Comments by "James Adams" (@ExPwner) on "The Plain Bagel" channel.

@aBusybee yes, because it actually works.
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The print More Money Theory.
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@aBusybee "laissez fair does not work." Wrong. It absolutely did work, and I proved you wrong on this before. The US used a laissez-faire approach for 1920-21 and most people never heard of it because it was a downturn that quickly went away. By the available data that we have on it, it should have been worse than 1929, but it wasn't because 1929 was met with Keynesian policies which made it worse.
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@RealestUrbanism " they die from lack of government stabilizing" Did you even think before you typed that out? Literally no one dies from this.
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@ThePlainBagel fair enough. Props for referencing Bagus and Mises on the topic for the short bit you did mention the Austrians, by the way. I think if you delved into his lectures/articles you would find them convincing.
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@aBusybee that's up for debate.
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The so-called "dangers of deflation" are just fear mongering nonsense as shown by the Mises article that he referenced in the video.
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@ArktosBears no, it isn't. It is a talking point from Keynesians. Look up the deflation article from Mises that he referenced in the video, which debunks the mainstream Keynesian viewpoint on it. I'm more than familiar with that argument, which is why I'm familiar with the arguments against it.
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How it’s measured is the start of a LOT of hackery from leftist institutions that try to peddle a narrative of “stagnant wages.” Also that Keynesians try to call it a good thing is insane. Austrians get it right. Deflation is preferable since it increases purchasing power. Either CAN be bad if it is too sudden or unexpected, but Keynesians get it wrong by trying to call all deflation bad.
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@henryroberts1233 wrong. The 1800s were nothing compared to the Great Depression and 2008 crisis. Before the Fed recoveries were much easier and the impacts of downturns weren't as bad.
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@Jack-fw4mw no, not just for those already with money. Historically price deflation outpaced deflation in wages which meant a real increase in wages. Inflation encourages the taking on of debt and risky investments that normally wouldn't be undertaken. How would deflation have a downward pressure on money velocity? You still have to eat. It's not like you're not going to buy something ever. It's just a shift of present vs future, not a complete stop to transactions. So no, I reject your claim that it is harder on the poor or people trying to acquire wealth. That would be inflation.
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@aBusybee Keynesian policy was used. It did not factually pull us out of the Great Depression but made things worse. Laissez-faire was not used in the Great Depression, so you have no basis to claim that it made things worse. Laissez-faire was used in the downturn of 1920-21. That got us out of it quickly, which is why it is basically not at all covered in history textbooks. Hoover was not a do-nothing guy in 1929. We had an increase in taxes, new tariffs, wage controls...heavy intervention. You should probably study more of the topic rather than making misinformed comments about it.
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@sprinkle61 well said. Most people don't get Cantillon effects.
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@henryroberts1233 that's not a convincing argument. Two years is shorter than impacts of 2008.
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@RealestUrbanism none of that is a thing in reality.
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@aBusybee not necessarily.
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Print more money theory is garbage.
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Yes!
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@sunnycorax I'm actually familiar with Milton Friedman and the Chicago school analysis of the Great Depression. That wasn't an argument about deflation being bad. Try again.
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@ArktosBears your first response was "just google it." Try some self awareness. "The obvious one is that people don't consume as much" Addressed and debunked in the Mises article. "This reduces demand and economic growth, leading to a deflationary spiral." Also fully addressed and debunked by Bagus. "I should mention that deflation caused by increased productivity may be 'less' of a problem than other types of deflation." That's generally the type being advocated/defended, not some kind of destruction of the monetary supply.
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Yes!
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@henryroberts1233 "The crash of 1873 for example made the financial crisis look like a mid afternoon nap." Citation needed.
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@aBusybee "living wage" is entirely subjective and changes with the winds. It has no relevance to exchanging labor for pay because not all people working need to make a living from that income. Wage controls shouldn't exist period.
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@sunnycorax rejecting claims made without evidence isn't speaking from authority.
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@ArktosBears if you had any argument, you'd present evidence instead of being smug and condescending.
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Wrong.
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You're likely thinking of PCE (personal consumption expenditure index) if you want something to more closely track that.
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@ThePlainBagel your presentation is actually very fair and balanced. That you would bring Mises into the conversation shows a willingness to bring in different viewpoints. Great content.
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