In a way he is right. Based purely on the vast number of dollars created during the Obama terms of office, we should resemble the Weimar Republic. People should be walking around with baskets of money to buy an apple.
Why isn’t that happening?
I would like to hear more of what Dr. Laffer has to offer on this. I don’t think I agree with the idea that inflation is not monetary base driven. What is apparently happening is massive interference with the markets through manipulation.
Nobody on the panel believed him because inflation was very high just previously during Carter's regime. What he explained is that the manufacturing capacity in Asia is growing by orders of magnitude. High inflation requires BOTH, excess monetary expansion PLUS lack of goods and services to absorb the cash. There is no shortage of goods and services from Asian countries as far as the eye can see.
Besides, Western economies are not growing at a fast rate. So there is no hard demand push.
What is apparently happening is massive interference with the markets through manipulation.
...and I would think that situation is uncharted territory at least the levels of interference we are experiencing today.
Meaning that no one can predict what will happen, only that happen it will and it won’t be pleasant.