Diving deep into the true causes of the Great Recession, the financial crisis of the 2010s, renowned economists, investo | dG1fSWhHajRsRmZYMUU
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00:00Well, the stagflation in the 1970s, we had rising price inflation and rising unemployment at the same time,
00:06which meant, according to the model of the Orthodox Keynesians, was impossible.
00:12In the 70s, stagflation came along and they were so surprised, and they said,
00:16oh, prices are going up and the economy is weak.
00:19When we were buying oil, in 1970, we were paying for it in gold.
00:24But starting in 1971, we were paying for it in paper.
00:27OPEC wasn't going to sell us oil at the same price for paper as when they were getting gold.
00:32And so, you know, it wasn't really prices going up, it was the value of our money going down.
00:37Hey, Mr. President.
00:40All of you congressmen too.
00:44You got me all frustrated.
00:48And I don't know what to do.
00:52Trying to make a dollar.
00:55Can't even save a cent.
00:58Takes all of my money just to eat and pay my rent.
01:05That's why I got the blues.
01:10Got those inflation blues.