Inflation is skyrocketing. What is the impact of this on the poor? And how should Christians think about this? We talked with Christian economist, Jeffery Degner, who broke it all down for us.
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Interview with Jeffrey Degner
Get ready, fam! We're going to college tonight!
Jeffery Degner is a Christian economist and Assistant Professor at Cornerstone University. Professor Degner is a returning guest and we asked him to help us understand the dramatic rise of inflation and its ramifications.
Check out this link to see a recent article and infographic from Bloomberg regarding the impact of inflation.
Professor Degner is well-equipped to help us understand these complex economic issues. For his Doctoral Dissertation, Professor Degner looked at the root causes of inflation and how it impacts the family institution (specifically in 20th Century U.S.).
As a simple example, we looked at basic food prices, such as the cost of a gallon of milk. At a basic level, it goes back to issues of supply and demand.
At a deeper level, Prof Degner explained the Cantillon Effect--an increased money supply coming from financial systems, where first recipients are well connected and have quick and easy access to credit...they easily purchase assets, property, businesses. However, the middle class/lower class person is already priced out and cannot enter the market to buy a house, car, etc.
Bottom line: This economic process is a result of the Federal Reserve system, based on "Crony Capitalism," which is harmful and different from free-market capitalism.
We looked at another concern regarding the Payment Protection Program (aka PPP loans) and stimulus checks...when the government is continually printing money and handing out "free money" to Americans, it causes a deflation in the value of our money! This is not healthy in the long-term!
In the old Testament, Micah 6: 8-10 describes the statutes of Omri where unjust scales and a devaluing of money was put into law. This is what we see happening since the establishment of the Federal Reserve in 1913 in the US. This type of partiality and favoritism is a justice issue!
Professor Degner quote, "Every single central bank that has ever existed is a legalized abomination that violates God's prohibition on unequal weights, balances, and measures."
What should be our response as Christians?
We do not need to be scapegoating! Our fight is spiritual against the principalities in this dark world.
Look into real estate investments...for middle-to-lower class families, Real Estate Investment Trust (REITs) could be an option.
Find ways to be wise and charitable with people we know within the Body of Christ (retirees, fixed-income, etc)
Keep an eye on the Federal Reserve!
Keep an eye on the working poor in our sphere of influence
Financial literacy classes at churches...beyond getting out of debt, but more education about economics, true free markets vs crony capitalism
Creative ideas for upper/middle class people to create education and opportunities for the poor...a hand up, not a hand out!
Segment #1 Resources
Professor Degner joined us last year to talk about economics and minimum wage. Check out that episode here:
Mises Institute has a wealth of resources on their website (many books are free!):
Books recommended by Professor Degner:
"The Ethics of Money Production" by Dr. Hulsmann
"What Has Government Done to Our Money?"
"Honest Money" by Gary North
Connect With the Guest
Wrap-up and Annoucements
Do you know about The Off Code Podcast?! This is a brand new podcast hosted by Monique Duson and Kevin Briggins where they bring real talk about challenges in the Black community. New episodes drop 2 times a month! Check it out here or wherever you listen to podcasts:
If you missed our show last week, be sure to check it out! We spoke with author, Shirley Elliott Johns.
Shirley shared about her book, "From Heartbroken to Hopeful", which is especially helpful for parents of teens or adults who have left their Christian faith.
We have a Parent Support Group on Facebook for parents in this difficult situation. Click the link here to join the group (Note: You must answer the questions before being admitted into the group!). --> https://www.facebook.com/groups/309488376927606
Be sure to check out Krista's recent blog post: "Should Every Church Be Multiethnic?"
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