Is There Any Universe in Which You Can Have Both Inflation and Recession?

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According to the Keynesian worldview, this is really important. They're not correct about what they say about empirical data. The level of aggregate spending in the economy is not a lever with which you can control inflation and unemployment. Inflation goes up, but also unemployment goes up because this model is broken. That's not how the world works. So what would a scientist do? What would a non-huckster do in this case? Admit the theories wrong and find another way to reformulate it. Have the Keynesians done that? No, still the same garbage in the textbook that is being taught until today.

Saifedean Ammous is an Austrian economist and author of The Bitcoin Standard and The Fiat Standard. Please support this podcast by checking out our sponsors:
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OUTLINE:
Here’s the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time.
(00:00) – Introduction
(07:53) – Money
(20:58) – Gold standard
(34:09) – Collective hallucination
(39:59) – Austrian vs Keynesian economics
(1:12:20) – Free market
(1:28:49) – Monarchy
(1:34:23) – Fiat money
(2:21:13) – SWIFT system
(2:34:03) – Bitcoin
(2:40:20) – Satoshi Nakamoto
(2:48:04) – Criticisms of Bitcoin
(3:03:16) – Football/soccer
(3:06:58) – Criticisms of Bitcoin continued
(3:17:17) – Bitcoin Maximalism
(3:29:40) – Proof of stake
(3:46:46) – Central bank digital currency
(3:57:59) – Michael Malice
(4:00:12) – Advice for young people
(4:06:21) – Palestine
(4:18:00) – Mortality