Understanding the Impact of COVID and the Federal Reserve on Economics
Explore the intersection of COVID, government responses, and the Federal Reserve's actions on economic stability, inflation, and wealth distribution. Delve into the narratives surrounding inflation, interest rates, and the economic implications of pandemic policies.
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Presentation Transcript
Mises Meetup in Birmingham The Covid Endgame Barber Motorsports Museum APRIL 2, 2022
How COVID Unleashed the Fed Dr. Mark Thornton Peterson-Luddy Professor of Austrian Economics Ludwig von Mises Institute Birmingham, Alabama April 2nd2022
The Fed Causes Monetary Inflation What it means for us: 1. Price Inflation 2. Business Causes the Business Cycle 3. Redistributes Wealth from the Productive Government and Crony Capitalists
The Fed Deals a Confidence Con Game 1. Larry White, The Federal Reserve System s Influence on Research in Monetary Economics. (2005) 2. Selgin, Lastrapes, and White, Has the Fed been a Failure? (2012) 3. Mark Thornton, The Federal Reserve as a Confidence Game: What They Were Saying in 2007. (2010/2016) 4. Bastiat s What is Money? or When I met the Fed (1999)
Inflation Fighter? Fed is NOW in inflation fighting mode now all talk so far! Fed & MSM blame Russia for inflation let the charts talk! 2% Target? (which direction?) deflation paranoia? 0% interest rates, zero bound, quantitative easing, or worse? Or are they just fighting to inflate and blaming other things?
2019: The Fed Gets Nervous Return to Normal: interest rates, QE Help Wanted in 2019 not this kind! Inverted Yield Curve August 2019 as expected Belch in Money Market September 2019 as expected The Fed Reverses Course Quickly and Agressively .
COVID and Governments Triple Whammy 1. The Covid response: aggressive, unscientific, and un-American. 2. Government Spending: against our future. massive, uneconomical, and borrowed 3. Fed Response: dangerous to our future. enormous, distortive, and extremely 4. I would love to talk 1 & 2, but will stick to 3
What is Next? More Price Inflation, possibly hyperinflation somewhere War on Cash, the cashless society Cash balance taxes & Wealth taxes Modern Monetary Theory Questions?
Food and Energy Prices and the CPI Food and energy prices distort CPI, other things are more stable Now Russia is causing inflation Labor shortage is causing inflation Supply chain is causing inflation But, commodity prices are still on up trends, except oil and wheat
