The Real Story Behind Inflation

Heritage Explains

Heritage Podcast Network

Education

4.7 • 847 Ratings

🗓️ 24 May 2021

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

What do you know about inflation? Milton Friedman famously said: " Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output." Of course, we all know the driver of the quantity of money is government spending priorities, and recently the government has been spending a lot. So what does that mean for the American people? On this episode, we talk about the basics of inflation, what it means for your pocket book, your gas tank, and your grocery bill. This episode shows what happens when too many dollars chase too few goods.

Show Notes:

Heritage Foundation Q&A on Inflation

Specter of Rising Inflation Threatens Future Economic Freedom

Milton Friedman Speech on Inflation

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Transcript

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0:00.0	From the Heritage Foundation, I'm Tim Dessier, and this is Heritage Explains.
0:20.3	This is Heritage Explains.
0:39.6	Remember that scene in the movie Annie Hall when Woody Allen is standing in line at the movie theater with Diane Keaton, and a pedantic blowhard is standing behind them,
0:45.4	mansplaining to his date about the work of the famous professor Marshall McLuhan.
0:51.6	Well, when Woody Allen had enough, he brings Marshall McLuhan on screen just long enough to shame the pedantic gentleman about how wrong he was.
0:57.6	What do you do when you get stuck on a movie line with a guy like this behind you?
1:01.7	Wait a minute. Why can't I give my opinion? This is a free country?
1:05.0	He can give you. Do you have to give it so loud? I mean, aren't you ashamed to pontificate like that?
1:09.8	And the funny part of it is, Marshall McClure.
1:11.8	You don't know anything about Marshall McLuhan's work.
1:13.9	Oh, really.
1:14.9	Really.
1:15.9	I happen to teach a class at Columbia called TV, media, and culture.
1:19.1	So I think that my insights into Mr. McLuhan will have a great deal of validity.
1:23.0	Oh, do you?
1:24.0	Yeah.
1:25.0	Well, that's funny, because I happen to have Mr. McLuhan right here. So, yeah, just let me, let me, come over here a second.
1:30.3	Oh, I heard what you're saying.
1:33.3	You know nothing of my work.
1:35.3	You mean my whole fallacy is wrong.
1:38.3	How you ever got to teach a course in anything is totally amazing.
1:41.3	Boy, if life were only like this. Boy, if only life were like this.
	...

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