From the Tom Woods Letter:
If Covid and the deranged response to it have had a silver lining, it’s this:
A lot more people are a lot more skeptical of a lot more official b.s. than ever before.
They realize that the elites do not have their interests at heart, to say the least.
I hope this encouraging trend continues, and extends into economics, where the mainstream is absolutely full of you-know-what.
In a speech in London on Monday, former U.S. Treasury Secretary Larry Summers said: “We need five years of unemployment above 5% to contain inflation—in other words, we need two years of 7.5% unemployment or five years of 6% unemployment or one year of 10% unemployment.”
This is truly how the lizard people think: let’s make the proles suffer. That ought to bring prices down!
Rising prices can be stopped by less economic activity, according to them.
Back on planet Earth, less economic activity means less production, which means more scarcity, which means higher prices.
They can’t just turn off the printing presses to keep prices from rising. Oh, no. No, no, no. Let’s punish the proles with unemployment instead.
Summers evidently still believes in the long-exploded Phillips Curve, which purported to show a trade-off between price inflation and unemployment. It never made sense, and then beginning in the 1970s it was empirically refuted several times.
On Twitter, our heroic friend Saifedean Ammous responded to Summers’ remarks by posting them along with this comment: “Your periodic reminders that Keynesians are deranged sociopaths who genuinely think you can lower inflation by raising unemployment among poor people and ruining their lives instead of just not printing money and handing it to rich bankers.”
Saifedean went on, in a series of Tweets:
Keynesians think money printing doesn’t cause inflation, but a decrease in unemployment does. Their ideal economic system should oscillate between inflationary booms that enrich the rich and deflationary crashes that impoverish the poor.
The trade-off between unemployment and inflation is one of the most ridiculous and utterly refuted pieces of Keynesian economic fiction. The 1970s were just a global falsification of this stupidity, and only a completely corrupt criminal could still believe in it today.
Yes, Keynesian criminals truly think that putting poor people out of work, lowering their wages, and making them destitute will help keep prices down, but no government spending or bank bailout is ever too much.
Once the fiat scam is finally unwound, there really ought to be economic Nuremberg trials for everyone involved in promoting Keynesian propaganda. Being a complete moron who actually believes this criminal garbage is not an acceptable defense.
Exactly right.
Every last elite project works against the interests of the common person. Lockdowns, vaccine passports, energy and “climate” policy, nutrition (remember, don’t eat eggs but have 11 servings of grain per day!), and economic and specifically monetary policy, for starters.
Now that we’re in this mess, it might be a good time to figure out how to protect ourselves and what to do with our money.
So I hope you enjoyed the Money 2022 docuseries I referred you to a few weeks ago. They’re just about to put it in the vault, so if you’d like to own a copy, along with the large bonus package they’ve tacked on, have a look before it’s gone:
http://www.tomwoods.com/moneyseries
