Here's a good one.
A CNBC host makes the following statement to Peter Schiff:
I don't think a 2% inflation level would actually make people poorer. I think this is really in line with economic growth.Think about what this woman is saying.
If a mugger takes 2% of your purchasing power (and keep in mind that the mugger is telling you it's only 2%) you're not actually poorer!
Peter handles this (around the 4:53 mark) along with much more:
Chris Rossini is author of Set Money Free: What Every American Needs To Know About The Federal Reserve. Follow @chrisrossini on Twitter.
In New Zealand, where this has been normal for the last 25 years. the governor of the reserve bank
ReplyDelete“Price stability has brought many benefits. It enables people to plan and contract with greater certainty for longer periods. It reduces the inflation risk premium in interest rates and the need for speculative inflation hedges, and it reduces the insidious toll that inflation exacts on the more vulnerable and less financially sophisticated". laughable right epecially the bit about the less financially sophisticated.
We're all barraged with non-stop economic ignorance on a daily basis.
ReplyDeleteDoesnt gold mining increase the quantity of gold about 2% a year?
ReplyDelete