In this conversation, Chris and Jeffrey Tucker discuss the far-reaching consequences of U.S. monetary policy, particularly following the 2008 financial crisis. Chris begins by highlighting how policies of inflation, taxation, and deflation have been used, citing Lenin’s strategy to undermine a capitalist economy. He expresses concern about the state of the country, including the handling of borders, elections, and the younger generations’ ability to build wealth. He criticizes the U.S. Federal Reserve’s decisions, particularly under Ben Bernanke, for artificially inflating housing prices and thereby making homeownership increasingly inaccessible for younger people.
Jeffrey Tucker builds on Chris’s argument by delving into how the 2008 financial crisis and subsequent policies led to a culture of economic distortion. He discusses the negative impact of low-interest rates on long-term investments and how big corporations, particularly in the tech and media industries, capitalized on this period of monetary expansion. Tucker points to the cultural and economic distortions, such as the rise of idle white-collar jobs with little productivity, that emerged from these policies. He underscores the fact that while large corporations thrived, ordinary people, especially young workers and homeowners, suffered.
The conversation ends with an exploration of how inflation, taxation, and deflation are playing out today. Chris and Jeffrey discuss the skyrocketing cost of living, housing, and insurance, driven by corporate control and government policies. They argue that the current system is benefiting the wealthy and well-connected, leaving the middle class and younger generations behind. They also touch on how corporations are accumulating real estate through shell companies, outbidding regular homebuyers, and exacerbating inequality in the housing market. The podcast paints a stark picture of a system that, according to them, is increasingly exploitative and unsustainable.