Economist Danielle DiMartino Booth sits down with Lacy Hunt. Get in touch with Danielle on Twitter:
About the guest: Lacy Harris Hunt is an economist and Executive Vice President of Hoisington Investment Management Company. He is Vice-Chairman of HIMCO’s strategic investment policy committee and also Chief Economist for the Wasatch Hoisington Treasury Bond Fund. He has authored two books, A Time to Be Rich and Dynamics of Forecasting: Financial Cycles, Theory and Techniques, and has had articles published in Barron’s, The Wall Street Journal, The New York Times, The Journal of Finance, the Financial Analysts Journal, the Journal of Portfolio Management, among other publication outlets. He received the Abramson Award from the National Association for Business Economics for “outstanding contributions in the field of business economics.”
About the host: Danielle DiMartino Booth is a Founder & CEO of Quill Intelligence, DiMartino Booth set out to launch a Research Revolution, redefining how markets intelligence is conceived and delivered. To build QI, she brought together a core team of investing veterans to analyze the trends and provide critical analysis on what is driving the markets – both in the United States and globally. A global thought leader on monetary policy, economics and finance, DiMartino Booth founded Quill Intelligence in 2018. She is the author of FED UP: An Insider’s Take on Why the Federal Reserve is Bad for America (Portfolio, Feb 2017), has a column on Bloomberg View, is a business speaker, and a commentator frequently featured on CNBC, Bloomberg, Fox News, Fox Business News, BNN Bloomberg, Yahoo Finance and other major media outlets.
Contact Danielle: Twitter:
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Inflation is a word that we often hear in financial circles, but what exactly does it mean, and how did it come to be? In this article, we will be exploring the history of inflation, with the insights provided by renowned economist Lacy Hunt.
Lacy Hunt, a well-respected economist and Chief Economist at Hoisington Investment Management Company, has dedicated years of research to understanding the intricate workings of the economy. His analysis of inflation provides fascinating insights into its origins and how it has evolved over time.
According to Hunt, inflation is a monetary phenomenon that occurs when there is an increase in the supply of money in an economy without a corresponding increase in goods and services. This excess money then leads to a rise in prices as consumers have more money to spend chasing the same amount of goods and services.
To understand the history of inflation, Hunt takes us back to the Roman Empire, where the debasement of coins was a common practice. The rulers would devalue the currency by reducing the amount of gold or silver in each coin, allowing them to create more coins with the same amount of precious metal. This led to an increase in prices as the value of the currency diminished.
Moving ahead in history, Hunt highlights the role of central banks in regulating the money supply and, therefore, controlling inflation. He argues that when central banks create excessive amounts of money, it ultimately leads to inflation. This view is supported by the famous economist Milton Friedman, who famously said, “Inflation is always and everywhere a monetary phenomenon.”
Hunt also draws attention to the importance of fiscal policy in controlling inflation. High government spending and budget deficits, financed by borrowing or printing money, can contribute to the increase of money supply, thus leading to inflationary pressures.
Throughout history, there have been periods of both high and low inflation. Hunt points out that countries often experience periods of high inflation during wars or other economic crises. This is because governments resort to money creation to fund their activities, causing a surge in prices.
However, Hunt notes that in recent history, inflation has been relatively subdued. This can be attributed to several factors, including advancements in technology, globalization, and increased competition. These factors have led to greater productivity and efficiency, keeping inflation in check.
In conclusion, the history of inflation is a complex tale that involves monetary policies, fiscal decisions, and various external factors. Lacy Hunt’s analysis brings valuable insights into the origins and evolution of inflation, providing a deeper understanding of its impact on the economy. By studying and learning from history, we can better navigate and respond to future inflationary challenges.
So, let me guess this straight, toward the end, Lacy Hunt said he was FOR ending Bretton Woods system and going to floating rate, just because he didn't like that other countries and people wanted to turn in their dollars for gold, because they didn't agree with the way the US was doing massive spending fighting a war in Vietnam, AND fighting a war on poverty? So, Lacy Hunt didn't believe in free markets, and sound money to back those free markets?
This is a master class.
His reference point and concern about inflation is to moderate and low-income households. This is just so remarkable and praiseworthy.
The Glass-Steagall Act of 1933 seperated commercial retail banks from investment banks preventing retail banks from investing depositers cash on risky investments. Clinton repealed the law in 1999 when the banksters got what they wanted, which is a large part of today's delima for the FED and the economy. Fractional lending is another real doozie for the banks.
Why does everyone think they have to inflate the debt away. How about;
1) Raise taxes
2) Reduce spending
3) Reduce expenses and money influences overseas by 2%
4) Open the oil pipeline to lower gas prices which will hugely offset the tax increases.
This is the real solution people, not inflation.
Buffet needs to pick this guy up.
I get the Federal Reserve responsibility, yet the Biden administration cutting energy production has been a huge catalyst for inflation, along with useless spending on bolstering government spending that doesn’t strengthen our country
“80 percent of our popular are SUFFERING from inflation”
Danielle looks Amazing! Brilliant and gorgeous with elegant taste in feminine dress
It is going to take armed conflict to reverse the wealth gap and crush the rampant nepotism we are seeing
This discussion aged very well
Awesome interview Danielle!
Free market's, yes
For people like this one is because the world is a mess, sad how he look profits over the well of people
Guys been calling for deflation for over a year now ? Balance sheet has not moved, Fed still pumping, and prices are taking off !! Something is missing in his model, which is the real world …
This interview has salient points, but is all over the place, wth.
Why does she feel compelled NOT to let Lacy finish his sentences!
Velocity of money stats == Lacy Hunt is a liar.
This woman is a shill. This man is a shill. Listen if you're a republican that doesn't think for yourself.
He is literally quoting 1870s economics. Literally. I know you guys don't listen, but literally listen. He is quoting economics from 1870s to make a point about 2021 policy.
This man doesn't own an iphone, doesn't have an email address, and hasn't gotten a hard one in 50 years. This woman is in the same camp, celibate for the last 30 years and while this discussion may help some republican dummies it's completely lost sight of all reality. These crybaby republicans need to go get an undergraduate degree.
This is NOT a high level conversation. This is an old man shilling for the Republican party with dog whistling from a Texan dog.
i made my first million by sitting on my ass. i made my second million by getting up, and my third million by telling the world to fuck itself. this is how you get rich. you're welcome
https://youtu.be/fcq0cRAwvHY?list=LL
can you tell us more about this ponzie scheme? Watched the whole thing and was so filled with hope and fear at the same time.