Jennifer Burns

Like even deficits aren't so bad because they make politicians cautious, he thought, about continuing to spend. But I have to believe he would be concerned about the potential threats to the U.S. currency's position as the world's reserve currency. with increased levels of debt and spending.

Like even deficits aren't so bad because they make politicians cautious, he thought, about continuing to spend. But I have to believe he would be concerned about the potential threats to the U.S. currency's position as the world's reserve currency. with increased levels of debt and spending.

He was concerned about low interest rates, you know, in the, you know, he died, I think it's 2004, 2006, but it was in the beginning, he didn't see the zero low bound, but he saw low interest rates and he said, this isn't necessarily good. Everyone's talking about low interest rates as if they're good, but there should be a price on capital. There should be a price on this. It shouldn't be so low.

He was concerned about low interest rates, you know, in the, you know, he died, I think it's 2004, 2006, but it was in the beginning, he didn't see the zero low bound, but he saw low interest rates and he said, this isn't necessarily good. Everyone's talking about low interest rates as if they're good, but there should be a price on capital. There should be a price on this. It shouldn't be so low.

He was concerned about low interest rates, you know, in the, you know, he died, I think it's 2004, 2006, but it was in the beginning, he didn't see the zero low bound, but he saw low interest rates and he said, this isn't necessarily good. Everyone's talking about low interest rates as if they're good, but there should be a price on capital. There should be a price on this. It shouldn't be so low.

And so, you know, he had some of still the kind of macro insights that I think are important.

And so, you know, he had some of still the kind of macro insights that I think are important.

And so, you know, he had some of still the kind of macro insights that I think are important.

So the main idea is kind of looking back and saying, so today... We have been living in a world where people have been focused on monetary policy, steady monetary policy, free trade, reducing regulation. This is all called the neoliberal era. And my argument was a lot of that arose, was driven by inflation. So we have Milton Friedman predict inflation in 1967.

So the main idea is kind of looking back and saying, so today... We have been living in a world where people have been focused on monetary policy, steady monetary policy, free trade, reducing regulation. This is all called the neoliberal era. And my argument was a lot of that arose, was driven by inflation. So we have Milton Friedman predict inflation in 1967.

So the main idea is kind of looking back and saying, so today... We have been living in a world where people have been focused on monetary policy, steady monetary policy, free trade, reducing regulation. This is all called the neoliberal era. And my argument was a lot of that arose, was driven by inflation. So we have Milton Friedman predict inflation in 1967.

It starts breaking out in the 1970s, Britain and the United States. And every institution was designed around stable prices. And once inflation broke out, prices were no longer stable. So for example, tax rates weren't inflation adjusted. So if your income went up because of inflation, you might bump from a low tax rate to an extremely high tax rate, but you don't actually have more money.

It starts breaking out in the 1970s, Britain and the United States. And every institution was designed around stable prices. And once inflation broke out, prices were no longer stable. So for example, tax rates weren't inflation adjusted. So if your income went up because of inflation, you might bump from a low tax rate to an extremely high tax rate, but you don't actually have more money.

It starts breaking out in the 1970s, Britain and the United States. And every institution was designed around stable prices. And once inflation broke out, prices were no longer stable. So for example, tax rates weren't inflation adjusted. So if your income went up because of inflation, you might bump from a low tax rate to an extremely high tax rate, but you don't actually have more money.

On paper, you have more money, but everything costs more, so you don't actually have more money and your taxes have gone up. that kicks off the taxpayer revolt. There's a whole shift of American corporations towards focusing on financial investments because the tax breaks they used to get for depreciation, for building new factories, are not inflation adjusted.

On paper, you have more money, but everything costs more, so you don't actually have more money and your taxes have gone up. that kicks off the taxpayer revolt. There's a whole shift of American corporations towards focusing on financial investments because the tax breaks they used to get for depreciation, for building new factories, are not inflation adjusted.

On paper, you have more money, but everything costs more, so you don't actually have more money and your taxes have gone up. that kicks off the taxpayer revolt. There's a whole shift of American corporations towards focusing on financial investments because the tax breaks they used to get for depreciation, for building new factories, are not inflation adjusted.

So they no longer pay off in an inflationary environment. And then when Paul Volcker comes in in 1980s early 1980s and starts fighting inflation really pushes up interest rates to bring down inflation and that completely reorders the banking sector because banks had statutory legal limits on the interest they could charge and once General market interest rates exceeded that.

So they no longer pay off in an inflationary environment. And then when Paul Volcker comes in in 1980s early 1980s and starts fighting inflation really pushes up interest rates to bring down inflation and that completely reorders the banking sector because banks had statutory legal limits on the interest they could charge and once General market interest rates exceeded that.

So they no longer pay off in an inflationary environment. And then when Paul Volcker comes in in 1980s early 1980s and starts fighting inflation really pushes up interest rates to bring down inflation and that completely reorders the banking sector because banks had statutory legal limits on the interest they could charge and once General market interest rates exceeded that.