The Weekend Vigilante
Saturday, October 15, 2011 at 7:29PM If you had a busy week and didn't have time to catch all the action on the blog, you can catch this radio segment with Phil Mackesy of This Week In Money that covers most of the main topics. We recorded the video on our end. You can see it here:
YOUTUBE CHANNEL
We are going to begin to do much more video commentary and video interviews in the very near future. We won't be announcing all of them through our blog so if you want to keep up to date on our video podcasts, subscribe to The Dollar Vigilante YouTube channel here: http://www.youtube.com/user/TheDollarVigilante
MAX KEISER
Max Keiser had me on his "On The Edge" program this week. You can check it out here: http://www.youtube.com/watch?feature=player_embedded&v=cGNM0ZnkeA0 or click below.
ANARCHAST
As well, this week, we had some excellent and interesting interviews on Anarchast with the likes of Doug Casey, Lew Rockwell and Richard Maybury that you may want to check out. If you want to keep up-to-date on the latest Anarchast videos, you can subscribe at Anarchast.com or subscribe to the Anarchast YouTube channel.
UPCOMING CONFERENCES
This week I am at the Silver Summit in Spokane, Washington from Wednesday to Friday and then at Libertopia in San Diego from Friday to Monday. If you plan to go or are in the area please say hello!
And then, in two weeks I am off to Argentina. Casey Research will be hosting a conference in Cafayate on November 4th that I will be speaking at and then many dollar vigilantes have already sent their RSVPs and we'll be hanging around, drinking fine wine, smoking cigars, eating amazing Argentine asados and hanging out with people like Doug Casey at the Escape to Cafayate event from November 9-13. I've been told there is still a few slots available if you have any last minute thoughts of coming down. Email tdv@lec.com.ar for info. I guarantee it will be an amazing time.
Phew, another busy week and many more to come. There is no rest for financial freedom fighters in today's day and age.
Have a great weekend!
The Dollar Vigilante on This Week In Money with Phil Mackesy 10-15-2011
Reader Comments (10)
"Money velocity" is a concept that is meaningless at best and dangerous at worst. It is potentially dangerous because, like the whole "growth causes inflation" argument, it helps to conceal the truth about what causes money to lose purchasing power. If, for example, the economy-wide demand for money begins to fall then people will be quicker to exchange their money for the things that money can buy and economists will observe an increase in the velocity of money. However, the crux of the matter is the reason WHY the demand for money is falling. The economy-wide demand for money doesn't fall in response to people becoming more productive; it falls because people expect the money to be worth less in the future than it is today. In a growing economy, the ONLY way the general price level can rise over a long period of time is via an increase in the supply of money. Furthermore, under the current monetary system it is the central bank that ultimately controls how much new money is created. That is, the central bank causes inflation.
"Confidence" is another Keynesian grounded idea that people like Bernanke always mention...
For decades the deflationists have been losing yet the argument never seems to go away. We've had nothing but non-stop inflation since the dollar went off the gold standard... where is the deflation?
I agree with them, that provided that the fed could not create new claims then the deflation would be precisely what we would see happening. And yet, they just outright refuse to discuss how fed would not be able to inflate.
They talk about people not talking out loans, the fractional reserve system then not being able to expand the money supply it's usual 10 times on each round, and I agree with all that. But, as soon as I ask them: So, what do you think would stop this from happening: - Bernanke to his secretary:
"Hey Mary, you, cute butt, exactly how much money are we short today because of people not using the fractional reserve loan multiplier system? And when she answers: Uh, here, it says exactly 2 trillion dollars, Benny!" , - and upon hearing that Bernanke says "Oh, I don't know what are we going to do now! OMG!" Then turns around to his IMac and clicks the "OMFG" icon, then types 2,000,000,000,000 and hits "YEP" button. Turns back to secretary: - "Ok, that was a hard day, but I have fixed the money supply, you ready for lunch, cute bunny?"
When they say that the supply of something exceeds the demand and this is very deflationary, I don't know what to say. Deflationary? What does it even have to do with "flation"? It's gonna depress prices, may-be, how is it going to affect money supply?
They pretend that the FED is actually honest and never creates money. With that they point our attention to consumers not taking out loans.
I have a shocker for them. Wait till the fascist government starts to cancel debts and see if people would still abstain from taking loans.
If he did, the this was a huge insult to anyone who caries the proud name of a speculator! A speculator, in a classical understanding, is someone who perceives an imbalance in an economy and risks his capital to arbitrage that imbalance away, and I must note, that the speculator carries huge risk, while helping the economy to mitigate the abrupt price discovery surprises that would otherwise allowed to accumulate.
What does the bank, that exercises monopolistic right under auspice of government violence, to steal the interest from 9 out of ten of it's transaction volume has to do with being a speculator?
I think I have to re-evaluate Max way down. His insistence on some sort of deflation, or huge deflation, supposedly going on right now?
A referee? Yes, the government supposed to be a referee, but in a very limited sense, only making sure that there is a civil way of resolving disputes and that never anyone is allowed to inflict his will on another without that others voluntary agreement. Basically just courts and an eye on violence, that is it! Max did not say, but I am inclined to think that he meant so much more that he believes the government should be allowed to do. Managing the economy? Not in my book!
I agree with you, i was quite taken-aback with Max's very Keynesian economic perspective and very statist stance on the economy (we need regulators and rules or else capitalism will kill us all)...