00:01    |    
Initial credits
00:06    |    
Introduction
00:49    |    
Hugo Maul
Rescue of the historic economic memory
Inflation episode of 1990 in Guatemala
Quotes Milton Friedman
Brief history of world inflation
Hyperinflation in Weimar Republic (1918-1924)
Hyperinflation in Zimbabwe (2007-2008)
Monthly rates of the highest inflations in history 
Brief history of Guatemala in the late 1980's
Total government spending
Fiscal deficit
Government debt to the central bank
Growth in the issuance of money
Annual inflation rate
Weak fiscal discipline
Historic series of annual inflation rates
Current economic and political situation
16:39    |    
Jerry L. Jordan
Principle of opportunity cost
Logic of government budgets
Natural development of market economies
Role of central banks
Propositions derived from the teachings of Milton Friedman
Moral hazard in financial systems Economic situation of Yugoslavia in the early 1990's
Burden of taxation
Deficit financing
Institutional limitations
Information system in an economy  Cost of inflation
Social effects of changes in the value of money Stable money in a market economy
Veracity of interest rates and price changes
Toxic monetary policies implemented by government
39:09    |    
Jose Raúl González 
Quotes Vladimir Ilich Lenin
Quotes John Maynard Keynes
Quotes Milton Friedman
Miracle in 1994
Quotes Article 133 of the Political Constitution of the Republic of Guatemala
Team proposing constitutional changes
Quotes Fernando Carrera
Quotes Edgar Gutiérrez
New formulas or old tricks learned from the crisis Inflation and monetary supplies in the United States
Fiscal deficit sources
Guatemala's inflation rate and foreign debt
Fiscal deficit financed by public debt
Fiscal deficit in regards to Gross Domestic Product (GDP)
Conclusions
Quotes Ayn Rand
01:01:24    |    
Question and answer period
What are your thoughts regarding the activist role that central banks are trying to have in countries like the United States?
Problems with central bank activism
Greek government-debt crisis
Central bank standards
Financial instability in Latin America
Credibility of central banks
Role of central banks and their independence
Capital standard of central banks
Misinformation of the Federal Reserve System towards the public in the United States
Dot-com bubble mistakes
Greenspan put
What are your inflationary expectations for the next five to ten years in the United States?
01:19:47    |    
Final words
01:20:17    |    
Final credits



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The Ghost of Inflation: The Threat of Going Back

30 de julio de 2012   | Vistas: 2 |  

Inflation has been a powerful and destructive economic phenomenon in today's economy. It has caused appalling effects in growth and development in all countries that have endured it. Hugo Maul talks about the evolution of the economic history of Guatemala, and explains how inflation played an important part in the development. He describes the negative relationship between government and the central bank.

In the midst of possible changes to the Political Constitution of the Republic of Guatemala, both Hugo Maul and José Raúl González, elaborate on the significance of the controls and restrictions previously established in the legal context. González also talks about several of the most common ways in which governments camouflage inflation with deficit and different taxes. On the same line, Jerry L. Jordan speaks about the teachings of Milton Friedman in regards to this problem and stresses the need of having clear information systems for a country’s economy.




Jerry L. Jordan is an economist, president of the Pacific Academy for Advanced Studies and member of the board of…

Hugo Maul es director del Departamento de Economía de la Facultad de Ciencias Económicas de la Universidad Francisco Marroquín y…

IDEAS DE LA LIBERTAD

Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.

Universidad Francisco Marroquín