Friedman said decades ago that inflation is always and everywhere a monetary event. Inflation is the inflating of the money supply. Why did Powell not get the memo? Most normal people think of inflation as too much money chasing too few goods...but that is as a result of too much money -actually currency...money is actually gold, as JP Morgan said 100 years ago.
Friedman said decades ago that inflation is always and everywhere a monetary event. Inflation is the inflating of the money supply. Why did Powell not get the memo? Most normal people think of inflation as too much money chasing too few goods...but that is as a result of too much money -actually currency...money is actually gold, as JP Morgan said 100 years ago.
Central bankers are loath to be recognized for the consequences of their money printing.