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1) Well, also there is this:
For 400 years inflation has NOT been in a "mountain range" of up and down, but rather stair-stepped in giant increases, always associated with major transformations in economic arrangements. https://twitter.com/davidcherr/status/1350131787335229440
For 400 years inflation has NOT been in a "mountain range" of up and down, but rather stair-stepped in giant increases, always associated with major transformations in economic arrangements. https://twitter.com/davidcherr/status/1350131787335229440
2) The first was the commercial revolution; the second, the capitalist revolution; the third, the Industrial Revolution; and the latest is the computer revolution.
3) When one holds constant the value or product derived from a "market basket of goods," traditional notions . . .
3) When one holds constant the value or product derived from a "market basket of goods," traditional notions . . .
3) contd . . . of "inflation" disappear. It turns out that what we are seeing as "inflation" is usually an expansion and addition of value.
For example, in static terms, a light bulb was only a small improvement over a kerosene lamp. But in reality, it represented . . .
For example, in static terms, a light bulb was only a small improvement over a kerosene lamp. But in reality, it represented . . .
3) contd . . . an increase of as much as 77,000 PERCENT. And that's not even counting value added to human life that is not measurable directly to the product. For example, FIRES in cities fell at remarkable rates with Edison's light bulb--cuz no more kerosene lamps.
4) But even the Rockefeller-inspired kerosene lamps constituted a massive non-economic gain way, way outside of traditional value measurements because it ended whaling.
5) When you apply these new approaches to GDP, yeah, we have a debt---but in real terms it's not even . . .
5) When you apply these new approaches to GDP, yeah, we have a debt---but in real terms it's not even . . .
5) contd . . . remotely close to the trillions it "appears" to be.
6) This can be seen in the ABSENCE of most indicators of inflation, which high debt/deficits should cause (rising gold, silver, commodities prices, skyrocketing energy prices, much higher food prices . . .
6) This can be seen in the ABSENCE of most indicators of inflation, which high debt/deficits should cause (rising gold, silver, commodities prices, skyrocketing energy prices, much higher food prices . . .
6) contd . . . and the most important indicator, sharply rising wages.
As Steve Bannon says, China has "exported deflation" for 30 years. Combined with the computer revolution we are still clawing our way out of deflation (exacerbated by the housing crash 2007-8).
As Steve Bannon says, China has "exported deflation" for 30 years. Combined with the computer revolution we are still clawing our way out of deflation (exacerbated by the housing crash 2007-8).
7) This is why, for 40 years, despite hearing about how horrible the "national debt" and deficits were, except for a brief energy-related period in the 70s, we have NOT seen substantial inflation, let alone hyperinflation.
8) I am not saying ignore the debt or deficit. But in terms of the list of things to be afraid about right now, it ranks near the bottom.
