So even in the middle of this massive inflation, people experienced a shortage of money. The price continues to rise at ever rapid rates, even more quickly than the government can print money up. “At some point, people lose confidence in the value of the money. But the moral consequences have long been evident. Professor Salerno gives a great account of Weimar Germany, which eerily mirrors what America is going through right now. It’s only 30 minutes, but if you play it at 2x speed, you’ll get done in 15 and lose none of the value. I can’t encourage you enough to listen to the whole thing. Professor Joseph Salerno of the Mises Institute gave a speech years ago about the moral breakdown of society in the face of inflation called “ Easy Money, Easy Morals.” In this Morning Reckoning, I’m putting in print part of one of my favorite speeches by a professor I wish I knew better. But in a much more important and real sense, it was immoral. What happened with respect to SIVB and Signature Bank was idiotic economically. Ironic, even.Īnd I lived in England long enough to understand irony.

It’s devastating that it’s no longer valid. The thought of Meghan and her ginger nut Prince becoming paupers lit me up like a Christmas tree.

There are times I wish I was unaware of what’s going on in the world. Happy Thursday from beautiful Northern Italy!

The Moral Consequences of Hyper-Inflation Have Come Home to Roost

Hyper poker