There's too much to respond to in this video. I'll just point out a couple of things instead.
- No inflation? House prices. Talk to a 20 year old. This is in relation to the rationale of 'no inflation' because we have deflationary conditions and that's why we need QE. The obvious adverse affect is asset bubbles in certain sectors like we have with property - a misallocation of capital. It's even more laughable when QE is supposedly required to 'incentivise bank lending' yet the banks seem to have no trouble dishing out massive 30 year loans. But, I guess milk's still only a couple of bucks so we're all good.
- "We need to QE to continue exponentially to counter the exponential deflationary effects from technology". Seriously? I feel ill right now. This all comes back to the flaws of fiat systems, namely the need to maintain asset prices, and the fact this doesn't agree with normal business cycles and other effects - chiefly technological advancements. Also when I mention the flaws of fiat systems me emphasis is on the fact they become unsound with time, meaning the structural policy constraints get thrown out the window with time so the main adverse effects are not felt until end game so to speak.
The Austrian's are right - money needs to have intrinsic value just as the goods and services it's procures. And concerning the rich - if they're wise they should not want a world without a functioning economy where young people cannot afford property and basic life needs.
