Rethinking Inflation: Lockdowns and Money Policy, Not Just Prices
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Inflation is a decline in the value of money, not rising prices. Rising prices are an effect of inflation.
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Economists have wrongly redefined inflation to mean rising prices, in order to fit their simplistic explanations.
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Milton Friedman pushed to end gold standard, enabling unstable and inflationary money with no inherent value.
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The Fed's interest rate hikes to fight inflation are like "yelling at sunburns for causing the sun."
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The root of recent price increases is shrinking production capacity from 2020 lockdowns, not an inflationary decline in the dollar’s value.