{"podcast":{"title":"The Dividend Cafe","slug":"the-dividend-cafe-743128","podcast_index_feed_id":743128,"rss_url":"https://media.zencast.fm/the-dividend-cafe-1/rss","website_url":"https://podcast.dividendcafe.com","image_url":"https://podcdn.zencast.fm/download/Podcast%2Fartworks%2F1619%2Flarge%2F48af26beb80f0b14f33670336b3deb3b55b7d8f7eb33709596c6174394661034%2F2xdKc0oYUrFiUt2IWrXaU2NeDeDB07Lb6zeLd7u4.jpg","author":"The Dividend Cafe - The Bahnsen Group","episode_count":1373,"summary":"The Dividend Cafe is your portal for market perspective that is virtually conflict-free, rooted in deep philosophical commitments about how capital should be managed, and understandable for all sorts of investors. Host David L. Bahnsen is a frequent guest on CNBC, Bloomberg, and Fox Business. He is the author of the books, Crisis of Responsibility: Our Cultural Addiction to Blame and How You Can Cure It (Post Hill Press), The Case for Dividend Growth: Investing in a Post-Crisis World (Post Hill Press), and Full-Time: Work and the Meaning of Life (Post Hill Press).","last_synced_at":"2026-08-01T02:18:06.946592+00:00","page_url":"https://stenobird.com/podcast/the-dividend-cafe-743128"},"episode":{"title":"Inflation vs. Deflation in an Age of AI","slug":"inflation-vs-deflation-in-an-age-of-ai","published_at":"2026-07-24T16:19:00+00:00","page_url":"https://stenobird.com/podcast/the-dividend-cafe-743128/inflation-vs-deflation-in-an-age-of-ai","show_page_url":"https://stenobird.com/podcast/the-dividend-cafe-743128","url":"https://podcast.dividendcafe.com/episodes/inflation-vs-deflation-in-an-age-of-ai","audio_url":"https://dts.podtrac.com/redirect.mp3/media.zencast.fm/the-dividend-cafe-1/dcb56950-81aa-4a2d-a13e-a996a377526c.mp3?source=feed","summary":"Today's Post - https://bahnsen.co/3TdOnKh David Bahnsen discusses whether the U.S. has shifted from the 1990–2020 disinflation era to a higher structural inflation range, engaging Dr. Lacy Hunt’s view that the prior 1.5–2.5% equilibrium may have broken toward 3.5–5% as globalization wanes. Bahnsen argues globalization aided disinflation but wasn’t the sole driver, emphasizing Hunt’s framework that rising government debt lowers money velocity, crowds out productive investment, and suppresses long-term growth. He questions whether deglobalization is truly structural, citing industrial-policy efforts as often half-hearted and inconsistently enforced. Turning to AI, he notes build-out is capital- and energy-intensive and can be temporarily inflationary, but sees two longer-run outcomes that both lean disinflationary: a favorable productivity-driven supply shock, or a recessionary bust if AI disappoints. He concludes the dominant backdrop remains excess government debt and spending depressing growth. 00:00 Welcome and Setup 00:28 Inflation Beyond Headlines 02:23 The Disinflation Era 1990-2020 04:08 Lacy Hunt and Debt Dynamics 06:35 Was Globalization the Driver 09:15 Is Globalization Really Ending 12:23 AI as the New Productivity Wave 14:02 Funding the Buildout 15:11 Two AI Outcomes Deflation Either Way 19:19 Final Takeaways and Signoff Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com","meta_description":"Today's Post - https://bahnsen.co/3TdOnKh David Bahnsen discusses whether the U.S. has shifted from the 1990–2020 disinflation era to a higher structural…","key_points":[],"chapters":[],"topics":[],"duration_seconds":1322,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-dividend-cafe-743128/episodes/inflation-vs-deflation-in-an-age-of-ai/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-dividend-cafe-743128/inflation-vs-deflation-in-an-age-of-ai.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}