Comments by "Louis Giokas" (@louisgiokas2206) on "How did Schacht's MEFO Bills work? Were they inflationary or not?" video.

  1. Your understanding of pricing and inflation leaves a lot to be desired. Price increases force choices on consumers. You might pay more for toilet paper, but you would sacrifice something else. Considering the amount we spend on what are really non-essential items, that is not a big sacrifice. As for food, the number one health crisis we have in the West is obesity. I volunteered at a "deluxe" food bank for several years. Many, perhaps most, of our clients were overweight. They drove cars that were nicer than mine. I kept what was a premium vehicle for 18 years. I just didn't drive that much, so it didn't matter. That said, these were not poor people by any standard in any other country. They all had smart phones and I would see some of them in the supermarket buying premium products. They got lots of stuff from the food bank. And it was good stuff. The whole issue of money is one I would love to discuss with you. I have a theory. The inflation we are seeing now is nothing. I lived through the major inflation of the late 1970s. That was real inflation caused by commodity shortages (artificial) and a restrictive monetary policy. The current inflation is caused by short term issues stemming from the COVID crisis and will be resolved in rather short order. Again, another artificial crisis. People complain about gas prices, but it was not long ago that we were paying $4.25 per gallon, compared to $3.30 per gallon I see today. Is that inflation? Where do you measure from.
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