they're<00:00:01.120> trying<00:00:01.360> to<00:00:01.439> fix<00:00:01.680> inflation<00:00:02.560> but

they're trying to fix inflation but

they're trying to fix inflation but they're<00:00:03.040> doing<00:00:03.360> nothing<00:00:03.760> to<00:00:03.919> fix<00:00:04.160> the

they're doing nothing to fix the

they're doing nothing to fix the inequality<00:00:04.960> which<00:00:05.120> is<00:00:05.200> the<00:00:05.279> fundamental

inequality which is the fundamental

inequality which is the fundamental problem<00:00:06.319> and<00:00:06.399> i<00:00:06.480> think<00:00:06.640> this<00:00:06.720> is<00:00:06.799> a<00:00:06.879> little<00:00:07.040> bit

problem and i think this is a little bit

problem and i think this is a little bit the<00:00:07.200> problem<00:00:07.440> with<00:00:07.520> the<00:00:07.600> way<00:00:07.680> economists

the problem with the way economists

the problem with the way economists think<00:00:08.320> they<00:00:08.480> see<00:00:08.639> the<00:00:08.720> inflation<00:00:09.519> but

think they see the inflation but

think they see the inflation but economists<00:00:10.320> have<00:00:10.559> a<00:00:10.639> massive<00:00:10.960> blind<00:00:11.280> spot<00:00:11.599> for

economists have a massive blind spot for

economists have a massive blind spot for inequality<00:00:12.719> which<00:00:13.120> nothing<00:00:13.360> could<00:00:13.519> be

inequality which nothing could be

inequality which nothing could be illustrating<00:00:14.080> it<00:00:14.240> more<00:00:14.480> than<00:00:14.880> the<00:00:15.040> way

illustrating it more than the way

illustrating it more than the way nobody's<00:00:15.599> speaking<00:00:15.839> about<00:00:15.920> it<00:00:16.000> right<00:00:16.240> now

nobody's speaking about it right now

nobody's speaking about it right now and<00:00:18.240> they're<00:00:18.480> dealing<00:00:18.720> with<00:00:18.800> the<00:00:18.880> inflation

and they're dealing with the inflation

and they're dealing with the inflation but<00:00:19.279> they're<00:00:19.359> not<00:00:19.520> dealing<00:00:19.680> with<00:00:19.920> inequality

but they're not dealing with inequality

but they're not dealing with inequality so<00:00:20.960> inflation<00:00:21.439> will<00:00:21.600> come<00:00:21.840> down<00:00:22.400> i'm<00:00:22.480> very

so inflation will come down i'm very

so inflation will come down i'm very confident<00:00:23.119> inflation<00:00:23.680> will

confident inflation will

confident inflation will renormalize<00:00:25.920> it<00:00:26.000> might<00:00:26.240> take<00:00:26.400> a<00:00:26.480> year<00:00:26.720> or<00:00:26.880> so

renormalize it might take a year or so

renormalize it might take a year or so inflation<00:00:27.680> will<00:00:27.920> come<00:00:28.160> down<00:00:28.720> but<00:00:28.880> inequality

inflation will come down but inequality

inflation will come down but inequality will<00:00:29.599> not<00:00:29.760> come<00:00:30.000> down<00:00:30.560> and<00:00:30.720> what<00:00:30.880> that<00:00:31.039> means

will not come down and what that means

will not come down and what that means is<00:00:31.439> inequality<00:00:32.000> will<00:00:32.160> be<00:00:32.239> left<00:00:32.559> permanently

is inequality will be left permanently

is inequality will be left permanently higher

higher

higher which<00:00:34.239> will<00:00:34.399> mean<00:00:34.640> that<00:00:35.120> ordinary<00:00:35.600> people's

which will mean that ordinary people's

which will mean that ordinary people's standard<00:00:36.239> of<00:00:36.399> living<00:00:36.960> will<00:00:37.120> be<00:00:37.200> left

standard of living will be left

standard of living will be left permanently<00:00:37.920> lower<00:00:38.480> and<00:00:38.719> rich<00:00:38.960> people's

permanently lower and rich people's

permanently lower and rich people's standard<00:00:39.600> living<00:00:39.760> will<00:00:39.920> be<00:00:40.000> left<00:00:40.559> permanently

standard living will be left permanently

standard living will be left permanently higher<00:00:42.160> so<00:00:42.559> inflation<00:00:43.120> will<00:00:43.200> come<00:00:43.440> down<00:00:44.000> but

higher so inflation will come down but

higher so inflation will come down but these<00:00:44.480> changes<00:00:44.879> in<00:00:45.039> relative<00:00:45.520> price<00:00:45.760> levels

these changes in relative price levels

these changes in relative price levels mainly<00:00:47.280> that<00:00:47.760> energy<00:00:48.160> prices<00:00:48.640> and<00:00:48.800> food

mainly that energy prices and food

mainly that energy prices and food prices<00:00:49.680> and<00:00:49.920> things<00:00:50.160> like<00:00:50.320> rent<00:00:50.640> have<00:00:50.800> become

prices and things like rent have become

prices and things like rent have become permanent<00:00:51.600> and<00:00:51.840> also<00:00:52.079> house<00:00:52.320> prices<00:00:52.879> have

permanent and also house prices have

permanent and also house prices have become<00:00:53.520> permanently<00:00:54.079> significantly<00:00:54.640> higher

become permanently significantly higher

become permanently significantly higher relative<00:00:55.120> to<00:00:55.280> wages<00:00:55.840> they<00:00:56.000> will<00:00:56.239> remain

relative to wages they will remain

relative to wages they will remain so