I love that perspective you give man. How old were you when you left East Germany as a kid? I could possibly have you as a guest on my show. I would love that kind of perspective on things.

Haha yep it's going to be an interesting time to live through that's for sure. Those who are prepared will do fine. Problem is most people aren't! To Galt's Gulch we go! haha

Right on man!

Great stuff Robbie. I would argue that we do indeed have inflation. Take a look at many goods you buy, like for instance with my deodorant. I have noticed the sticks of deodorant you buy actually have less ounces in them, same goes for cereal, chips and many other goods. They're shrinking the size and you're still paying more than before! Certainly, the inflation rate is much higher than what the FED thinks (1.7% inflation rate). However, I do think inflation will be much more than it has thus far. With all this money printed into the system has distorted our economy and is causing a huge misallocation of resources. This cost to society will be huge and will end in a gigantic bust that will make 2008 look like child's play.

Hello justin_mohr_show,
Yes. The Keynesians do not respect the boom and bust cycle. Their hubris allows them to believe they can meddle in the economy. Unfortunately, in so doing, they prolong the bust cycles. When Obama says he must come in and “mop up the mess,” in a nutshell, he and those that think as he does do not allow for the necessary corrections by virtue of “creative destruction.”
Regards,
O.A.

Thanks! I really appreciate you doing that! :)

Great explanation Justin. Simple and easy to understand. I hope you don't mind but I posted your link to facebook.

Ok i can tell we definitely don't agree on this. That's ok these forums are about the exchanging of ideas. Ok and what I'm saying is that growth is not inflationary at all. Deflation can never lead to a spiraling collapse because as costs are decreasing so too are input costs for businesses, so now they can still make a profit at the lower prices. Further, one very important reason why a spiraling deflation can never occur is because of time preference. Yeah sure prices are getting cheaper and people argue consumers will wait to purchase items. But because of time preference people favor having something now, as opposed to later. Look at electronics. Why on earth would someone buy a laptop, tv or cell phone if those same products will be much cheaper next year? It's because of time preference. Look at people today, they can't hardly wait to go spend money they haven't even earned yet.

For instance, you might say look at the great depression and how prices kept falling. But with the great depression prices were falling but the government got in the way and didn't let wages fall with them! If the government wouldn't have stepped in people still could have had jobs. Because if prices and wages both go down then people really aren't worse off after all. When the government wouldn't allow wages to come down they actually made those people worse off because now these people didn't have a job at all! Now how are they suppose to feed their families? Robbie, I think you will enjoy my next podcast coming out on Tuesday because I talk about how horrible the minimum wage is and how it hurts the people it's suppose to help. (likely story of government policies right? haha) I appreciate the friendly debate. And actually I believe it's my episode called, "Will the FED keep printing money" I talk about deflation and kind of what I mentioned above. I believe it's that one.

HI Mark, I certainly am looking for reviews. K and I are also trying to finish up the second Hank Rangar novel. If you want to review the non-fiction send me an email. My email can be found at http://hallingip.com/contact/

Yes - Reisman - exuse my typo.

http://mises.org/library/capitalism-trea...

or buy it on amazon - Chapter 12 and 16 especially, although you might find chap 19 on Gold vs. Inflation applicable.

Personally, I consider Reisman to be a fundamental text. You either know his arguments because they make sense of things, or your know his arguments well enough to refute them.

Robbie, you are exactly right! Central planning doesn't work so well. Ask anyone who has lived through Communism. haha

Ok I didn't make myself clear because yes you're correct, just producing anything doesn't just magically make you money, people have to want it. And the reason production is key is because in order to trade with someone you must for produce something first! You can't just demand you want stuff. You must have something to trade. So the key is producing things that people want. In a free market, people get rich by providing things that people want and are efficient at doing so. You can demand things all you want but if you have nothing to trade what's it matter? Did you have a demand for ipads 10 years ago? No, because they didn't exist. The Entrepreneur is what makes our life better by producing things that we want or don't know we even want yet and their new products/innovations create their own demand.

Assuming that feedback is not a central desire - but positive reviews (a legitimate concern), I would write my review based on the ideas, not the prose.

I assume that given your first 2 books, copy editing isn't my big value add.

the sooner in the editing process the better - assuming I have anything valuable to add. :-)

Robbie, economic growth is not inflationary. Naturally, deflation occurs because as we find better and more efficient ways to produce, prices come down. And the money supply never needs to be messed with. Depending on what's going on in the economy either the purchasing power of a currency increases or decreases. Btw, deflation is not scary and lead to some sort of collapse. I don't know about you but i love to buy things when they're cheaper.

I am not a big fan of Mises. I am even less of a fan of Hayek.

Yes. I have gotten some feedback and need to integrate those comments before I am ready to send it out. Would you prefer to read it after it has been professionally edited?

I believe that Rand was so brilliant that had she put her mind to anything she would have been successful with respect to economics has she decided to study it further she would have surpassed even Mises',and he would have taken notice of her. As I read more and more of her work to include answers to question posed to her in interviews or after she has given a talk at places like the FHF she was striving to be a teacher. I read more than once she simply did not pay attention to her critics because they were simply not interested in learning, so why bother. I look forward to reading your book.

It's not bad, but I found it too preachy and not descriptive enough. Mises' "Human Action" is the only book on economics anyone should ever need.