Why PhD Economists Don’t Really Understand Inflation |
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Jeff Deist, Michael Oliver and Patrick Highsmith return as guest on this week’s program.
Suddenly, with exploding consumer prices stripping the fruits of labor away from average Americans and thus threatening the political status quo, TV talking heads have set aside concerns about COVID and the Ukraine to focus on what Americans really care most about, namely their ability to put food on the table and gas in their cars. But actually, what is inflation? Is it simply rising prices or is there more to it? What is its root cause? Most Americans don’t realize that long before the CPI rose rapidly beyond the Fed’s target of 2% to over 8%, massive levels of inflation fueled the financial markets to levels that make no economic sense. In that process wealth was allocated from America’s middle class to America’s top 1%. But now that the 1% have gorged themselves with so much wealth that a growing number of Americans are living in poverty, the economic system is breaking down. Why have the PhD economists at the Federal Reserve and our politicians failed us so badly? Is there anything that can be done to tame inflation without ushering in a severe depression?
Austrian economists have well-reasoned answers and Jeff Deist, President of the Mises Institute, will share some of them that have originated from the Father of Austrian Economics, Ludwig von Mises. Michael will share his latest thoughts on major markets based on his structure and momentum models and Patrick will update us on Timberline Resources’ exciting new Carlin-style gold discovery in Nevada. |
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Jeff Deist is president of the Mises Institute, an educational organization dedicated to promoting Austrian economics, freedom, and peace. Jeff previously worked as a longtime advisor and Chief of Staff to Congressman Ron Paul. Jeff is also a tax attorney, having represented high net worth individuals, partnerships, and corporations in a wide variety of tax matters. His tax career includes time at two different Big 4 accounting firms, specializing in tax issues arising from mergers and acquisitions for private equity firms. |
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Patrick Highsmith is Chairman of Firefox Gold Corp. A professional geologist and mining executive with 29 years of experience in exploration, operations, business development & leadership roles for companies, including: Rio Tinto, BHP Billiton, Newmont, Lithium One, Pure Energy Minerals, and Fortescue Metals Group. Mr. Highsmith has worked on more than 250 projects around the world, leading teams through creative transactions, new discoveries, scoping, and prefeasibility studies. He is experienced in the capital markets, having been associated with all manner of financings and transactions. Patrick has been targeting gold in Finland since 2005, and has been integral in building FireFox. He is also the Pres.& CEO of Timberline Resources, a mineral exploration and resource development company focused on gold and copper discoveries in north-central Nevada, USA. |
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J. Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton’s International Commodity Division, NYC. He studied under David Johnson, head of Hutton’s Commodity Division and Chairman of the COMEX.
In the 1980’s Oliver began to develop his own momentum-based method of technical analysis. In 1987 Oliver, along with his futures client accounts (Oliver had trading POA) technically anticipated and captured the Crash. Oliver began to realize that his emergent momentum-structural-based tools should be further developed into a full analytic methodology.
In 1992 he was asked by the Financial VP and head of Wachovia Bank’s Trust Department to provide soft dollar research to Wachovia. Within a year Oliver shifted from brokerage to full-time technical research. MSA has provided its proprietary technical research services to financial and asset management clients continually since 1992. Oliver is the author of The New Libertarianism: Anarcho-Capitalism. |
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Jay Taylor Taylor Hard Money Advisors, Inc 718-457-1426 |
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