---
title: "Money Tsunami and Freedoms | Tuomas Malinen | Negotiator 104"
titleOriginal: "Rahatsunami ja vapaudet | Tuomas Malinen | Neuvottelija 104"
episodeNumber: "104"
guest: "Tuomas Malinen"
datePublished: 2021-10-23
duration: "36:24"
youtube: "https://www.youtube.com/watch?v=mwJAUGJy7NY"
originalLanguage: "fi"
topics: ["finnish_economy_policy","free_speech_society"]
subtitleMethod: "none"
provenance: "Owner page assembled from YouTube metadata and the neuvottelija.fi episode record. No chapter marks are published here: the publisher's list holds only two marks, at 0:00 and 1:01, and it is a split of the show-note text rather than a chapter list, so republishing it would assert timestamps that do not hold. No transcript is published either — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The guest runs a consultancy that sells macroeconomic risk analysis, and the forecasts here are his own and contested; the hyperinflation scenario did not occur, and the page says so rather than leaving the forecast unmarked. The passages on the covid pass and on state control concern a live and disputed policy question with no one holding the opposing view present, and the host states his disagreement in the episode. Recorded 23 October 2021."
fiCanonical: "https://www.neuvottelija.fi/fi/episodes/120-rahatsunami-ja-vapaudet-tuomas-malinen-neuvottelija-104"
canonical: https://www.neuvottelija.com/podcast/episodes/ep104-rahatsunami-ja-vapaudet-tuomas-malinen/
---
# Money Tsunami and Freedoms | Tuomas Malinen | Negotiator 104

English subtitles are not available on this page. This is an episode summary, not a curated transcript.

## Summary

The GnS Economics chief executive Tuomas Malinen builds the episode on three levers whose combination he considers dangerous: growth in the money supply, production bottlenecks, and state control over individual behaviour. On inflation he sets out a mechanism the indicators failed to see — while the service sector was shut its contribution to the consumer price index was zero or negative, at the same time as goods ordered with stimulus cheques were congesting freight markets. He names two historical conditions for hyperinflation. The Federal Reserve's balance sheet doubled from four to eight trillion in two years, and in Malinen's view central banks are now trapped. The second half deals with freedoms and the covid pass, and the host states his own position openly.

## The mechanism the index missed

This is the part that holds up. With the service sector closed, the services component of the consumer price index was flat or falling at precisely the moment goods prices were being pushed up by stimulus-funded demand hitting congested freight. The headline number therefore understated what was happening, and it did so for a reason anyone could have checked.

## Four trillion to eight

The balance sheet number is a fact. Whether it leaves central banks trapped is an inference, and it is where the episode moves from description to forecast. The subsequent tightening cycle went further than this episode expected was possible.

## Two conditions, named

Malinen does not simply invoke hyperinflation; he states the two historical conditions he thinks produce it. That is what makes the claim checkable, and checked against the following three years it did not come out.


## Watch

The recording lives on the Neuvottelija channel: [Rahatsunami ja vapaudet | Tuomas Malinen | Neuvottelija 104](https://www.youtube.com/watch?v=mwJAUGJy7NY).
A Finnish edition of this episode is published at [www.neuvottelija.fi](https://www.neuvottelija.fi/fi/episodes/120-rahatsunami-ja-vapaudet-tuomas-malinen-neuvottelija-104).

## In depth

The Neuvottelija AI editions carry a long-form write-up of this episode:
[English](https://www.neuvottelija.com/ai/ep104-rahatsunami-ja-vapaudet-tuomas-malinen/) · [suomeksi](https://www.neuvottelija.fi/economy/ep104-rahatsunami-ja-vapaudet-tuomas-malinen/).

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Cite as: Sami Miettinen, Neuvottelija — Money Tsunami and Freedoms | Tuomas Malinen | Negotiator 104, https://www.neuvottelija.com/podcast/episodes/ep104-rahatsunami-ja-vapaudet-tuomas-malinen/, 2021-10-23. For quotes include episode 104 and timestamp.