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5/8/20 Jeff Deist on America’s Bubble Economy

5/8/20 Jeff Deist on America’s Bubble Economy

Scott talks to Jeff Deist about the economic ramifications of the coronavirus, including both the virus itself and the government’s fiscal and monetary response. Deist certainly expects that we could be in for a severe recession, but is mainly of the view that this recession was coming soon anyway. It just took the right event to pop the bubble. Much of the ground that the country appeared to make up since the last crash, he says, has really been a reinflation by the Federal Reserve of the same old asset bubbles—and some new ones. The American economy has been overly financialized for decades, with ultra-low interest rates incentivizing companies to borrow money to fund ill-advised ventures rather than accumulating real savings and capital. A healthy economy that did save, he explains, would be able to endure a month or two of inactivity without the precipitate collapse we’re starting to see today.

Discussed on the show:

Jeff Deist is president of the Mises Institute, where he serves as a writer, public speaker, and advocate for property, markets, and civil society. He previously worked as a longtime advisor and chief of staff to Congressman Ron Paul, for whom he wrote hundreds of articles and speeches. Follow him on Twitter @jeffdeist.

This episode of the Scott Horton Show is sponsored by: NoDev NoOps NoIT, by Hussein Badakhchani; The War State, by Mike Swanson; WallStreetWindow.com; Tom Woods’ Liberty Classroom; ExpandDesigns.com/Scott; Listen and Think Audio; TheBumperSticker.com; and LibertyStickers.com.

Donate to the show through Patreon, PayPal, or Bitcoin: 1KGye7S3pk7XXJT6TzrbFephGDbdhYznTa.

The following is an automatically generated transcript.

About Scott Horton

Scott Horton is director of the Libertarian Institute, editorial director of Antiwar.com, host of Antiwar Radio on Pacifica, 90.7 FM KPFK in Los Angeles, California and podcasts the Scott Horton Show from ScottHorton.org. He's the author of the 2021 book Enough Already: Time to End the War on Terrorism, the 2017 book, Fool's Errand:Time to End the War in Afghanistan, editor of the 2019 book The Great Ron Paul: The Scott Horton Show Interviews 2004–2019 and the 2022 book Hotter Than The Sun: Time to Abolish Nuclear Weapons. He’s conducted more than 5,800 interviews since 2003. Scott lives in Austin, Texas with his wife, Larisa Alexandrovna Horton.

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