Archived from the live Mises.tv broadcast, this lecture delivered by
Peter Schiff on the day after Federal Reserve Chairman Ben Bernanke
announced QE3, was presented at the Mises Circle in Manhattan: "Central
Banking, Deposit Insurance, and Economic Decline." Includes an
introduction by Lew Rockwell, founder of the Ludwig von Mises
Institute.
Peter Schiff, is an American businessman, investment broker, author and financial commentator. Schiff is CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut, and CEO of Euro Pacific Precious Metals, LLC, a gold and silver dealer based in New York City.
Marc Faber on the Federal Reserve's QE3 Announcement
As appeared on Bloomberg Television's "In the Loop" on 9/14/12
"Everything will collapse" is the consequence Gloom,
Boom, & Doom's Marc Faber sees from the announcement of QE3, the Federal
Reserve's latest 'stimulus' (and the fallacy and misconception of how
money-printing can help employment). In a wondrously clarifying interview on
Bloomberg TV on 9/14/12, Faber explained why he was 'happy', since "the
asset values of his holdings will go up" but as a responsible citizen he
is worried because "the monetary policies of the US will destroy the
world." It truly is class warfare under a veil of 'its good for you' as
he notes: "the fallacy of monetary policy in the U.S. is to believe this
money will go to the man on the street. It won't. It goes to the Mayfair
economy of the well-to-do people and boosts asset prices of Warhols."
Marc Faber, is a Swiss investor
and publisher of the Gloom Boom & Doom Report
newsletter and has also authored several books. He is the director of
Marc Faber Ltd which acts as an investment advisor and fund manager.
Tom Woods explains, with reference to the work of Philipp Bagus, why the
Euro crisis was predictable, and in fact the logical outcome of the
incentives built into the system.
Thomas E. Woods, Jr., is an American historian, economist,
political analyst, and New York Times-bestselling author. He has
written extensively on the subjects of American history, contemporary
politics, and economic theory. He is the founder of Liberty Classroom, which provides online courses on history and economics.
The relationship between inflation and unemployment
A component of Welker's Wikinomics Video Lecture Series posted on 1/10/12 and 1/11/12, respectively.
This video lesson introduces a basic Macroeconomic model showing the
short-run tradeoff that exists between inflation and unemployment in
nation's economy. By examining the effect that a shift in Aggregate
Demand has on the average price level and the level of output and
employment, we observe a simple tradeoff: lower unemployment generally
comes at the cost of higher inflation, while lower inflation may require
higher unemployment.
In the second lesson on the Phillips Curve model we will further explore
the relationship between unemployment and inflation in an economy,
this time examining what happens in the long-run, or the flexible-wage
period, following a change in aggregate demand in an economy. Will the
tradeoff between inflation and unemployment exist even once wages and
prices have had time to adjust to the level of demand for a nation's
output?
We will find that, in fact, as an economy self-corrects
from changes to aggregate demand and output returns to its full
employment level, the unemployment rate will always return to its
natural rate, even as inflation rises and falls with demand in the
economy.
What is important to note is that the author prefaces changes in his model resulting from changes in the economy with statements that are essentially saying "assuming no government intervention". In other words, the point that is being made is that, assuming the government does not intervene in the economy, the free market is self-correcting.
