Johns Hopkins University economist was not having any of Jon Stewart’s snarky comments about the true source of America’s inflation crisis: a dramatically inflated money supply.
Steve Hanke, an economist, joined the October 19 edition of Apple TV’s The Problem With Jon Stewart. He spoke out strongly. “Inflation is always and everywhere caused one thing: too many dollars. Hanke stated that it was a simple fact. “That’s it. That’s the end. It’s simpler than you think.
Stewart immediately attempted to respond with pseudo-economic reasoning. “I’ve read studies contradicting that, but I don’t know.” Hanke quickly rebutted: “Whatever your reading is rubbish.”
Hanke went on to educate Stewart about the absurdity of trying to attribute the 40-year-high inflation to anything other than Federal Reserve’s insane money printing policies.
There has never been sustained inflation anywhere in the world that wasn’t caused by a previous sustained increase in the money supply. Never.
According to the Federal Reserve Bank of St. Louis, the money supply exploded to more than $21,000,000,000,000 in July. The Federal Reserve Bank of St. Louis reported that in July 2020, just two years before Donald Trump became president, the money supply was approximately $18 trillion. This means that the supply grew by more than 16 percent in two years. Hanke criticized Jerome Powell, the Chairman of Federal Reserve, for his shady attempts to divert responsibility for the inflation crisis.
Hanke stated that they don’t want to be tied around their necks as the ones responsible for the inflation crisis that we are currently in. Jon, they want to convince you that it was the supply chains. It was Putin who did it. Oil prices did it. Prices for wheat, embargoes, and other measures, it happened!
Conservatives are being attacked. Contact ABC News (818-460-7477, CBS News (220-975-3247, and NBC News (220-664-192) to demand that they reveal the truth about America’s inflation crisis.
