Best books on Economics for laymen is "Economics in One Lesson" by Henry
Hazlitt and "Economics for Real People" by Gene Callahan. If you find these
lessons interesting they will guide you (bibliography) to appropriate
learning materials written by Ludwig Von Mises, Murray Rothbard, Israel
Kirzner and others. If you read about a dozen books from the "Austrian
School" you will have about equivalent knowledge to an A.S. in Economics.
Everyone should read "Wealth Of Nations" by Adam Smith!
No you can't help out here. Savings are not idle, they don't sit in
accounts and do nothing. The money is quickly moved or the banks will go
out of business and/or the investor (or saver) will go elsewhere. It is
worth noting that the top 1% don't keep their money in bank savings
accounts either. They actively seek the best return on their money and it
is typically not passbook savings accounts. Only a fool would think the top
1% actually put their money in a bank saving account.
And since you and "your friend"... remain anyonmus I can only take what you
write with a small grain of salt. It is worth noting this "BankerBlog1"
account was created today on April 15th. So I guess Kmpreece = Bankerblog1.
Again... the top 1% do not keep their money ideal. They seek the highest
return possible. Perhaps their money has moved off shore since the current
political movement is unfriendly to them. They don't keep their money in
passbook savings accounts at banks....
Nice, name calling. The question still remains. The top 1% DO NOT keep
their money in passbook savings accounts. They invest it and look for the
highest return. They invest in businesses, commercial real estate,
apartment buildings, etc... Their money is not idle and that is one reason
they are in the top 1%. So instead of name calling answer the question.
What happens to the 1% "savings." What do they do with it? This is not a
hard concept unless you have a built in bias.
Yes those are great books. I keep "Human Action" by Von Mises on my
nightstand (no kidding). I would encourage all those interested to learn
more to google "von mises institute." I was in Vienna and looked for the
"Austrian School of Economics." I even asked for directions. Unfortunately
no one in Austria seemed to know where it was located.:)
@classicallyliberal That is a good point. Yes those license and user taxes
are subject to inflation too. Your question ultimately comes down to the
"bundle of goods" that consumers buy. The bundle of goods the Bureau of
Labor Statistics uses to measure inflation may not be the right "bundle of
goods."
good video. i wonder if the federal reserve takes into account the rising
prices of gov't fees ie, registration renewal, license renewal, hunting and
fishing licences, taxes, ect. also are the rising costs of those subject to
inflation or is the state just seeking revenue?
Thanks for your comment. I have moved all my development to an Apple now
and the newer videos have much better even sound. I will check out the tool
normalization tho because I am always looking for ways to improve my vids.
I am curious why the top 1% accumulating wealth would slow down the
velocity of money -- this position really puzzles me. I guess you are
maintaining the top 1% put their wealth in their mattress?
The question remains. What happens to savings? In your view they just sit
and nothing happens... really. No one tries to achieve a rate of return...
really? Good luck with that theory.
ShadowStats.com founder John Williams on M3 Money Supply
For more information, please visit: //www.freewebs.com/saveyoursavings ShadowStats.com founder John Williams points out that the Federal Reserve has ...
Because if we enter hyperinflation, there will be massive runs on the bank,
the government will declare bank holidays, and while your money is sitting
in the bank when hyperinflation goes into full swing, you will lose
everything you own. Scenario Timeline: 1) The beginnings of Hyperinflation
hit but the public is unaware. IE people like you think it is retarded to
go into cash. 2) People slowly start seeing inflation spike and start
withdrawing their money in mass.
3) The gov steps in and creates bank holidays, effectively preventing
people from getting their cash from the banks. 4) Hyperinflation goes into
full swing during extended gov mandated bank holidays. 5) People unable to
get their money from the banks during these bank holidays lose everything
as hyperinflation destroys the currency. People mistakenly think
hyperinflation is slow process. It can happen very suddenly. Research the
collapse of the Weimar Republic.
Oh indeed, among people who take interest in these things it's well known
that most money issued on Earth today is simply fiat and not market
generated. But why would CNN make it a point to mention that fact? I find
it surprising that they would talk about that at all. To the news media
gold is, in the words of Keynes, "a barbarous relic" and so is a dead fact
not worth mentioning. At least until now...
Now imagine someone like yourself that thinks it is retarded to stay in
cash during a time like this. If the above scenario plays out and you have
thousands of dollars in the bank, you will still have your money when the
gov bank holidays are over. However you will be left with useless currency
that wont buy anything.
His very last comment confuses me completely: No stocks. No bonds. You want
to be liquid. So he's advocating holding cash when cash is about to go to
zero? That sounds like absolutely the worst possible advice for people who
want to prepare against hyperinflation.
Now imagine if you had the foresight and had your money in cash outside the
banks. When hyperinflation goes into full swing, you would want to put your
money into anything tangible. IE Food. Clothing. Gas. Guns. Ammo. Tobacco.
Medical Supplies. Etc.