Darius Dale

speaker

259 appearances 1 recordings 1 series first heard Jul 2026 last heard 30 Jul

Darius Dale’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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The Pomp Podcast · The Fed's Latest Move Just Changed Everything | Darius Dale · 30 Jul 2026 podcast

And so to suggest at all that what's happening in the repo market, the reserve managed purchase program that the Fed is currently engaged in has no real impact on the real world economy or inflation, in our opinion, in the context of a $7 trillion balance sheet, in my opinion, I think that's, for lack of a better word, it's bullshit.

It's bullshit.

Yeah, and so where I would point you to is the concept that money supply has been de-angered from the real economy and inflation.

And that is largely true because we've seen so much growth of money supply not go into the real economy in recent decades.

That's part of the reason why

you know labor share of of national income is declined so much is because we're finding more and more clever ways to you know extract rent from the from the economy not we the corporate sector has found more and more clever ways to extract from the economy whether you think about globalization whether you think about you know forcing uh busting union busting you know pushing people to define uh contribution pensions as opposed to define uh benefit pensions there's been all these sort of

you know, regulatory, you know, dynamics that have caused, you know, sort of the growth rate of money to wind up less and less in the hands of small businesses, less and less of the hands of median households and less and less in the hands of of sectors, you know, emerging sectors in the economy.

It's really all going to, you know, high gross margin, high profit companies where most of that income is why it winds up in the capital markets.

It doesn't wind up in the real economy.

The velocity of money has slowed tremendously in recent decades.

And so that's kind of the academic argument that they would make, which is saying, hey, we can take our balance sheet up to an infinite number because the reality is most of this money is just going to wind up in the stock market.

They won't say what I just said about the stock market, but that's the truth, right?

We're just this money is just going to wind up inflating assets over the long term.

It's not going to have a material impact on inflation.

But as we talked about, you and I talked about last time, that is not a costless exercise.

There's something called the Cantillon effect that no academic wishes to touch because they understand that if we if they bring the phrase Cantillon effect into the public sector lexicon, then everyone will realize that when the stock market goes up 20 percent year after year after year and your income as a median consumer, you know, a regular everyday main street worker only goes up, you know, four to five percent year after year.

And oh, by the way, inflation in some years is greater than that.

then you just get left behind because their purchasing power, the purchasing power of people like us who are along those assets rises exponentially, whereas their purchasing power does not rise if at all, does not rise exponentially if at all, sometimes it declines.

And so ultimately that gap winds over time, over time, over time, so that when you and I show up to go buy a new car for our family, or show up to buy a new house for our family, or show up to buy groceries for our family, we have a lot more money that we can demand these goods and services with.

whereas they don't.

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