Richard J Murphy - Why we don’t need to fear inflation -
In this final video in a mini-series on how money has got its value in the fifty years since the final link between money and gold was broken I look at the issue that is always raised whenever it is pointed out that a government is free to create any amount of money it wishes, which is inflation.
Much of the video explains why hyperinflation of the sort seen in Weimar Germany, Zimbabwe and Venezuela happens, and why it is incredibly rare.
Then I explain how a government has to manage inflation, not on the basis of balancing its books, but on the basis of balancing its economy around the economic plans it has for it, and why this is possible.
There is nothing to fear about government created money. It does, in fact, liberate us to deliver the economy we need. We just need to understand how. This video seeks to de-mystify that process.
ABOUT RICHARD MURPHY
Richard Murphy is a chartered accountant. After training with what is now KPMG he established his a firm of accountants in London, of which he was subsequently senior partner, in parallel with a career as an entrepreneur and company director which lasted until his early 40s. He then moved to a career in campaigning and academia. He co-founded the Tax Justice Network in 2003, the Green New Deal in 2008, the Fair Tax Mark in 2013 and the Corporate Accountability Network in 2019. From 2015 to 2020 he was Professor of Practice in International Political Economy at City, University of London and is now Visiting Professor of Accounting at Sheffield University Management School. His best known book is 'The Joy of Tax'.
Follow Richard on his Twitter: www.twitter.com/RichardJMurphy or on his blog: http://www.taxresearch.org.uk/Blog/
Recorded at Spotted in Studios
http://www.youtube.com/c/SpottedinStudios