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Clarence Page says printing money does not create inflation!

Clarence Page, NBC commentator, McLaughlin Group and Chicago Tribune columnist gives his views on inflation and economic policy. Does printing money by the government create more inflation? Clarence Page says printing money does not create inflation! Is Obama a Keynesian? Was Keynes right? Part 1

http://youtu.be/RF8Ei2gOb9Y

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Wonderful Doublespeak

He is an artist at double speak, or he really believes his stuff.
He describes and understands why Keynesian economics just doesn’t work, but uses those arguments to describe why it does work.

And admits that rising food prices have adjusted his shopping habits and scare him. An economist that doesn’t know what an economic indicator is? Color me surprised.

"But, in practice, it works". Great endorsement. Schmuck. :)

Just open the box and see

The government printing money

The government printing money merely increases base money. It is up to the financial institutions to then circulate the money throughout the economy and inflate the money supply.

The government could also cause inflation by eliminating reserve requirements....

Inflation would also occur if the demand for money dropped...economic contraction, loss of confidence in currency, etc.

Plan for eliminating the national debt in 10-20 years:

Overview: http://rolexian.wordpress.com/2010/09/12/my-plan-for-reducin...

Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a

Bump

Bump

'I don't check the prices'

...Do you check your sources? :P

donvino

Yet he goes on to admit

that he has changed his buying habits from the 'Food Fair" or whatever it was, to the 'cheaper' alternative....meaning he has become sensitized to current price inflation, if not the exact item prices.

Talk about talking out of both sides of his mouth...

Plus....the quickest way to find out if anyone doubts the full faith and 'credit' of the USG, and thereby devalues the dollar, is to put it to a test: competing currencies. Let the one currency that people put the most faith in, at any point in time, rule the day. Doesn't necessarily have to be gold, silver, sheckles or bitcoins...anything will do.

But we all know where that will lead, don't we?

It is not the chicken or the egg... he is exactly right.

It is deception. He is speaking the same truth Ron Paul spoke!

In other words, he is right.

Printing money does not CAUSE inflation... because printing paper from fiat (no backing) is by definition, by math, by logic, in fact... the inflation itself!

Whether or not the result of that inflation of the money supply causes prices to rise, is not relevant to the semantics he is using!

Anyone not a Keynesian and familiar with Austrian, plain and simple, sound economics, knows inflation is the creating of fiat paper, and they further know, all that follows in the way of price rise is the result of that inflation!

Clarence Page is a perfidious, dis-information mongering, useful idiot!

The sad truth coming out of all this, is that most of the audience tuning in for that past few decades are slobbering up his 'idiot-tums'!

The good news is fewer have such indigestion, and his sponsors are thankfully headed for starvation!

All thanks to Congressman Paul!

There is no doubt, many generations to come will still be finding new reasons to thank that Congressman for his years of tireless efforts.

Cyril's picture

Arrogant or ignorant Keynesians

That's really a chicken-and-egg sort of debate. Or can be, for the unwary to loose definitions.

Indeed, as in all things, it all depends on which meaningful definition's basis one wants to build upon.

The Austrian definition of inflation is precisely the increase of the money supply against the same amount of valuable, tangible assets available on the markets.

http://mises.org/daily/5953/Is-Inflation-about-General-Incre...

With such a sound definition, there is no chicken-and-egg pitfall to worry about of its own.

But that wouldn't be fun if it were not for our dear Keynesians hanging around, of course... along with their superstitions.

Keynesians still confuse (or they want us to...) the mechanics of the millenniums-old supply-demand laws on (sadly less and less) free markets with the very induced side effects of THEIR own, irresponsible, arbitrary, and hazardous "stimulus-oriented" policies on the same, over-regulated markets they are so zealously busy biasing (notably, though not exclusively, by increasing the money supply at their extravagant or interested will/wishful thinking) ... while continuing their arrogant argument.

Ignorant or obnoxious to the fact that their own idealistic, very mathematical model, itself, is fundamentally FLAWED, btw :

http://www.dailypaul.com/263316/dimensions-and-economics-som...

But, hey, among Keynesians, who cares about not comparing apples to oranges (because they don't grow the same and may not induce the same costs, for one thing) ?

Nah. Spreadsheets and the abstract projections they contain (all around an untenable function at the macro level) is all what matters, right, Mr. Krugman ?

Keynesianism, along with fractional reserves central banking and central planning (all three pillars of the modern collectivist THIEVES - Marx must be ecstatic in his grave, btw) ...

... all this works sooo great, as we can see everyday in the news (even when biased). Doesn't it ?

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Idjit

paraphrasing here: "No one knows how many dollars have to be printed to decrease the value of any individual dollar in circulation."