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Looking At Deflation Through A Magnifying Glass

June 28, 2021

There are many things that demonstrate the moral and intellectual bankruptcy of modern economics.  However, the best evidence of this bankruptcy is the tremendous fear economists have of falling prices, a fear which is prompted by their looking at deflation through a magnifying glass.

In this week’s article I discuss the price of electricity and how it fell for decades on end.  (The data is for 1930-2018 and prices fell from 1930-1971).   Today, nothing scares economists more than falling prices, yet the industries associated with electricity generation didn’t just survive as prices fell, they thrived. 

Thanks again for all the support and feedback.  If you enjoy this week’s article, then let me know about it!

July 4th weekend is coming up in the US - we have Monday off, but I might take Friday off as well!  For all of you without a four day weekend to look forward to, best wishes making it through the work week!


After serving six years in the U.S. Air Force and obtaining the rank of Captain, Peter Schmidt has spent the rest of his professional career in the petrochemical, oil refining and power generation industries.  He has worked as a rotating equipment engineer at chemical plants and refineries in Louisiana, New Jersey, St Croix and Texas, and has consulted in these industries as well.  He has travelled to Angola, Argentina, Australia, Austria, England, France, Germany, Japan, Libya, Scotland, South Korea, Spain, Turkey and the UAE to complete various short-term assignments. Given his military and technical background, Peter was particularly struck by the fact so few attempts had been made to comprehensively understand the financial crisis.  It was this that prompted him to prepare the information on this website as well as the book he is seeking to publish – Elites in Name Only – the Financial Crisis.  Peter has B.S. and M.S. degrees in mechanical engineering from Lehigh University, is a licensed professional engineer in California and Louisiana, and a private pilot.  He is the holder of two patents.   

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