3 ms·
>In theory water can run uphill. Sometimes it even does. But as a matter of overwhelming practice it is obvious that if the general price of goods is rising it
by pydry 4y ago
>In theory water can run uphill. Sometimes it even does. But as a matter of overwhelming practice it is obvious that if the general price of goods is rising it is the government doing something. Otherwise there is nearly nothing that could cause a correlated rise of the price of everything.
This caused general inflation of nearly everything https://en.wikipedia.org/wiki/1970s_energy_crisis https://en.wikipedia.org/wiki/1970s_energy_crisis
There is never a perfectly correlated rise in the price of everything no matter what happens. Some prices are stickier than others.
- roenxi 4y agoAh the 70s energy crisis. I remember it like it was ... half a century ago. In fact I don't remember it because I'm younger than 80. I wasn't even alive. Most people on this forum weren't even alive then. And we now live in an era where governments are inexplicably opposed to any of the easy options to secure energy. We should have been going nuclear in the 80s, 90s, 00s, 10s and now the 20s. So while I'm happy to say that if we have an energy crisis that will cause inflation it isn't like we didn't see it coming 30-40 years in advance. The anti-fuel drive of the last decade hasn't helped any either. And I still blame regulatory interference.
- ephbit 4y ago> The anti-fuel drive of the last decade hasn't helped any either. So either you're denying the claims that CO2 is causing climate change/catastrophe or you simply don't care about the future of civilisation/nature. Which of these is it for you?
- roenxi 4y agoWhat, you can only think of 2 options? It doesn't matter what effect CO2 is having on the climate, the future of civilisation will be more rosy if we maximise the availability of fossil fuels short term while transitioning to something more workable long term - like nuclear. Even renewable might work these days although it doesn't have the enviable technical profile of nuclear power.
- BurningFrog 4y agoThe oil crisis coincided with US inflation, but was not the cause: https://www.investopedia.com/articles/economics/09/1970s-great-inflation.asp https://www.investopedia.com/articles/economics/09/1970s-gre... TLDR quote: > The Great Inflation was blamed on oil prices, currency speculators, greedy businessmen, and avaricious union leaders. However, it is clear that monetary policies that financed massive budget deficits and were supported by political leaders were the cause.
- pydry 4y agoYes, I know about Milton Friedman's quote that inflation is always and everywhere a monetary phenomenon. He was oh so very wrong about most things: https://evonomics.com/the-truth-about-inflation-why-milton-friedman-was-wrong-again/ https://evonomics.com/the-truth-about-inflation-why-milton-f...
- BurningFrog 4y agoThis would be interesting to discuss, but I just don't have the time... :(