Inflation is not some natural economic phenomenon, nor is it merely the result of too much money chasing too few goods. That’s the myth popularized by Milton Friedman and his monetarist acolytes.
If there’s no inflation danger, there is no point in taxing the rich before keystroking the poor.
Remarks by L. Randall Wray at “The Treaty of Versailles at 100: The Consequences of the Peace”, a conference at the Levy Economics Institute, Bard College, May 3, 2019.
Let’s stop pretending that replacing a budget constraint with an inflation constraint is so hard.
So, who is responsible for this fiasco? Or for the last one? Or the next? Any reasonable person can see that the present system is untenable.
Inadequate access to nutrition is a problem Americans can solve. It’s time to shut down the false narratives about pay-fors that keep solutions out of reach.
The inflation hawks have a point: inflation is genuinely destabilizing. But where the inflation hawks go wrong is in blaming “money printing” for inflation.
Frauds and hucksters have always relied on false dichotomies and thought-terminating cliches to misdirect the attention of their audience from more appealing alternatives.
It is conventional wisdom that printing more money causes inflation. The only problem is, it’s not true. That’s not how inflation works.
