Mark Blyth

speaker

294 appearances 3 recordings 3 series first heard Aug 2024 last heard 3 Jul

Mark Blyth’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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Taking Stock · Inflation and its many uses · 3 Jul 2026 podcast

And that's part of the cost of living issue.

But at the same time, the Republican base is solid.

I mean, Trump has often said many times that he could walk up and shoot one of his supporters and he'd get thanked for it.

So we're about to test that and see how strong that claim is.

Rules are hidden.

Basically, we tell ourselves the story all the time that we all equally suffer from inflation.

And as we've been saying in our conversation, this simply isn't true.

If you're in the top 10%, top 20%, you have assets.

If interest rates go up, you get paid for inflation.

If you're Saudi Arabian, oil prices go on a tear.

You get so rich, you get to buy Cristiano Ronaldo and all of his friends and set up a pointless football league.

So if you're at the top and you have assets, this stuff is actually not toxic for you.

If you're at the bottom, if you're a single mom working two jobs trying to hold it together and prices go up by 5%, and then the president turns around and says, I don't really think about these things, I don't care about these things, then you know where you stand and who gets hit.

Well, the central bank really has two tools, as you say.

The first one is buy and sell assets, which is what you do when you basically can't raise interest rates.

That was the past 10 years.

And then you raise interest rates when you try to tame inflation.

This works on the idea that inflation is, as Milton Friedman famously said, always and everywhere a monetary phenomena.

Too much money chasing too few goods, so you basically have to make the price of money more so that people's demand for money falls.

If it's a supply shock, traditionally central banks do what they call looking through supply shocks.

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