Katie Porter MASTERCLASS of Economic Illiteracy: MeidasTouch Refuted

Too often I have seen people throwing around the word inflation loosely correlating rising prices with that of inflation. Whilst it may be true that inflation will cause prices to increase, it's not so much that prices are driving up as a result of inflation, it's that the currency is devaluing in purchasing power.Show more

In other words, people like MeidasTouch, or Katie Porter and the guy she was questioning, for that matter, do not understand that the cause of inflation is not merely corporations or businesses earning profits. Again, a cause of inflation is not the same thing as prices rising from what inflation causes.

So what causes inflation, what does inflation mean?

Inflation simply means the quantity of the monetary supply has been vastly increased far above and beyond the quantity of the goods in the market that it is chasing, which is why $1 was equal to the value of 1 product in 1913. Through the vast increase of running the printing press, not only did this cause the currency to devalue in purchasing power, that's what causes prices to increase.

So inflation simply means that there is more of the monetary supply in circulation of the economy over that of the quantity of the goods that are produced. In other words, money is of no exception to the laws of supply and demand; print more, the less scarce the paper currency becomes, the less value it holds. That's why wages are rendered almost worthless and people find themselves working 2 to 3 jobs to make ends meet, not because you have "greedy" companies.

Whilst I acknowledge there is a problem with today's economy littered with monopolies, oligopolies and cartels, that we currently have corporotocracy both here in Britain and in the United States, which is a latter stage of corporatism, it doesn't change or hide the fact that corporate profits has no bearing on the price or even what inflation is, or what drives inflation.

MeidasTouch I have come across before through someone I will keep private and is quite a reasonable sound minded guy, I think is involved in investment? Not sure, but the fact he fails to comprehend inflation is quite astounding to me, but more so the likes of Katie Porter, she clearly hasn't got a clue and it sounds to me like she's targeting that business guy over how much they're earning in profits, as if to blame that for the cause of inflation.

I've never seen something so ignorant in my life, and if blaming inflation for the wrong thing, it proves that they are not tackling the root cause of the problem, they aren't providing any rational solution.

Given that social security and the welfare state cost a bomb and the taxpayers money is nowhere near enough to pay for either and the country has been running the printing press for years, then facing the banking crisis with all the bailouts of the banks resulting in inflation soaring, only then to lockdown the economy in 2020 with a lot of private companies closed for a year being furloughed, is it any surprise why inflation is so far out of control?

I fear the worst, because this proves when MeidasTouch puts out a video and gets 8,000+ likes for proving none of them understand inflation, we're in deep trouble.

As for socialists!? Good luck trying to combat inflation via nationalisation, the more you nationalise, the smaller the pool you have to tax from the private sector, and if you heavily nationalise like here in Britain had prior to Thatcher, you're forced to pay for a heavy bloated public sector via the printing press. Why else you think Thatcher was left with an ultimatum: sell the oil industry to save us from hyperinflation, or face the consequence of hyperinflation as a result of the damage socialism caused? Now you know why Thatcher took action as she did. Those who hated her were those who don't know a single thing about economics.

You can watch his video here:
• https://www.youtube.com/watch?v=0ixmqzjvb7k

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