Great episode....producer...give the goodfellows more fairly friendly fire challenger like this. Robert Gates was a sımilar winner. Remember goodfellows "What doesnt kill you makes you stronger."
One way to correct our politicians' preference for overpromising is to amend the Constitution in such a way that 90% of domestic affairs and domestic funding is devolved from the federal government to the states, and to individuals where possible. The federal government remains responsible for foreign relations, national defense, and national parks. With less government to worry about there is a chance the Congress and the President will do their jobs better. We could also depopulate the District of Columbia. Disperse federal agency headquarters across the country.
The ethanol program is a pretty large mistake but it is one that has a solid set of supporters, so it is hard to get rid of the thing. I loved the suggestion that E15 fuel would be allowed during the summer despite the issues that typically preclude that. The reason: it would give buyers a few cents per gallon cheaper fuel. Of course, 5% more ethanol means roughly 1% less energy in the fuel, so at $4/gallon you need to save at least four cents to just break even. But the farm lobby and ADM love the program. And where economics meet politics we know that when you have concentrated benefits and diffuse costs, the beneficiaries will keep their stupid program. (Sugar, sports stadiums, etc.)
When will the government stop paying to stay home!! I continue to see hiring signs. I live in a college town. So why are restaurant having difficulty find help?
If there is one thing I’ve learned in life it’s that economists should be the last people consulted on anything because no matter how many times they’ve been proven wrong, they still convince everyone they’re relevant
4/13/22; yup, another great show...you 'good fellows' do a a splinded service presenting serious issues+having great guests to contribute to wide ranging issues. Thx, bring us more!👍👍👍⚙⚙😊
We don't need to move all manufacturing back to the U.S., but let's move enough of it back here to matter, especially chips and tech that is used in many other products.
Implying the US involvement in the Vietnam War turned out to be wrong because we lost is a fallacy. You wouldn’t say the same about the Korean War because the UN retained South Korea. How the US prosecuted the war (i.e. Westmoreland’s approved strategy) in Vietnam was the issue. Beyond morale, war doesn’t care about politics.
I think a stronger argument for our involvement in Vietnam being wrong was the feared "Domino Theory" of monolithic Communism turned out to be incorrect.
The Vietnam war was lost in Washington. Westmoreland’s poor strategy had very little impact compared to the negative impact LBJ, McNamara, and other Washington D.C leaders had
It has been said for a fair number of years that the US has been exporting our inflation, that world demand for dollars has allowed us to inflate without feeling the consequences of that. It would seem that if you just get a slow tapering of the world demand for dollars, which seems like it would be easier in the digital world of today than the past, we are going to find that inflation staying here and perhaps some of that previous inflation coming back to us. High inflation would seem to be an accelerant of the situation. One could assume that 2% inflation was seen by the world as a reasonable cost of using the dollar, like the fee on using a credit card, but consistent 5% or higher inflation might make the world less willing to hold dollars to the degree they do now.
It’s very refreshing to see people with different political viewpoints having a civil discussion about serious matters. Would that more people were able to do that today. It was a very enjoyable and educational hour.
Why do we need these analysts and commenters to pontificate on inflation. It's not that difficult. Why can't we just come out and say it...We shut down society when there was no need to and printed a bunch of money. There, that's it, you don't have to watch the video.
What in the behaviour of the government makes you think politicians even care about paying off the debt, let alone having a plan to do it. People love getting free stuff from the government, they don't care about debt anymore, so why should politicians care.
Yeah, they spend revenue from the future to buy their offices today. It’s like having a credit card and always raising the credit limit and never paying it down. Debt was 1 Trillion in 80, 4 in 2000, in the 22 years since it’s now close to 30. You grew up with that seeming to be normal, it’s not.
Europe has nowhere near pushed the limits of productive capacity. Nevertheless inflation is here in a slack labor market. Exogenous shocks seem the main cause in the eurozone. Even "loose-to-free money" policies by the ECB or deficit driven pandemic programs have not driven production to its structural limits.
Recent events are revealing a rift between global north/west and respectively south/east. Re-shoring anywhere safe, means it'll also be expensive. Coal from UK, anyone?
The result for the small average person that makes up the majority of this country is that they're going to be impoverished by the rising costs of day-to-day products. So much that they will become reliant on the government who will be happy to put them on the dole! I'd love to hear your thoughts on the upcoming mandatory voucher system that separates work from actual spending
The US has Always been far behind other first would countries when it comes to social support programs. Just look for proven successful programs that Most US allies have been using for many years now. Lots of good ideas out there just need your backwards government to pass some modern bills.
I support St. Mary’s College of California , University if California at Berkley, and Cal Poly San Luis Obispo rugby. Some of the best rugby played in the USA, and lot of attend matches.
"Where do you stand?"
"Somewhere between your various strawmen, John."
Savage, LOL.
This podcast is consistently excellent.
Great episode....producer...give the goodfellows more fairly friendly fire challenger like this. Robert Gates was a sımilar winner. Remember goodfellows "What doesnt kill you makes you stronger."
Consider inviting Jeff Deist or someone from the Mises Institute for your next economic forum.
Brilliant. Thank you.
One way to correct our politicians' preference for overpromising is to amend the Constitution in such a way that 90% of domestic affairs and domestic funding is devolved from the federal government to the states, and to individuals where possible. The federal government remains responsible for foreign relations, national defense, and national parks. With less government to worry about there is a chance the Congress and the President will do their jobs better.
We could also depopulate the District of Columbia. Disperse federal agency headquarters across the country.
Someone explain to me. Corn shortages are forecast worldwide. What sense does it make to divert stocks into ethanol?
If there is a corn shortage then the price will increase.
Supply & demand.
The ethanol program is a pretty large mistake but it is one that has a solid set of supporters, so it is hard to get rid of the thing. I loved the suggestion that E15 fuel would be allowed during the summer despite the issues that typically preclude that. The reason: it would give buyers a few cents per gallon cheaper fuel. Of course, 5% more ethanol means roughly 1% less energy in the fuel, so at $4/gallon you need to save at least four cents to just break even. But the farm lobby and ADM love the program. And where economics meet politics we know that when you have concentrated benefits and diffuse costs, the beneficiaries will keep their stupid program. (Sugar, sports stadiums, etc.)
When will the government stop paying to stay home!! I continue to see hiring signs. I live in a college town. So why are restaurant having difficulty find help?
If there is one thing I’ve learned in life it’s that economists should be the last people consulted on anything because no matter how many times they’ve been proven wrong, they still convince everyone they’re relevant
That was funny, I may steal that joke.
Thks for the great knowledge and wonderful podcast!
You have the best podcasts and guests. I am amazed and cannot wait for the next one to come out. Thank you!
4/13/22; yup, another great show...you 'good fellows' do a a splinded service presenting serious issues+having great guests to contribute to wide ranging issues. Thx, bring us more!👍👍👍⚙⚙😊
Glad that John didn't let Summers get away with that Mondale comment
We don't need to move all manufacturing back to the U.S., but let's move enough of it back here to matter, especially chips and tech that is used in many other products.
Everybody with a brain expected that a recession would be the result of printing funny money for 2 years.
Or half a brain.
no one complained with all the printed money that drove the stock market up by 100% over like 4 years. you cant have it both ways.
what a pleasure watching this. Summers is so balanced and articulate and other panelists questions were so relevant. Thanks for the great work.
Implying the US involvement in the Vietnam War turned out to be wrong because we lost is a fallacy. You wouldn’t say the same about the Korean War because the UN retained South Korea. How the US prosecuted the war (i.e. Westmoreland’s approved strategy) in Vietnam was the issue.
Beyond morale, war doesn’t care about politics.
I think a stronger argument for our involvement in Vietnam being wrong was the feared "Domino Theory" of monolithic Communism turned out to be incorrect.
The Vietnam war was lost in Washington. Westmoreland’s poor strategy had very little impact compared to the negative impact LBJ, McNamara, and other Washington D.C leaders had
It has been said for a fair number of years that the US has been exporting our inflation, that world demand for dollars has allowed us to inflate without feeling the consequences of that. It would seem that if you just get a slow tapering of the world demand for dollars, which seems like it would be easier in the digital world of today than the past, we are going to find that inflation staying here and perhaps some of that previous inflation coming back to us. High inflation would seem to be an accelerant of the situation. One could assume that 2% inflation was seen by the world as a reasonable cost of using the dollar, like the fee on using a credit card, but consistent 5% or higher inflation might make the world less willing to hold dollars to the degree they do now.
It’s very refreshing to see people with different political viewpoints having a civil discussion about serious matters. Would that more people were able to do that today. It was a very enjoyable and educational hour.
Great video. I think Mr Lawrence still believes that China is a trading partner vs a geopolitical adversary.
I like “the best general does not want fight war; the best industrialist does not talk about bringing industrial jobs back to USA”.
Always enjoy watching these podcasts but even with all the secret sauce Mr Summers can dish up it’s still a dry subject.
Some viewpoint diversity to bend and stretch the regulars today.
Why do we need these analysts and commenters to pontificate on inflation. It's not that difficult. Why can't we just come out and say it...We shut down society when there was no need to and printed a bunch of money. There, that's it, you don't have to watch the video.
Learned a lot..
I was the US treasury secretary. I'm in SOME position to make that call.
What in the behaviour of the government makes you think politicians even care about paying off the debt, let alone having a plan to do it. People love getting free stuff from the government, they don't care about debt anymore, so why should politicians care.
Do you even understand how debt works for the US government?
It does Not work like debt for you or I.
Yeah, they spend revenue from the future to buy their offices today. It’s like having a credit card and always raising the credit limit and never paying it down. Debt was 1 Trillion in 80, 4 in 2000, in the 22 years since it’s now close to 30. You grew up with that seeming to be normal, it’s not.
Europe has nowhere near pushed the limits of productive capacity. Nevertheless inflation is here in a slack labor market. Exogenous shocks seem the main cause in the eurozone. Even "loose-to-free money" policies by the ECB or deficit driven pandemic programs have not driven production to its structural limits.
This weeks guest was indeed very wise.
Recent events are revealing a rift between global north/west and respectively south/east. Re-shoring anywhere safe, means it'll also be expensive. Coal from UK, anyone?
I hated Summers when he was pontificating during the financial crisis (second only to Beranke). But this was excellent. It's always good to eat crow.
Hocus pocus
Last 20 years a very big mess!
Inflation is nearer 20% !!!!!
The result for the small average person that makes up the majority of this country is that they're going to be impoverished by the rising costs of day-to-day products. So much that they will become reliant on the government who will be happy to put them on the dole! I'd love to hear your thoughts on the upcoming mandatory voucher system that separates work from actual spending
The US has Always been far behind other first would countries when it comes to social support programs.
Just look for proven successful programs that Most US allies have been using for many years now.
Lots of good ideas out there just need your backwards government to pass some modern bills.
a bunch of workers, stuck at the border behind a wall!
Great ! First to say hello again ! One question I have . Which US rugby team does HR support ? Oh no...US economics...bye.
I support St. Mary’s College of California , University if California at Berkley, and Cal Poly San Luis Obispo rugby. Some of the best rugby played in the USA, and lot of attend matches.
This guy doesn't hold back. Intense.
I appreciate what Larry Summer said but st the end of the day he is a democrat so I would take his view with a large grain of salt