Deflation despite increases in money supply발음듣기
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Deflation despite increases in money supply
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We're in a universe that's starts off with much more physical currency than the last example.발음듣기
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Let's say that the farmer right over here starts off with ... and I'll right down the number instead of drawing the coins. Actually let me draw the coins, that's kind of fun. Let's say he starts off with 5 gold coins, and the builder also starts off with 5 gold coins.발음듣기
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He tells builder look I just want the base level of construction or maintenance or whatever going on in my farm today.발음듣기
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I can only afford 1 coin of business from you, or what you can do for 1 coin. He gives that coin to the builder.발음듣기
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He goes to the farmer and says look even though I have ... he's not going to tell the farmer that he's hoarding all of his cash.발음듣기
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He's going to say look farmer, things are bad, business is bad, I'm preparing for the worse.발음듣기
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Then the builder, also, while building a building actually discovers a huge chest of gold right over here. Their still feeling pretty pessimistic.발음듣기
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I'm going to go to the builder, and I'm going to say look things seem to only be getting worse.발음듣기
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I can only afford half a coin worth of what you have to offer, before this base maintenance.발음듣기
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That's even worse than last year, but I have all this extra capacity I could be building so much more. I have people who aren't working. Sure, I'll take it.발음듣기
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He does it, and essentially, his price had gone down despite the fact there's more currency.발음듣기
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That he's hoarding all of this. So, he's say farmer, i can just afford half a coin worth of stuff.발음듣기
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The farmer says well I guess so, since the building prices have gone down, and I can buy more with that half of coin. I have all this surplus labor, and surplus capacity on my farm.발음듣기
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You see the situation where deflation is occurring even though the money supply has increase.발음듣기
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In normally if you have this large of bonanza, and the money supply, people would start to get optimistic and would start to spend money.발음듣기
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The main point here is to realize that it isn't just driven by the absolute quantity of the currency.발음듣기
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That's important, but just as important are confidence and what confidence drives, and that's specifically the velocity of money.발음듣기
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