US inflation surge is harbinger of what’s to come

Wednesday’s headline inflation figure of 4.2% shocked many. It didn’t shock me nor would it have come as a surprise to Milton Friedman. Money dominates, but that monetarist perspective is not held by most. Indeed, the majority adhere to the precepts of fiscalism. Even Federal Reserve Chairman Jerome Powell has confessed that the Fed pays little attention to the growth of the money supply. During congressional hearings on 23 February, he proclaimed that the relationship between economic growth and the money supply is something we must unlearn. It’s rather obvious Powell has followed his own advice. But contrary … (full story)

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