Jennifer Burns

It was proliferation of new financial forms to take advantage of that. So my point was the era we live in was ushered in by inflation. And then everyone turned against inflation. all the formulations we had and said, well, these have hollowed out our industrial base. These have, we've got too much immigration. We've got too much economic openness. We need to reshore. We need to focus.

It was proliferation of new financial forms to take advantage of that. So my point was the era we live in was ushered in by inflation. And then everyone turned against inflation. all the formulations we had and said, well, these have hollowed out our industrial base. These have, we've got too much immigration. We've got too much economic openness. We need to reshore. We need to focus.

It was proliferation of new financial forms to take advantage of that. So my point was the era we live in was ushered in by inflation. And then everyone turned against inflation. all the formulations we had and said, well, these have hollowed out our industrial base. These have, we've got too much immigration. We've got too much economic openness. We need to reshore. We need to focus.

We need to turn against all these things. We need to spend more. We've disinvested. And the net result of that turning away, I argued, is people forgot about inflation. They really forgot it could ever exist. And you had a whole set of theories on the left, modern monetary theory, and it basically said we don't really need to worry about inflation. We can spend what we want.

We need to turn against all these things. We need to spend more. We've disinvested. And the net result of that turning away, I argued, is people forgot about inflation. They really forgot it could ever exist. And you had a whole set of theories on the left, modern monetary theory, and it basically said we don't really need to worry about inflation. We can spend what we want.

We need to turn against all these things. We need to spend more. We've disinvested. And the net result of that turning away, I argued, is people forgot about inflation. They really forgot it could ever exist. And you had a whole set of theories on the left, modern monetary theory, and it basically said we don't really need to worry about inflation. We can spend what we want.

And lo and behold, inflation came back. And so my argument is that has now opened the door to the presidency of Donald Trump, which is potentially a deeply transformative moment that will change the size and shape of government, that may change our foreign policy profoundly, that may change our immigration policy, it may change the demographics of our country.

And lo and behold, inflation came back. And so my argument is that has now opened the door to the presidency of Donald Trump, which is potentially a deeply transformative moment that will change the size and shape of government, that may change our foreign policy profoundly, that may change our immigration policy, it may change the demographics of our country.

And lo and behold, inflation came back. And so my argument is that has now opened the door to the presidency of Donald Trump, which is potentially a deeply transformative moment that will change the size and shape of government, that may change our foreign policy profoundly, that may change our immigration policy, it may change the demographics of our country.

All of that in my thesis is that it's all been made possible by inflation. And so the great mistake of the past years was to forget how fundamental inflation was to the rise of the last political order and to profoundly underestimate how much inflation would change the current political order. So I just think it's one of these things

All of that in my thesis is that it's all been made possible by inflation. And so the great mistake of the past years was to forget how fundamental inflation was to the rise of the last political order and to profoundly underestimate how much inflation would change the current political order. So I just think it's one of these things

All of that in my thesis is that it's all been made possible by inflation. And so the great mistake of the past years was to forget how fundamental inflation was to the rise of the last political order and to profoundly underestimate how much inflation would change the current political order. So I just think it's one of these things

This is why I think you should study history, because I think if you had studied history, you would be aware of this. And it's so easy for people to forget, just like the banks forgot that interest rates could ever go up. They got so used to it. And it's only a 10-, 15-year thing. But to them, that seems like forever. So I really do believe what history teaches you to do is just have a much—

This is why I think you should study history, because I think if you had studied history, you would be aware of this. And it's so easy for people to forget, just like the banks forgot that interest rates could ever go up. They got so used to it. And it's only a 10-, 15-year thing. But to them, that seems like forever. So I really do believe what history teaches you to do is just have a much—

This is why I think you should study history, because I think if you had studied history, you would be aware of this. And it's so easy for people to forget, just like the banks forgot that interest rates could ever go up. They got so used to it. And it's only a 10-, 15-year thing. But to them, that seems like forever. So I really do believe what history teaches you to do is just have a much—

vaster scope and your vision, and then take into account the possibilities of so many things happening that are different than what's happening today. And so I just hope we don't forget about inflation entirely. But here's the thing is a quite a strong chance that Trump's policies will initiate even worse inflation, and then they will prove to be his undoing.

vaster scope and your vision, and then take into account the possibilities of so many things happening that are different than what's happening today. And so I just hope we don't forget about inflation entirely. But here's the thing is a quite a strong chance that Trump's policies will initiate even worse inflation, and then they will prove to be his undoing.

vaster scope and your vision, and then take into account the possibilities of so many things happening that are different than what's happening today. And so I just hope we don't forget about inflation entirely. But here's the thing is a quite a strong chance that Trump's policies will initiate even worse inflation, and then they will prove to be his undoing.

So the ironies of inflation could be continuing.

So the ironies of inflation could be continuing.