Beautiful article Joel, Thank you. The inflation data coming our of Argentina is impressive but I'm a data nut and a student of economics. We'll see how it does in the future. Can the government gain confidence in this and can it start to make sensible movement forward and can Von Mises and Hayek influence, in a positive way, for Argentinians? This could influence behavior the world over.
To a Hayek believer and mathematician / statistical engineer it all makes sense to me. It is simply logic of numbers. More money chasing the same goods means money would have less purchasing value, all else being the same. So when a static economic system drastically increases the money supply the value of that new money will buy less. Of course economic systems aren't static but when the money supply grows drastically or more than society grows it's economic activity, measured in GDP, then the money chasing those goods and services has less value. I should also add the growth in money supply has grown at a drastically greater rate than the overall economy has grown after covid.
Best ever, Joel. I laughed out loud four times AND learned a valuable new word. 'Fustilarian'. 'Fustilugs'. Best of all, I'm left with a swell of optimism and a renewed appreciation for the simplicity of economics. Thank you.
One of the benefits of reading Joel is the vocabulary augmentation. Although some friends have accused (implied) me of being “nebbishly” pretentious. (Don’t even know if nebbishly can be used in place of nebbishy). But that’s the point. I’m trying to learn. Plus, no one I know has ever used the word nebbish.
Some of those with whom I shared the article reacted positively. Some didn’t respond. One avoids the internet. The most thoughtful wrote this: “Gliding over the inflammatory metaphors and adjectives I am quite solidly in agreement.”
When I wore a younger mans clothes, I did not care about the world around Me. Now I do as the grey hairs profess. How do We get the younger to open their eyes? One way would be to send them a prescription to these notes. I will do this and hope that it helps! Great write up and opening comment.
Friedman said, "Inflation is always and everywhere, a monetary phenomenon, a result of too much money, of a more rapid increase in the quantity of money than an output."
In other words, it's a goddamn policy, a strategy and that is why politicians depend upon the ignorance of the voting public so they can wring their hands over these things.
Joel, I agree with the comments above. your mastery of creative, dare I say anarchic word use, is delightful and thought provoking. As person who thinks of the two political parties creating this havoc, I believe as Shakespeare wrote, "A pox on both their houses". But that attitude provides little to the discussion of major political change. I would be happy to read the first principles of a libertarian approach. If every person should be free to choose all his action, should I start by deciding to ignore speed limits, seat belts, left turns on red lights in congested traffic? What fundamentals would a fully free society be REQUIRED TO AGREE TO? Would Jesus Christ's beatitudes become enforced law? Pick among the philosophies predominant around the world. Thanks again for provoking thought.
There is a war on the middle class, and if America had a true democracy, we wouldnt have to pick from 2 preselected candidates, who just add to bigger governments, just as RFK Jr. had pointed out.
"You and I are told increasingly we have to choose between a left or right. Well I'd like to suggest there is no such thing as a left or right. There's only an up or down - [up] man's old-aged dream, the ultimate in individual freedom consistent with law and order, or down to the ant heap of totalitarianism." -Ronald Reagan
Thanks Joel. I'm proud to count myself among one of your earliest supporters. I can think of no better way to increase my own knowledge and commitment to Liberty then reading your regular missives. I might add that it is always a pleasure.
“It’s a crazy world out there “ they say! Some get away with lies, have open marriages with the truth etc. But then there is this chainsaw wielding anarchy capitalist in this faraway country who deserves the Nobel prize in in practical economics: Why don’t they give him an honorary citizenship and make him the third candidate: He would win any real debate and become president - after all it’s a crazy world.
Unfortunately, the nobel prize has become a farce. Mister nobel must be burling over in his grave. Not sure if you've seen it yet.But apparently fifty noble orients in economics have said that trump will cause inflation. Perhaps. None of them however, said that Biden would. And of course, we have Obama getting the Nobel Prize et al. I agree, though I hope Trump is learning from Mielei......
Beautiful article Joel, Thank you. The inflation data coming our of Argentina is impressive but I'm a data nut and a student of economics. We'll see how it does in the future. Can the government gain confidence in this and can it start to make sensible movement forward and can Von Mises and Hayek influence, in a positive way, for Argentinians? This could influence behavior the world over.
To a Hayek believer and mathematician / statistical engineer it all makes sense to me. It is simply logic of numbers. More money chasing the same goods means money would have less purchasing value, all else being the same. So when a static economic system drastically increases the money supply the value of that new money will buy less. Of course economic systems aren't static but when the money supply grows drastically or more than society grows it's economic activity, measured in GDP, then the money chasing those goods and services has less value. I should also add the growth in money supply has grown at a drastically greater rate than the overall economy has grown after covid.
Best ever, Joel. I laughed out loud four times AND learned a valuable new word. 'Fustilarian'. 'Fustilugs'. Best of all, I'm left with a swell of optimism and a renewed appreciation for the simplicity of economics. Thank you.
Love learning a good new word... especially when they're very old. Cheers!
One of the benefits of reading Joel is the vocabulary augmentation. Although some friends have accused (implied) me of being “nebbishly” pretentious. (Don’t even know if nebbishly can be used in place of nebbishy). But that’s the point. I’m trying to learn. Plus, no one I know has ever used the word nebbish.
Fustilarian & church staves for me. Had to look up both!
Perfectly written. Every sentence pure Truth punctuated with hope. Thank you for this.
Thanks, Grateful Nana... signed, Grateful Joel!
Testing the waters, I will share this with a few of my “liberal” friends just to see their reaction. Thanks again Joel.
Please let us know if any of them surprise you in a surprisingly good way. It helps all of us to know when someone else's glass is half full.
Will do.
Yes sir, do let us know how you get on. Cheers!
Some of those with whom I shared the article reacted positively. Some didn’t respond. One avoids the internet. The most thoughtful wrote this: “Gliding over the inflammatory metaphors and adjectives I am quite solidly in agreement.”
Absolutely Brilliant.
Ace work Joel…. 👌💪🤞
Indeed ! Keep it up push forward.
When I wore a younger mans clothes, I did not care about the world around Me. Now I do as the grey hairs profess. How do We get the younger to open their eyes? One way would be to send them a prescription to these notes. I will do this and hope that it helps! Great write up and opening comment.
Cheers, mate!
Spot on Joel!!
"the aged bipeds". Classic. The best humor is the absurdity of truth.
Thank you, kind sir!
Friedman said, "Inflation is always and everywhere, a monetary phenomenon, a result of too much money, of a more rapid increase in the quantity of money than an output."
In other words, it's a goddamn policy, a strategy and that is why politicians depend upon the ignorance of the voting public so they can wring their hands over these things.
"Monomedia". OMG. Our master wordsmith strikes again!
Yes, this essay will be fun to share with the sleeping ones.
Thanks for sharing!
Government is best thought of as a gang, then everything starts to make sense. Paraphrased from Rothbard
Argentinialanarchonomics.
This elixir needs to be packaged, marketed and TicToketed, as the 21st century World changing new CocaCola.
‘EVERYTHING goes better with ArchoNomics !’
…except as poison for swamp critters and the multitudes of entitled leeches.
While the core themes are familiar, you have expressed them in an especially eloquent, insightful and engaging manner. Thank you, Joel!
Joel, I agree with the comments above. your mastery of creative, dare I say anarchic word use, is delightful and thought provoking. As person who thinks of the two political parties creating this havoc, I believe as Shakespeare wrote, "A pox on both their houses". But that attitude provides little to the discussion of major political change. I would be happy to read the first principles of a libertarian approach. If every person should be free to choose all his action, should I start by deciding to ignore speed limits, seat belts, left turns on red lights in congested traffic? What fundamentals would a fully free society be REQUIRED TO AGREE TO? Would Jesus Christ's beatitudes become enforced law? Pick among the philosophies predominant around the world. Thanks again for provoking thought.
There is a war on the middle class, and if America had a true democracy, we wouldnt have to pick from 2 preselected candidates, who just add to bigger governments, just as RFK Jr. had pointed out.
"You and I are told increasingly we have to choose between a left or right. Well I'd like to suggest there is no such thing as a left or right. There's only an up or down - [up] man's old-aged dream, the ultimate in individual freedom consistent with law and order, or down to the ant heap of totalitarianism." -Ronald Reagan
Thanks Joel. I'm proud to count myself among one of your earliest supporters. I can think of no better way to increase my own knowledge and commitment to Liberty then reading your regular missives. I might add that it is always a pleasure.
Cheers, LibertyAffair. The pleasure is all mine. Love your work!
“It’s a crazy world out there “ they say! Some get away with lies, have open marriages with the truth etc. But then there is this chainsaw wielding anarchy capitalist in this faraway country who deserves the Nobel prize in in practical economics: Why don’t they give him an honorary citizenship and make him the third candidate: He would win any real debate and become president - after all it’s a crazy world.
Unfortunately, the nobel prize has become a farce. Mister nobel must be burling over in his grave. Not sure if you've seen it yet.But apparently fifty noble orients in economics have said that trump will cause inflation. Perhaps. None of them however, said that Biden would. And of course, we have Obama getting the Nobel Prize et al. I agree, though I hope Trump is learning from Mielei......