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Top Three Videos – August 27, 2024

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This is a MUST-Read...

Steve Hanke Exposes the TRUTH About the Economy (Aug 24, 2024)

The Jay Martin Show...

Summary

 

The money supply is the driving force of the economy, and changes in the money supply, rather than interest rates, are the key factor in determining economic growth and inflation.

 

Money Supply and Monetary Policy

 
  • The money supply is the fuel of the economy and you got to keep your eye on the money supply and movements in the money supply.
  • John Greenwood and Steve Hanke predicted that US inflation would peak at 9% per year using the quantity theory of money, and it actually peaked at 9.1%.
  • All four previous occasions of such a severe contraction in the money supply since 1913 were followed by the economy slowing down and inflation coming down.
  • The money supply in the US was growing at an unprecedented rate of 27% per year in February 2021.
  • “Monetary policy is not about interest rates, it’s about changes in the money supply.”
  • “The fuel for the economy is the money supply and that’s what makes the world go around.”
  • Most central banks in developing countries should be replaced by currency boards, according to Steve Hanke.
     

Economic Theory and Factor of Production

 
  • Waiting is considered a fourth factor of production, in addition to land, labor, and capital, and it gets paid interest.
  • “If you weren’t getting paid interest, you wouldn’t have much of an incentive to wait around.”
  • “Capital interest in waiting” is part of capital Theory in economics, which delves into the puzzles and problems of waiting as a factor of production.
  • The concept of waiting is embedded in the idea of interest rates, where a factor of production gets paid by a return, an interest rate, for waiting.
  • The traditional economic paradigm of land, labor, and capital is incomplete, and waiting should be considered as a factor of production.

 

Dave Skarica: Fed Pivots! What Does it Mean? (Aug 25, 2024)

StockChartoftheDay...

Summary

 
 

The current market situation is potentially overvalued and may be heading for a correction, with the speaker expressing concerns about the stock market cap to GDP ratio, unrealized gains taxes, and manipulated economic numbers.

 
  • The stock market cap to GDP ratio could hit new highs, potentially reaching 220 or 230%, which would be a concerning sign.
  • Unrealized gains taxes are a “terrible idea” because you might have to sell stocks to pay the tax, and if the stock price drops, you’ll end up losing money anyway.
  • The speaker thinks that the current market situation might follow a similar pattern to 2018, where the market rallied until October before another spike during the bear market in the fourth quarter.
  • The media’s portrayal of the economy during elections, such as the push for Biden and Harris, may be influenced by manipulated numbers to make the economy appear stronger than it is.
  • The market is essentially basing in a 50 basis point cut, with a 50/50 chance of a rate cut.
     

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Alex Epstein: Why Net Zero by 2050 Is a 'Global Homicide' & Global Energy Disaster (Aug 25, 2024)

Kitco NEWS...

Summary

 

The goal of achieving “Net Zero” emissions and eliminating fossil fuels is not only unrealistic but also morally wrong, as it would lead to a significant decrease in the standard of living and potentially even the deaths of billions of people, whereas fossil fuels have actually improved the human condition and enabled people to flourish.

 

Consequences of Net Zero Policy

 
  • They’re willing to sacrifice everything to the goal of eliminating our climate impact, but we don’t have a goal of climate livability, energy abundance, or human flourishing.
  • Net Zero is a death sentence for billions of people.
  • It would cost $100 to $200 trillion to back up the world for a day using Elon Musk’s best battery prices.
  • The leaders of the climate movement know that fossil fuels are not easily replaceable, but they don’t acknowledge how destructive a lower standard of living would be for the poor.
  • They think it’s immoral for us to impact climate and they’re willing to sacrifice everything to that goal and they’ve duped the whole world into it.
  • There’s no way that people are living anywhere near the way they live today, let alone the way we would want them to live by 2050 with Net Zero.
  • “You can’t put numbers on this kind of thing… it is like a global Holocaust in whatever the intent is in terms of you deprive people of the energy they need to power the machines that give them life.”
  • They’re advocating now in practice are we going to do it 100%? No, obviously, it’s just such a global act of global homicide.
  • We’re going to pay off mostly dictators so that they don’t use the energy they need to grow, which is considered moral but is actually the most immoral thing imaginable.
  • Fuel use, more burning of oil, coal, and natural gas, will actually make the world a far better place, where billions more people will have the opportunity to flourish.
  • The secret source of fossil fuel’s value is the combination of natural storage, natural concentration, and natural abundance harnessed ultra-cost-effectively by generations of economic innovation and achievement.
  • The energy availability to billions of people allows you to deal with any kind of climate challenge, whereas with no energy, you can’t deal with natural climate challenges or any challenges.
  • The death rate from climate disasters has plummeted by a factor of 50 over the last century because our ability to master climate, mostly using fossil fuels, has far outstripped any climate challenges.
  • The key to climate livability is not minimizing our impact on the climate, but rather mastering the climate through technology powered by energy.
  • The benefits of human flourishing from fossil fuels far outweigh the side effects, as they allow for society and civilization to not worry about food, sanitation, and shelter, enabling more intellectual growth and development.
  • Fossil fuels have driven down drought-related deaths by 99% by allowing for irrigation and transportation of food.

 

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