thing happened in the Roman Empire, especially during the 3rd Century Crisis: debasement of the currency led to runaway inflation. It's the most well-known cause of inflation, but government types never seem to learn.

[@stevosd60]

Excellent talk. Looking forward to the talk on how to fix inflation

[@edf6607]

Always a pleasure to hear Dr Starkey (whom I had the pleasure of briefly meeting once), the nub of his thesis was put forward by Milton Friedman - money is not a capitalist or communist phenomenon, it is a printing press phenomenon

[@MarktheMole]

Yes, we were desperate for munitions in WW1, but in 2020 the UK Government had the advantage of instant intelligence and in-depth knowledge with regard to PPE, and it chose inexplicably to ignore British-made, multiple-use PPE in favour of single-use only PPE made in China, much of it of the lowest possible quality. Secondly, the test-and-trace programme was also disastrously mishandled by a covey of greedy political advisers and past contributors to the Tory Party - who insanely decided to buy billions of worthless Chinese-made tests rather than British-made tests with a 99.99% accuracy, and fully available. The Covid mismanagement was utterly avoidable - much much more so than the WW1 munitions procurement failures..

[@karenfraser3009]

Thankyou for speaking your truth. It is so good to hear.

[@robinlillian9471]

War is still a racket. There are always people willing to take advantage of the suffering of others in a crisis. What else is new?

[@owlangel7234]

Thank you for being one of the brave public figures who speak out about the insanity which has gripped the world since the start of 2020.

[@comicmania2008]

Very interesting indeed, I love your video on this, it explains a great deal, and I know you mean well David, with great respect, but that's not going to pay my bills either. I'm worried sick how I'm supposed to pay my bills this coming winter. What a mess we're in! So, who are we gonna vote for? 🤣