#35 - Where Is My Money?

Let’s talk about where your and also our money is going. Do we get it back by asking for higher taxes from rich people or is it time to increase rather our own human capital and take responsibility even if our government doesn’t do it?You may also want to switch from drinking beer to wine to safe a bit. Why?Find out more and listen to this episode.What is Inflation?Demand Pull Inflation (2021)Money circulates at a constant speed. If more money is put into the system people have more money in their pockets and wish to buy more gods and services.—> This results in too much money chasing too few goods —> leading to price risesCost Push Inflation (2022)Scarcity of goods for sale due to export, waste and wars.—> Higher production costs lead to higher costs for the consumer.How it is measured? Year on year rise in general prices/ basket of representative household goodsConsumer Price Index July 2022 - CSO - Central Statistics OfficeWhat can we do?Ask for higher taxes? Of course not.Save Money:-Compare energy providers https://switcher.ie/gas-electricity/-drive less (if you can)-stop smokingMake more money:-increase human capital - Springboard program-get the same job in a different companyFurther Data/ Links:Inflation typesCost-Push Inflation vs. Demand-Pull Inflation: What's the Difference?Inflation in Ireland https://www.tcd.ie/Economics/staff/orourkek/ibrwinter00.pdfThomas Sowell - Basic Economics13:50 - US printing moneyHow the FED Printed More Dollars than in History in 2020 & 202115:41 - War on oilThe Oil Wars Myth and International Conflict - Cornell University Press17:11 - Inflation prices/ product basket Consumer Price Index July 2022 - CSO - Central Statistics Office19:30 - Inflation 2021https://www.cso.ie/en/releasesandpublications/er/cpi/consumerpriceindexjuly2021/33:00 - Venezuela Passporthttps://www.bbc.com/news/world-latin-america-4541966545:00 - Decrease Oil Productionhttps://www.houstonchronicle.com/business/energy/article/Shell-admits-its-oil-production-is-now-on-decline-15944472.php*Recorded on 16th August 2022