see images of stores in america supermarkets with all sorts of products on the shelves you know but in the soviet union the supermarkets the shelves were empty there was nothing there and but the people were being told that you know the soviet union was you know the workers paradise and america was where the evil capitalists exploited the workers and so everybody in america was poor and all the soviets had so much more money and so it was confusing for them when they saw all these products and the way the soviet union spun that is they said well that's because americans are so poor they can't afford to buy anything and so the products just sit unsold on the shelves but in the soviet union the workers have so much money the minute products are on the shelves they buy them right away you know and and then they would say and you know the american problem is a very difficult problem because the americans will never have enough money to buy those products however here in the soviet union since we already have so much money well eventually there'll be products to buy but you know you've got all the money and you know of course that all made sense uh until you you know really thought about it because the hard part is producing the products anybody can print money right and that's what the soviet union did they printed a lot of money but there were shortages of everything because nobody made anything uh and now the u.s government is trying to tell americans oh the reason prices are going up is because of supply shortages it's not supply shortages it's it's a surplus of money you just can't print money and give it to people and expect there to be goods to buy the goods have to be produced demand has to come from supply if you just print money and create demand you can't get supply demand can't can't create supply supply is what creates demand just because people want something doesn't mean it's going to magically appear stuff has to be produced before you can consume it it's interesting and i want to talk about stagflation kind of switching gears because i have read a lot of reports of pretty much everyone denying any uh stagflation happening right now saying that we're not in the staggerfictionary environment there's nothing like the NUMBER_TOKENs could you tell us what is stagflation and are we experiencing or are we at risk of any sort of stagflation yeah i mean we've already got it i think and of course it's the worst case scenario it's the fed's worst nightmare so admit it yeah and it's interesting too because the reason we even call it stagflation is during the NUMBER_TOKENs we were faced with a situation where we had high unemployment and high inflation and the economists of the day keynesian economists thought this was impossible they believed that the only way you would have high inflation is if you had a strong economy with low unemployment it was thought that high unemployment in and of itself meant that you would have low inflation there was a trade-off they talked about the phillips curve and so this completely perplexed the keynesian economist because they were confronted with something that their textbook said couldn't happen and so then they came up with the name stagflation to describe this thing that they thought was impossible well the reason they thought it was impossible
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