The only quibble I have with Mr. Janszen here is semantics, the word “stagflation.” That word was coined when government and academic “economists” were totally bumfuddled by the Carter inflation that was so obviously accompanied by declining output. For Keynesian and other “economists” inflation is a synonym for expansion and the words are often used interchangeably. Those folks are zero-sum thinkers and cannot conceive of an actual increase in wealth in the economy of the world. That is why they insist that there must be inflation all the time or the economy is stagnant at best. The number they prefer is about 3%. They would like a higher number than that but the people get agitated at higher rates and there is labor unrest, big strikes and such. Keynesians disbelieve the evidence of their senses altogether and truly believe that there is no more wealth in the world than there was in 1700. They just know that societies and individuals can only get richer by impoverishing others. Thus the abject poverty in Africa is truly a result of Americans (and Europeanss) stealing the wealth of the world. Europeans are not tagged with that crime because they are trying to “share their wealth” by socialism.
Ahhh. This paragraph could accurately be called “Keynesian Economics in One Lesson”!
Good show!
CA....