The Fed's Losing Battle with Deflation (w/ Jeff Booth)
HTML-код
- Опубликовано: 23 мар 2020
- Even before Ben Bernanke made the official declaration that the Fed is, in fact, targeting inflation, economists and governments around the world have counted on it to manage ever-increasing debts. Jeff Booth, author of “The Price of Tomorrow,” argues that they are fighting an inevitably losing battle. In this interview with Max Wiethe, Booth makes the case that secular deflationary trends will be the ultimate undoing of monetary policy and technology is driving this deflation at an increasing rate. He touches on several of the most culpable technologies, the potential issues society will face as a result, and the asset classes and businesses in the best position to take advantage of this trend. Filmed on February 25, 2020 in New York.
Thanks for watching The Interview, the premier business and finance interview series in the world.
Subscribe to our channel now for more videos like this one: rvtv.io/subscribe
Do you want even more content like this? And to see this video before we release it here? Become a member of Real Vision -- get started for 30 days for only $1: rvtv.io/membership
About Real Vision™:
Real Vision™ is where you can gain an understanding of the complex world of finance, business and the global economy with real in-depth analysis from real experts.
Connect with Real Vision™ Online:
Twitter: rvtv.io/twitter
Instagram: rvtv.io/instagram
Facebook: rvtv.io/facebook
Linkedin: rvtv.io/linkedin
The Central Banks' Losing Battle with Deflation (w/ Jeff Booth)
/ realvisiontelevision
For the transcript visit: rvtv.io/TheInterview
Disclaimer:
This is pretty obvious, but we should probably say it anyway so that there is absolutely no confusion…The material in REAL VISION GROUP video programs and publications {collectively referred to as “RV RELEASES”} is provided for informational purposes only and is NOT investment advice. The information in RV RELEASES has been obtained from sources believed to be reliable, but Real Vision and its contributors, distributors and/or publisher, licensors, and their respective employees, contractors , agents, suppliers and vendors { collectively, “Affiliated Parties”} make no representation or warranty as to the accuracy, timeliness or completeness of the content in RV RELEASES. Any data included in RV RELEASES are illustrative only and not for investment purposes. Any opinion or recommendation expressed in RV RELEASES is subject to change without notice. RV Releases do not recommend, explicitly nor implicitly, nor suggest or recommend any investment strategy. Real Vision Group and its Affiliated Parties disclaim all liability for any loss that may arise (whether direct indirect, consequential, incidental, punitive or otherwise) from any use of the information in RV RELEASES. Real Vision Group and its Affiliated Parties do not have regard to any individual’s, group of individuals’ or entity’s specific investment objectives, financial situation or circumstance. RV RELEASES do not express any opinion on the future value of any security, currency or other investment instrument. You should seek expert financial and other advice regarding the appropriateness of the material discussed or recommended in RV RELEASES and should note that investment values may fall, you may receive less back than originally invested and past performances is not necessarily reflective of future performances. Well that was pretty intense! We hope you got all of that - now stop reading the small print and go and enjoy Real Vision.
Become a Real Vision member today! Try it for only $1 for 30 days here: rvtv.io/Memberships
Not only will you get early access to the newest episodes of The Interview, but you can also get access to our other original series such The Expert View and Investment Ideas, get fresh content daily, and download it all to watch anytime, anywhere--and you can get all of these perks and more, ad-free. So what are you waiting for? Join now! 🙌
booth has a Canadian accent
Real Vision Finace Incredibe interviewer much respect. Didn't let him wrangle away from the very poignant questions you asked. Bravo.
Do not talk about UBI without mentioning Land Value Tax - Henry George
*Booth said technology will make things free (like air) but I don't think that's true:*
*Technology doesn't create itself, people have to be motivated to improve technology!*
*Nature creates air, nobody has to work on it!*
*How do you motivate people to work on new tech if they are taxed to death, and others don't have to work?*
*Why didn't you ask him those questions?*
@@alexbecker4149 Excellent points about technology! I recommend reading former MIT History Professor David F. Noble's book "The Religion of Technology" (1996). Noble also had several books exposing the secret society control of science: "America by Design" and "Forces of Production" (on patent control), etc. He even refused to use email since he knew the technocracy would not be to liberate people. haha
Big props for the interviewer. This guy is razor sharp and acts like a decoder of Booth's abstract theories.
So true - Max is awesome!
Get this guy back on the show ASAP, the system is literally crashing before our eyes!!!!
Yep...
yes!
Awesome interview I'm buying the book immediately
Don’t bring him back ASAP. Our favorite times are those that don’t come around often. Bring him back in a few months.
Just not for the reasons he's talking about, lol.
This is one of the smartest guests I've seen in Real Vision. Deep insights!!!!
Apart from the fact that his data on his own company was inaccurate and that’s under two minutes of talking, million billion what’s the difference!
This is the single best summary of the last century and present day that I have heard. This guy is incredibly tuned in to what is going on and more importantly he is sharing it honestly. I'm shocked.
"...institutions of banking are a greater threat to liberty than standing armies."
--Thomas Jefferson
@Timothy Somerville
Lenin Unfortunately neglected the grinding of the working class under communism.
Lenin needed a real job. He knew the value of other people's money.
There is no problem. You do not understand the meaning of "Full Faith & Credit". The Federal Reserve and Treasury will issue as much money, "Fiat Currency Money"/Treasury Notes, as necessary. The US Dollar will be accepted here and by every other country on the planet! Example if KSA or Venezuela refuse to accept $USD for oil or any country refuse to accept $USD --- what do you think Trump or any President would do? Gold silver means nothing! Problem is the US Gov must tell the Federal Reserve it will not pay these private vultures any interest on the trillions issued. Why is the US Gov paying the Federal Reserve Banking Cartel interest anyway?? The $USD is backed by Guns not butter. It is in the national interest of America and its people not to let any entity deny the survival of the USA! Gold and silver hustlers can shove the metal up their butts. America must also issue 20 trillion as a down payment on the Reparations debt owed to American Descendants of slavery and 150+=years of Jim Crow!! C19 is the Revolutionary -- that white tyranny & white privileged feared! WTFU!
DrF YoungEsq Just so you know, there are people all over the world who hoard US dollars. They hoard not to trade oil, but for hope of buying an asset in America one day. But these people will end up with the short end of the stick when we go digital. Apple and Goldman Sachs will be at the heart of the new digital dollar. Gold and silver hedge your savings against inflation. But crypto is where you will get more value for goods and services. The physical dollar is a liability to the fed.
"Let them eat cake." - Miley Cyrus
This is a book I absolutely need to read. This guy gets it!
He’s gets his point of view because it fits his best interest
It is MIND BLOWING
"Trying to stop gravity by flapping our arms"...I love this man.
Thank you Raoul for keeping this channel fed with daily updates
I wasn’t expecting to learn something fundamental about inflation vs deflation in a social structure that we all live in. Great talks! Very very grateful thank you 🙏
I dont think it is inflation vs deflation. First you get the inflation, and the worse it is, the more the resultant consequence of the deflation will be, namely if prices are rising, at some point people will not be able to afford things. If you tackle the inflation, however painful, then deflation fears go away. in the 70 we had massive inflation and one of the biggest recessions since the 30's. when we tackled inflation, more or less in the early 80's, BOTH went away, assisted by less socialism
jason k I think your misunderstanding, first there is always deflation, then the governments and fed combat it by inflating our currency to maintain price stability, while also destroying market discovery of real prices.
The problem is that real wages aren’t inflated along with the assets, this is why the average worker loses.
This may be one of the most honest and coherent arguments and authors I’ve ever heard. Book purchased.
One of the best RV videos I've ever watched
With no doubts one of the most a fascinating interview ever.
Also the guy holding the show on the left did an incredible work! Well done
Well worth a listen. I immediately ordered Mr. Booth's book. Refreshing to hear someone's insights into where we really are and where we're headed vs. the standard rear view mirror biases and fixations.
Amazing discussion. I wish the world was led by a round table with people like you and others
Printing money? You ain’t seen nothin yet.
sunzeneise sad but true
If we didn't print money, women would not be going to college, because if based on merit, not progressives ideas... PEOPLE WOULD NOT HIRE THEM, NOT EQUAL AND PROVIDE ONLY NEGATIVES NOT VALUE AS A WHOLE BY A TON
100% correct. Money supply is growing Exponentially. Look at this latest 8 trillion keep doubling that number and the numbers will make the system collapse under it's own weight. In 1980 the national debt was under 1 trillion. Exponentially the numbers really get much larger at the end. We are at the end.
Robert Wagner. Same goes for many men who I sat next to in college, and in my insurance underwriting job years ago. Many were dumber than a box of rocks, yet were routinely promoted. Merit should be intellectually based and honored, not gender based.
Printing money????? Where????? Not the same as "creating money"......available cash in the US is roughly
$400/person......so no wheelbarrow needed. ( and the plan is to become cashless which also doesn't fit
the narrative.....where as the stock market just saw 1/3 of its value vanish. )
Inflation is the problem and since 1939 the rate has been 1800% ( and deliberately underreported in the
last decade or two. )
wow this was a great interview, I learned something new here. His argument about embracing deflation caused by increases in technology was a new one I'd never heard before.
Deflation is already embraced.
And China , the biggest deflationary factor since 2000
Amazing interview! Also you do an excellent job of letting him speak, so many people end up interrupting the people they have on their shows, just subscribed!
Loved the interview. Great questions! Props to the interviewer, and what a smart guest. Buying his book now.
Bring him back for a second interview! We want more 😁
There are very few interviews I watch twice, this one I may end up watching 3 times.
This has been one of the most insightful and informative and yet futuristic conversations I have heard, Thank you so very much!
Quite a realistic view of the future.
John Gundaker that’s funny, I thought his exponential growth model was very unrealistic!
@@soulfuzz368 How?
@@soulfuzz368 Which exponential growth model? The part where he makes it seem as if an increase in taxes will happen instantaneously or the part where he made it seem as if these things will happen overnight?
I’m ready to become a homesteader.
Cleaning and cooking and tending the family are for underprivileged oppressed people. Didn't you know that?
Brilliant guest, incredible interview.
He’s a prophet...a few weeks later, here we are...you need to have him back on...and he’ll say, see, told ya!!
One of the best interviews and subject matter i have seen in a long time. Sadly we are not even close as a society to be able to debate this in the main stream. Its divide and conquer gutter trash politics as far as the eye can see. Revolution and death will be had before this sort of enlightenment can take root. Thanks guys..im sharing with everyone.
Thank-you! Ironically, The further along we go burring our head in the sand to first principles - the harder it is to debate because people lock into to idealogical views. I wrote the book to open the debate. Thanks for sharing.
@@jeffbooth2186 Yes sir, and you are very welcome. I voted for Trump btw but what we are seeing is beyond the lying politicians...they are ALL lying. Im no word smith and trying to even have an intelligent conversation about facts on monetary policy and our economy/socioeconomics is impossible with "my" side of the isle. I dunno what to do other than to share the intelligent discourse which is beautifully displayed in this piece. Keep going sir...lives literally depend on it.
well said
Fantastic interview. Thank you for the insights.
One of the best interviews i have seen. Very few people provide real advice. Thank you for this interview!
Wow, another classic interview. Keep bringing us these great thinkers!
If this wasn't one of the most informative and perspective bending videos then I don't know what. This is truly eye opening content.
Watching this post covid...This conversation has become 10x valuable and relevant within a year.
Fantastic interview and forward thinking
Thank you for posting this.
Really thoughtful analysis. Great interview.
The Fed prints money to inflate asset prices. Asset price inflation decreases the value of wages because housing is essential, and it makes our economy less competitive by decreasing personal disposable income and increasing business costs. The Fed transfers wealth from wage earners to investors. Corporate media has done a great job keeping people too distracted with trivialities to notice the problem with the current path, but eventually people are going to notice and demand change.
Man goes to buy truck, truck costs 100k, salesman says we will finance, man says I'll take 2.
When we all have nothing left, the world's governments will learn there is nothing more dangerous than billions of people with absolutely nothing to lose. Church and state should never be mixed. Nor should state and money.
Thank you, Ronald Reagan.
Watching for the first time now. Wow Jeff Booth could be described as psychic! Amazing interview
He said he has build 500 B $ company, couldn’t find it, only one startup.
does it matter. his theory is sound.
I'm sure he meant 500 million
LorkyMX2 yes, I think the same.
May be all his startup investments current market value are $500 b , still a staggering amount if he had a small interest in these companies!!
zarni000 That’s no theory, he is talking shop. It’s what’s happening and how it is.
Watching this interview in June 2020 and boy, are they printing!! The prophecy of Jeff be with you
great host and great guest! thank you!
One of the most important books of the century. Great interview. Crypto is the biggest deflationary force in technology.
Great interview, thanks!
This is a Real Vision everyone needs to see.
Thank you. I learned a lot and have many things to think about
Excellent interview, thanks!
UBI? We're already almost 40% of the way there. Gov spending is currently 40% of GDP.
Once of the most informative RUclips videos I have witnessed in many years, after I came across the Hidden Secrets of Money Series.
This is genius, QE infinity wealth inequality finally some macro insight.
inflation causes wealth inequality. not news. people having been saying this since forever.
b. griffin you beat me to it lol
QE infinity? How about the 100 million dollar shack, it's a steal with our minus-20% interest mortgage. You only need a spouse, fertility and DNA test to certify your unborn children will be able to keep paying after you die. Inflating asset prices is the central banks' solution, and it's damaging to say the least.
One of your best interviews to date.
Excellent conversation
Thanks for having Jeff on the show!
Love your breakdown of Inflation & Deflation, especially about the abundance of Deflation through societal change and not continue with inflating assets (w/ money printing) which will prolong, wilden, and worsen the financial system--thus, the increasing suffering of people as a whole. Please bring Jeff Booth again when you can Real Vission Finance.
Thanks so much for this great interview and introducing Jeff to us.
Great interview
Thank you for honest words.
I bought his book after watching this on Real Vision a couple weeks ago. Great book! It's so much information, you really have to read it in addition to hearing the TLDR in this interview. Really packed with insights. I've stopped even bothering to highlight because was just winding up with a completely highlighted book.
Thanks so much! Glad you liked it.
A fascinating discussion, thanks for posting the video.
He seems to make very interesting points. I think that is where we are headed.
Fascinating! Thank you for sharing unconventional wisdom.
I Would love to watch a sit down between Jeff Booth and Andrew Yang.
Great stuff!
every second of this was incredible. not a wasted moment. while i've considered what looks increasingly clear as an impending technocracy if we continue down this path, it was awesome to hear about possible solutions, and what removing scarcity of necissities could look like. would love to hear more.
Great interview.
Awesome interview. Really true about the asset inflation.
Wow...This is amazing...!
Watching this from India. Namaste in Sep 2020. This guy is right.
One has to look far to find a smart man like this. Great interview.
The example at 8:31 of folding a piece of paper 50 times really put the hook in me. (you can do the calculation - based on .004" thick paper - it would be 71 million miles thick)
Amazing value, mind blowing!
Really interesting interview! Thanks
Amazing talk
The 19th Century was a century of deflation yet living standards increased. In England and parts of America you had the industrial revolution, in both you had the railways. Yet prices went down until 1914 and the first world war (and I think the gold standard was altered). So we should not be afraid of deflation if its driven by technological efficiencies, just as the industrial revolution of the 19th Century gave us deflation.
And yes we need to promote these ideas and have the debate. Having this debate is the most important thing we can do for human kind.
Inflation plus non-corrupt politicians normally equals greater income equality and the sort of economic landscape that is the positive side of the 50s and 60s MAGA Hatters look back to. It's too sad that since even before Reagan the fundamental promise of the successful politician is to do less - kind of the same thing as an engineer promising to do less engineering on the bridge he's building for you and you choosing him for that exact reason. It is notable that the interviewee seems to equate Bernie to Trump, and presumably has a very ahem, non-libertarian view of socioeconomic relations in society.
Dude, there is no deflation. We're collapsing. Technology can't save us. I have never seen food so expensive in just the last 5 years.
Sounds like the best bet is to go live off grid somewhere remote. Kiss this insane world goodbye.
This was my dream as a kid
Go to Antarctica no virus there
Unless you have kids. It’s better to see the world and opt out than never know the real world exists.
That's a lovely thought.
@Trumpenstein read my post below.I don't need lots ammo.Bush warfare? Use enemies resources!
Read it which ever way you want
Keep safe and invisible 👍
From July 2018 - BuildDirect, the Vancouver, BC.-based online home improvement store, went through a tough transition in recent months. In late October 2017, the company’s co-founder and CEO Jeff Booth stepped back from his job days before the company filed for the Canadian equivalent of bankruptcy protection. It then installed former Amazon executive Dan Park, who had joined the company only a few weeks before, as its new CEO. Under Park, BuildDirect successfully restructured its debt and balance sheet and by late March of this year it emerged from bankruptcy protection with new funding in place to help it find its feet again.
Very intelligent conversation
Amazing interview. Aged like wine.
Ray Kurzweil wrote a book about this 20 years ago. Exponential technological growth causing massive deflation. Seemed pretty kooky at the time.
stopping gravity by flapping our arms ... well said
I’ve read a bit about advanced in tech and AI resulting in large scale job losses and therefore deflation, I read a fiat bit about BTC, this vid perfectly fits all those pieces together for me everything makes sense now 👍🏻
Excellent video.
Great job he hit the nail on the head
💛💚🧡💙 This guy is amazing. GET HIM BACK ON !! 💛💚🧡💙
Awesome video
It is amazing. And frightening at the same time.
Who is the interviewer....very smart brilliant responces...really enjoyed this one
As many others have said. Please get Jeff Booth back on your show!
Interesting conversation. How much will this scenario actually be a post scarcity society? Greed/expectations makes people want more, and pins their self worth relative to others. Plus with rising population, some of the most basic needs/desires are inherently further limited, land, physical space and quality environment. I think one main aspect missed in this discussion about pending changes to society/economy is the fact that economic success is quite corrupted, the "best" people aren't necessarily in silicon valley or wall street, those places have a bias towards geographic proximity, greed, and cultural affiliations. In a post uber AI who are these top earners, not the smartest people... but skilled humanists like artists, nurses etc?.. or just like now it's the people with access to money and inside influence being biased towards chairman opportunities. We are on a resentment coaster, technology has many benefits, but also many social/cultural/existential negatives and increasing unearned income/wealth disparity will lead to violent social unrest if the certain situations arise... like maybe in a economic depression amid institutional bungling of a pandemic.
Mind blowing stuff right here. Thank you so much. This guy puts into system what we all are feeling. With new efficiency of technology, how on earth can there be jobs for everyone in the future?
amazing.
That was one the last handshake in NY city for a long time.. prayers for everyone in the NY and the world..
Fascinating perspectives about trends in technology, economies, and currencies. Basically, technology is 1) evolving exponentially and 2) inherently deflationary. These factors, combined with a world drowning in debt, point to a highly deflationary future (falling prices). What does it all mean for societies (markets, governments, cultures) built upon 100 years of easy borrowing and asset price inflation? What forms of currency are best suited to accommodate deflation? How will a scarcity-minded world restructure to one of technology-fueled abundance? Really great interview!
This guest is really great.
He is absolutely right. Many so called 'experts' say there is no or little inflation arising from government money expansion policies but that is because they gauge inflation by looking at consumer prices. The problem is that consumer prices should be falling because of technology improvements but they aren't falling. They are rising despite technological advances and the reason is because the pressure of increased fiat money in the system.
.The fault in the way inflation is measured leads to much confusion. One way to see the effects of inflation is to look at basic commodity prices which show a large amount of inflation over long periods. Food is an example of this which a basic hamburger that sold for US $0.35 in the early 1970's now costing at least ten times that despite the improved technological efficiencies of the supply chain.
Great content, weird seating arrangement.
There is a war against deflation led by every politician on the planet, after all, the legacy of a leader is often based on whether the public equity markets went up or down during that time. And they certainly impact the immediate future electability of that party.
wage deflation, asset inflation until it breaks or revolution
you are seeing both, or rather, its happening if you are seeing it or not. Corporations are creating deflation by using cloud computing to hire india nationals in india who will work for 90% less than you. Its part of reason for unemployment /labor participation nonsense. People working multiple jobs because real american jobs are being done in india.
The thing with revolution (which I’m for) is likely not going to happen. During the 1st revolution we were somewhat on the same playing field. Fighting with our military today would be suicide, unless the military was on our side
Preach Brutha 🙌
Great interview. I have a tech question for the film crew as I am a video producer in Melbourne Australia. I am interested in how you did your audio The lav mics I think are DPA 4080.
The question is did you mix audio on location or did you simply set your levels in the camera with no post audio production. the reason I ask this is because there is virtually no mic spill. The reason for the question is because I have a media training difficult client who insists on sting close to the talent and as a result I have mic spill issues. I am not able to mix audio as I am one up. We have to playback after every interview. Thanks in advance.
Powerful
How can you have deflation when you both hold the world reserve currency status and a Massive Printing press ready to go? There will be some short term deflation but it will be followed by massive hyper inflation soon after.
for me, the best concept/learning is in last 10 minutes, when he used 'network effects' to explain why investing bitcoin.......lol
Very, Very Interesting.
Steven Paul Zehler
Trenton, New Jersey
This guy was great
What if UBI is applied in BITCOIN instead of FIAT?