The Long Arc Forward with Christopher Rufo

The fight for our civilization is here, and today’s guest is no stranger to the fray. Christopher Rufo is a member of the New College of Florida board and the mastermind of a number of projects devoted to winning the culture war. He’s the author of the new bestseller America’s Cultural Revolution: How the Radical Left Conquered Everything, which covers why the right’s been on the losing side, and today he chats with Rob, Peter and James about how we can turn the tide. If you’re seeking bold strategies on how to save our country, this is the podcast for you.

 

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There are 47 comments.

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  1. RufusRJones Member
    RufusRJones
    @RufusRJones

    Miffed White Male (View Comment):

    RufusRJones (View Comment):

    Miffed White Male (View Comment):

    RufusRJones (View Comment):

    Miffed White Male (View Comment):

    RufusRJones (View Comment):

    You vote on that, when you vote for Congress and the presidency. Those bodies control the body that controls the monetary policy, but they pretend otherwise. 2% inflation is a market incentive for people to put cash (capital) to work. The Bible tells us to do that and the Fed provides a small incentive. If you think you are smarter than the Bible, bring a strong argument.

    Really? If people’s cash was getting more valuable all the time, they wouldn’t invest it? I don’t think so. All this does is grow debt funded misallocated capital and government and government debt.

    If cash is getting more valuable over time, then functionally speaking it IS invested. Risk free. Why do something with it where you have to worry about losing value?

    Really? Have a bunch of central planners force inflation on everybody, so they invest it? Look at the mess they have created.

    Everybody should get one or 2% real return on savings all of the time. This is madness. All it does is sap power up to the wealthy and the government. Then it all collapses because of the debt to GDP.

    I’m not speaking about whether the policy is good or bad, just your analysis that in a deflationary monetary cycle people would still invest cash. They wouldn’t, because cash would BE an investment (grow in real value over time)

    So your view is, people shouldn’t get a return on savings accounts. I think that if you stick a bunch of cash under your bed, it shouldn’t lose value. It’s central planning to do otherwise and it’s going to end badly and we are already seeing it.

    When cash loses value from Fed policy, it’s actually an unconstitutional taking.

    Reading is fundamental.

    I’m referring to the hypothetical you posed [If people’s cash was getting more valuable all the time, they wouldn’t invest it?] in a deflationary economy cash GAINS value over time. That IS a “return on savings accounts”. Risk free. Why invest it in a venture where it could lose value if you’re guaranteed a gain just sitting on cash?

     

    The aggregate return of the stock market is much higher. They don’t need to create any more motivation by force.

    • #31
  2. kedavis Coolidge
    kedavis
    @kedavis

    Miffed White Male (View Comment):

    RufusRJones (View Comment):

    Miffed White Male (View Comment):

    RufusRJones (View Comment):

    Miffed White Male (View Comment):

    RufusRJones (View Comment):

    You vote on that, when you vote for Congress and the presidency. Those bodies control the body that controls the monetary policy, but they pretend otherwise. 2% inflation is a market incentive for people to put cash (capital) to work. The Bible tells us to do that and the Fed provides a small incentive. If you think you are smarter than the Bible, bring a strong argument.

    Really? If people’s cash was getting more valuable all the time, they wouldn’t invest it? I don’t think so. All this does is grow debt funded misallocated capital and government and government debt.

    If cash is getting more valuable over time, then functionally speaking it IS invested. Risk free. Why do something with it where you have to worry about losing value?

    Really? Have a bunch of central planners force inflation on everybody, so they invest it? Look at the mess they have created.

    Everybody should get one or 2% real return on savings all of the time. This is madness. All it does is sap power up to the wealthy and the government. Then it all collapses because of the debt to GDP.

    I’m not speaking about whether the policy is good or bad, just your analysis that in a deflationary monetary cycle people would still invest cash. They wouldn’t, because cash would BE an investment (grow in real value over time)

    So your view is, people shouldn’t get a return on savings accounts. I think that if you stick a bunch of cash under your bed, it shouldn’t lose value. It’s central planning to do otherwise and it’s going to end badly and we are already seeing it.

    When cash loses value from Fed policy, it’s actually an unconstitutional taking.

    Reading is fundamental.

    I’m referring to the hypothetical you posed [If people’s cash was getting more valuable all the time, they wouldn’t invest it?] in a deflationary economy cash GAINS value over time. That IS a “return on savings accounts”. Risk free. Why invest it in a venture where it could lose value if you’re guaranteed a gain just sitting on cash?

    Indeed.  Or why even buy THINGS with it NOW when – in a deflationary system – it will be CHEAPER to buy them LATER.

    And in such a system, a stock market might not tend towards gain like it does in the present.

    • #32
  3. RufusRJones Member
    RufusRJones
    @RufusRJones

    kedavis (View Comment):

    Miffed White Male (View Comment):

    RufusRJones (View Comment):

    Miffed White Male (View Comment):

    RufusRJones (View Comment):

    Miffed White Male (View Comment):

    RufusRJones (View Comment):

    You vote on that, when you vote for Congress and the presidency. Those bodies control the body that controls the monetary policy, but they pretend otherwise. 2% inflation is a market incentive for people to put cash (capital) to work. The Bible tells us to do that and the Fed provides a small incentive. If you think you are smarter than the Bible, bring a strong argument.

    Really? If people’s cash was getting more valuable all the time, they wouldn’t invest it? I don’t think so. All this does is grow debt funded misallocated capital and government and government debt.

    If cash is getting more valuable over time, then functionally speaking it IS invested. Risk free. Why do something with it where you have to worry about losing value?

    Really? Have a bunch of central planners force inflation on everybody, so they invest it? Look at the mess they have created.

    Everybody should get one or 2% real return on savings all of the time. This is madness. All it does is sap power up to the wealthy and the government. Then it all collapses because of the debt to GDP.

    I’m not speaking about whether the policy is good or bad, just your analysis that in a deflationary monetary cycle people would still invest cash. They wouldn’t, because cash would BE an investment (grow in real value over time)

    So your view is, people shouldn’t get a return on savings accounts. I think that if you stick a bunch of cash under your bed, it shouldn’t lose value. It’s central planning to do otherwise and it’s going to end badly and we are already seeing it.

    When cash loses value from Fed policy, it’s actually an unconstitutional taking.

    Reading is fundamental.

    I’m referring to the hypothetical you posed [If people’s cash was getting more valuable all the time, they wouldn’t invest it?] in a deflationary economy cash GAINS value over time. That IS a “return on savings accounts”. Risk free. Why invest it in a venture where it could lose value if you’re guaranteed a gain just sitting on cash?

    Indeed. Or why even buy THINGS with it NOW when – in a deflationary system – it will be CHEAPER to buy them LATER.

    And in such a system, a stock market might not tend towards gain like it does in the present.

    This is all nonsense. What are we going to do when all of the debt collapses for one thing?

    • #33
  4. RufusRJones Member
    RufusRJones
    @RufusRJones

    kedavis (View Comment):

    Indeed.  Or why even buy THINGS with it NOW when – in a deflationary system – it will be CHEAPER to buy them LATER.

    And in such a system, a stock market might not tend towards gain like it does in the present.

    People keep buying things. Everybody’s net worth keeps going up. Right now, all of the wealth is highly concentrated.

    When you continuously devalue debt, you have inflationary misallocation of capital and the debt to GDP keeps going up. Then it all collapses. You get severe, all at once deflation anyway, i.e. 2008.

    • #34
  5. kedavis Coolidge
    kedavis
    @kedavis

    RufusRJones (View Comment):

    kedavis (View Comment):

    Indeed. Or why even buy THINGS with it NOW when – in a deflationary system – it will be CHEAPER to buy them LATER.

    And in such a system, a stock market might not tend towards gain like it does in the present.

    People keep buying things. Everybody’s net worth keeps going up. Right now, all of the wealth is highly concentrated.

    When you continuously devalue debt, you have inflationary misallocation of capital and the debt to GDP keeps going up. Then it all collapses. You get severe, all at once deflation anyway, i.e. 2008.

    Yes, as things are now, you end up with some kind of collapse, at some unknowable speed.  But that doesn’t prove that some lower rate of inflation, isn’t an overall plus.

    For sure, one motivation people have for buying things, especially certain things – e.g. “big ticket items” – is recognizing that things will probably be more expensive in the future.  At least in terms of currency number.

    But why would someone buy a new car NOW, especially if the current one is still acceptable, if they know that it will in effect cost them LESS to buy the car next year?

    Home buying and selling becomes more complicated too.

    • #35
  6. RufusRJones Member
    RufusRJones
    @RufusRJones

    kedavis (View Comment):

    RufusRJones (View Comment):

    kedavis (View Comment):

    Indeed. Or why even buy THINGS with it NOW when – in a deflationary system – it will be CHEAPER to buy them LATER.

    And in such a system, a stock market might not tend towards gain like it does in the present.

    People keep buying things. Everybody’s net worth keeps going up. Right now, all of the wealth is highly concentrated.

    When you continuously devalue debt, you have inflationary misallocation of capital and the debt to GDP keeps going up. Then it all collapses. You get severe, all at once deflation anyway, i.e. 2008.

    Yes, as things are now, you end up with some kind of collapse, at some unknowable speed. But that doesn’t prove that some lower rate of inflation, isn’t an overall plus.

    For sure, one motivation people have for buying things, especially certain things – e.g. “big ticket items” – is recognizing that things will probably be more expensive in the future. At least in terms of currency number.

    But why would someone buy a new car NOW, especially if the current one is still acceptable, if they know that it will in effect cost them LESS to buy the car next year?

    Home buying and selling becomes more complicated too.

    It makes lending more complicated. It grows government slower. That’s it. Everything else is really bad, especially in the long run.

    The lending problem is solved very easily, because people will be forced to put more capital down.

    Homes are more unaffordable than they were in 2008 right now. People can’t afford cars. It’s insane.

    • #36
  7. RufusRJones Member
    RufusRJones
    @RufusRJones

    60% of the country lives paycheck to paycheck because they are immoral and stupid. Sure.

    • #37
  8. DonG (CAGW is a Scam) Coolidge
    DonG (CAGW is a Scam)
    @DonG

    RufusRJones (View Comment):
    That is a terrible policy to produce inflation and then rely on politicians to not use it to overspend. I mean everybody has to take counter measures against inflation and government over spending. Real genius system.

    You are conflating monetary policy with fiscal policy. 

    • #38
  9. kedavis Coolidge
    kedavis
    @kedavis

    RufusRJones (View Comment):
    Homes are more unaffordable than they were in 2008 right now. People can’t afford cars. It’s insane.

    Yes, but that’s because of 17% or more inflation, not because of 2% inflation.

    It’s also because of increasing regulation etc.

    • #39
  10. DonG (CAGW is a Scam) Coolidge
    DonG (CAGW is a Scam)
    @DonG

    Miffed White Male (View Comment):
    If cash is getting more valuable over time,

    That is deflation.

    • #40
  11. DonG (CAGW is a Scam) Coolidge
    DonG (CAGW is a Scam)
    @DonG

    RufusRJones (View Comment):

    Really? Have a bunch of central planners force inflation on everybody, so they invest it? Look at the mess they have created.

    The current mess comes from the change in monetary velocity caused by the pandemic freak out. 

    Everybody should get one or 2% real return on savings all of the time. This is madness. All it does is sap power up to the wealthy and the government. Then it all collapses because of the debt to GDP.

    Inflation punishes people sitting on cash.   That is not a “taking”, because they are Federal Reserve Notes and they are worth the Fed makes them worth.  If you don’t like the Fed Notes, use another currency or commodity to put under the mattress.

    • #41
  12. RufusRJones Member
    RufusRJones
    @RufusRJones

    DonG (CAGW is a Scam) (View Comment):

    RufusRJones (View Comment):
    That is a terrible policy to produce inflation and then rely on politicians to not use it to overspend. I mean everybody has to take counter measures against inflation and government over spending. Real genius system.

    You are conflating monetary policy with fiscal policy.

    You are being ridiculously idealistic.

    • #42
  13. DonG (CAGW is a Scam) Coolidge
    DonG (CAGW is a Scam)
    @DonG

    RufusRJones (View Comment):
    This is all nonsense. What are we going to do when all of the debt collapses for one thing?

    You are confusing debt with inflation.

    • #43
  14. RufusRJones Member
    RufusRJones
    @RufusRJones

    kedavis (View Comment):

    RufusRJones (View Comment):
    Homes are more unaffordable than they were in 2008 right now. People can’t afford cars. It’s insane.

    Yes, but that’s because of 17% or more inflation, not because of 2% inflation.

    It’s also because of increasing regulation etc.

    Well, how did that happen? 

    The economy is constantly producing deflation. They try to force inflation, then everything blows up. 

    • #44
  15. RufusRJones Member
    RufusRJones
    @RufusRJones

    DonG (CAGW is a Scam) (View Comment):

    RufusRJones (View Comment):

    Really? Have a bunch of central planners force inflation on everybody, so they invest it? Look at the mess they have created.

    The current mess comes from the change in monetary velocity caused by the pandemic freak out.

    Everybody should get one or 2% real return on savings all of the time. This is madness. All it does is sap power up to the wealthy and the government. Then it all collapses because of the debt to GDP.

    Inflation punishes people sitting on cash. That is not a “taking”, because they are Federal Reserve Notes and they are worth the Fed makes them worth. If you don’t like the Fed Notes, use another currency or commodity to put under the mattress.

    Look up “legal tender laws”. Then tell me why legal tender laws advance, human flourishing.

    The next collapse is going to be the biggest one — ever.

    • #45
  16. RufusRJones Member
    RufusRJones
    @RufusRJones

     

    Savings accounts can’t get a real return of one percent or society will collapse. Sure.

    • #46
  17. RufusRJones Member
    RufusRJones
    @RufusRJones

    DonG (CAGW is a Scam) (View Comment):

    RufusRJones (View Comment):
    This is all nonsense. What are we going to do when all of the debt collapses for one thing?

    You are confusing debt with inflation.

    How does the excess debt happen? inflation. 

    • #47
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