Inflation Is Robbing Your Pocket, Whether You Realize Or Not

Source: Libertarian Institute
by Brian McGlinchey

“All across the economic dashboard, inflation indicators are blinking red. Most recently, the Personal Consumption Expenditures (PCE) index, calculated by the Bureau of Economic Analysis, rose 5.7% from November 2020 to November 2021. That’s the biggest year-over-year surge since September 1983. Many mistakenly attribute today’s rising prices solely to supply chain woes, and government officials are happy to fertilize that mythology — as Kamala Harris reflexively did last week …. The truth is, in the words of economist Milton Friedman, ‘inflation is always and everywhere a monetary phenomenon.’ In other words, today’s rising prices are primarily the result of the Federal Reserve’s relentless creation of new money, which serves to facilitate the government’s multi-trillion dollar deficit-spending addiction.” (01/05/22)