Mark Blyth

So the basic understanding is the government spends too much money and that pushes up prices. That relies on you having a government that actually spends a lot of money, raises a lot of taxes, runs a lot of deficits, all this sort of stuff. And most of human history, I mean, we didn't even have a government. We had bloody anarchies running around the place and empires and stuff.

So the basic understanding is the government spends too much money and that pushes up prices. That relies on you having a government that actually spends a lot of money, raises a lot of taxes, runs a lot of deficits, all this sort of stuff. And most of human history, I mean, we didn't even have a government. We had bloody anarchies running around the place and empires and stuff.

That's not to say there wasn't a great big inflationary period in the time of the Roman Empire. There's been other sort of historical examples of this, but modern inflation, something different. And we draw all of our examples from the 1970s.

That's not to say there wasn't a great big inflationary period in the time of the Roman Empire. There's been other sort of historical examples of this, but modern inflation, something different. And we draw all of our examples from the 1970s.

That's not to say there wasn't a great big inflationary period in the time of the Roman Empire. There's been other sort of historical examples of this, but modern inflation, something different. And we draw all of our examples from the 1970s.

Right. So kids, there was a time called the 1970s. It's when everyone was a swinger and had sideburns, right? Right. And it was all crazy. And Starsky and Hutch was a popular TV show. Now, what else happened in the 1970s? So go back a little bit. You had the Vietnam War.

Right. So kids, there was a time called the 1970s. It's when everyone was a swinger and had sideburns, right? Right. And it was all crazy. And Starsky and Hutch was a popular TV show. Now, what else happened in the 1970s? So go back a little bit. You had the Vietnam War.

Right. So kids, there was a time called the 1970s. It's when everyone was a swinger and had sideburns, right? Right. And it was all crazy. And Starsky and Hutch was a popular TV show. Now, what else happened in the 1970s? So go back a little bit. You had the Vietnam War.

So what that means is you have the government spending a lot of money. You've got a lot of people taken out of the labor market, shipped off to Southeast Asia. You've got a lot of government spending, all this sort of stuff. And the basic gloss of the story is that everybody was spending a lot of money then, more than they could cover with taxes.

So what that means is you have the government spending a lot of money. You've got a lot of people taken out of the labor market, shipped off to Southeast Asia. You've got a lot of government spending, all this sort of stuff. And the basic gloss of the story is that everybody was spending a lot of money then, more than they could cover with taxes.

So what that means is you have the government spending a lot of money. You've got a lot of people taken out of the labor market, shipped off to Southeast Asia. You've got a lot of government spending, all this sort of stuff. And the basic gloss of the story is that everybody was spending a lot of money then, more than they could cover with taxes.

And economies all through the developed world, all through the West, started to slow down. And that's a bit of a problem.

And economies all through the developed world, all through the West, started to slow down. And that's a bit of a problem.

And economies all through the developed world, all through the West, started to slow down. And that's a bit of a problem.

Government needs drywall as well.

Government needs drywall as well.

Government needs drywall as well.

Exactly. And not just that, you're pulling in marginal workers to cover them, and you've got super tight labor markets. Unemployment's pretty much non-existent. So what that means is you can be the dumbest person in your firm, leave a job at 12, get a better paid one at four, because everyone's competing for the last possible worker. Right. Got it.

Exactly. And not just that, you're pulling in marginal workers to cover them, and you've got super tight labor markets. Unemployment's pretty much non-existent. So what that means is you can be the dumbest person in your firm, leave a job at 12, get a better paid one at four, because everyone's competing for the last possible worker. Right. Got it.

Exactly. And not just that, you're pulling in marginal workers to cover them, and you've got super tight labor markets. Unemployment's pretty much non-existent. So what that means is you can be the dumbest person in your firm, leave a job at 12, get a better paid one at four, because everyone's competing for the last possible worker. Right. Got it.