We Study Billionaires - The Investor’s Podcast Network BTC149: Parallels to the Roman Empire w/ Dr. Peter St. Onge (Bitcoin Podcast)
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Sep 27, 2023 Dr. Peter St. Onge, a Fellow at the Mises Institute and macroeconomics expert, joins the discussion to reveal how today's inflation mirrors issues faced by the Roman Empire. He critiques current economic policies, explores the landscape of China's economy, and shares insights on Bitcoin's potential as a modern monetary solution. The conversation dives into currency devaluation, government overspending, and the lessons to be learned from historical empires, highlighting the comparative resilience of Bitcoin against fiat currency in turbulent times.
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Inflation and Central Banks
- Central banks print money to finance government deficits, aiming for a 2% inflation target.
- High inflation (5-9% or more) scares them because it angers voters and threatens their independence.
Hidden Inflation in Asset Prices
- The 4% of M2 growth not reflected in CPI might manifest in asset price inflation.
- Financial markets absorb money, masking its inflationary effects until market declines release it.
Dematerialization and Inflation
- Technological advancements and dematerialization further complicate inflation measurement, like a calculator app replacing physical calculators.
- This effect is not fully captured in traditional CPI gauges, potentially underestimating true inflation.