Wage and Price Controls are Coming - George Gammon #5364

Summary: Simple things like day-to-day shopping trips make us aware of the fact that supply isn’t caught up with demand; worker shortages and inflation are increasingly changing many things for consumers and people.I sit down and chat with George Gammon to discuss these shifts that have historically altered the social order. Ultimately, we see that it is important to view wealth in terms of goods and services rather than in terms of tangible money where its value is constantly changing. Tune in for more. Highlights: -Many shelves are empty in Whole Foods; supply isn’t caught up with the general demand -This is what happens as a result of lockdowns and people staying home—there are labor shortages, and this disrupts the supply chain -This also causes prices of everyday goods to go up -Ultimately, these effects make us more aware of the current state of the economy -These types of changes in the past gave way to the dissolution of the nuclear family -Inflation undermines the underpinnings of the social order -People fail to realize that prices can also crash up -It’s important to look at wealth as goods and services rather than just dollars -Purchasing power is the ultimate arbiter of your true wealth -Inflation also leads to reduction of the savings rate—there is less incentive to save -People have different conceptions of wealth which creates disagreement around whether the government should distribute more money or not -Wage and price controls are inevitable -Price control appears to be the path of least resistance, especially in terms of politicians getting re-elected Useful Links: Financial Survival Network George Gammon YouTube The Rebel Capitalist Show Live Stream Q&A with George Gammon The Day Capitalism Died – Robert Kiyosaki, Kim Kiyosaki and George Gammon