Hello everybody and thank you for tuning into the Liberty Report with us today as Chris Rosini our co-host

Chris welcome to the program

Dr. Paul it's great to be with you again very good you know the news is filled with the economic conditions of the country and of course the conditions of our personal liberty

And for some reason I suspect they are related but but they are talking more about the economic things going on you know

Why why are there so many jobs available and nobody taking these jobs and people are complaining about the economy and complaining about prices a lot of inflation

So there's a lot to complain about the other day the president was talking about it and he went over three or four major problems at this country faces

You know everything like from immigration and he recognized it was a big problem there and we had to do something about it

And then also there's inflation there's inflation and we have to deal with that and we have to deal with the budget and he went on and on and foreign policy and he was he was pretty good in identifying you know the problems that the American people were concerned about

But what was interesting that I sort of had to hold my breath on it because he after he announced each problem he says there's only one thing we need to solve this problem

It's leadership and I thought well you're the president don't you remember you're the president you're supposed to be the leader but anyway I think he hit the nail on the head that there are some problems out there and maybe leadership is necessary

But of course our idea of leadership is so different from the ideas of an authoritarian or an authoritarian president or vice president an authoritarian senator or authoritarian congress all these things because they have only only one solution

Their idea of leadership is mandates if there's problems more mandates more enforcement punish people threaten people tell them if they don't behave we'll make sure that they're canceled you're gonna lose your job on and on of what we've been putting up

So we are facing a lot of those problems but when it comes to economic distortion for years now I've talked about and and mentions the fact that there is a lot of distortion it comes and goes you can predict when bubbles of form you can't predict when they're going to burst and exactly what will happen

But we do know from the study of Austrian economics that there are bubbles and there are a lot of bubbles around and it's not like you have to be a genius in the early part of this century to predict and say you know there's a housing bubble there was a dot dot com bubble and now there's another bubble in the in the stock market and we're out and if you come to the conclusion that it is the Fed then you say well what are they doing?

Whether they're doing their best to try to calm things down they're you know monetizing a hundred and twenty billion dollars a billion dollars every month they're buying up the debt so that they do not have to rely on work and savings and the things they occur in a free market economy which adds to the gross distortion and contributed to these so many problems that we have have today

But Chris I'm sure you've paid attention to this. What are we going to do about it?

I don't know Dr. Poe I think you and I have been paying attention this for a long time now because long time viewers and listeners of our show will know that we have been warning the Fed can't create trillions of dollars like this it's going to drive up prices you know but our you know the warnings can only go so far because the people in the media and the politicians there are not going to be a problem

politicians they're only focused on the current moment if I got there's no inflation prices are stable in fact there's too little inflation the Fed wants prices to be higher well we were not focused on what was at at hand at that time what we were focused on was what the Fed set in motion and it is now here is unavoidable everybody sees it now prices are rising everywhere you look whether it be guests or food

whatever your bills are you definitely can see the prices are going up and you know even though we're here here is not static here is going to get progressively worse the Fed really set in motion something very bad

and that's now the main thing that we want to get across is keep your eye on the Fed they are the cause because everywhere else that you're going to look whether it be media politicians even CEOs that are closely tied to the government they're going to try to muddy your ability to see that it's the Fed they will blame X or they'll blame Y or Z which will be real things you know they'll point out this is why prices are up but those are all accessories they're complimentary to the main cool

problem that we have and that is the Federal Reserve so please always keep your eye on the ball it's always the Fed and you know a lot of people are aware and we talk about it all the time that when the Federal Reserve creates money out of thin air and gives us artificially low interest rates this causes you know eventually it does push up prices and of course Milton Friedman said this very clearly and a lot of people will quote him and saying you know it's always a monetary problem

but it's not the way you spend you're able to spend more money and get reelected so they have to not emphasize that too much but I think there's a lot more emphasis on you know you put a lot of money the value goes down and the prices go up and people you know generally you can see that but one thing they don't talk about a whole lot is the malinvestment that is when you lose this the important signal of interest rates market rates of interest

...