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Porter & Co. Black Label Podcast
Peter St. Onge - Making Sense of the American Economy
May 22, 2024
In this engaging discussion, Peter St. Onge, a legendary economist and Heritage Foundation Fellow, delves into the complexities of inflation and the future of currency. He critiques public misconceptions about central banking and advocates for digital currencies like Bitcoin to disrupt traditional systems. St. Onge also shares innovative investment strategies to combat inflation and expresses concerns about Boeing's financial mismanagement. Listeners gain valuable insights into consumer behavior, government policies, and the importance of informed discourse.
39:21
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Quick takeaways
- The persistent rise in consumer inflation since 1971, compounded by high consumer debt levels, points to significant economic instability ahead.
- The potential transition to digital currencies like Bitcoin highlights a shift in value transfer dynamics, threatening the relevance of traditional banking.
Deep dives
Inflation and Central Banking
The discussion highlights the persistent rise in consumer inflation since 1971, emphasizing that total consumer debt in the U.S. has never declined during this time. There is considerable concern about how central banks continue to manage inflation, despite widespread consumer debt levels, which now stand at an astounding 500% of GDP. The insights suggest that there has actually been significant 'hidden' inflation, with money printing accounting for a rise in prices by approximately 6% to 8% annually over decades. This situation prompts questions about when this economic imbalance might lead to a significant crisis, as the fundamental mechanisms behind inflation seem increasingly obscured by marketing and political narratives.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode