Welcome to the Dividend Cafe, weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life.

Hello and welcome to another episode of the Dividend Cafe. Those of you listening on podcasts, watching on video.

The video folks know that I'm obviously not in

one of my normal studios. I'm actually in my hotel room in Dallas, Texas, and I'm going to

be flying back to California here in just a couple hours. I flew to Dallas from New York the

other day for a couple of different meetings and a board meeting and a big gala event for a nonprofit that I'm

involved with. And now it's time to go back to California. I'll be out of our Newport Beach office

all of next week. The topic for this week's Diven Cafe kind of changed a little midstream.

I had some stuff I was going to do yet again on

the subject of global debt, the impact of debt on growth in the economy, both the inflationary

and deflationary ramifications, all of those stuff. I'm never going to run out a material on that subject.

And I had some things I wanted to kind of elaborate on with new data, new information,

and we'll get to that. But this week, some of you know that I am teaching an economics elective

course at the high school that I co-founded in Newport Beach, California,

to upperclassmen.

And this weekend, preparing my lecture, I was rereading an essay by the late and great

and great Friedrich Hayek on the use of knowledge in the economy.

And this is about a 17-page paper that I have read many, many, many, many, many times in my life,

particularly in my young adult life.

And I started thinking about a couple of things I've already lectured on this year,

some of the things that are big themes in my new book coming out,

and then particularly this essay,

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