A Johns Hopkins University economist Steve Hanke school former late-night host Jon Stewart on the root cause for inflation. Stewart had obviously bought the lie that it was everything except Biden’s free money spending but Hanke breaks out the facts and breaks down inflation 101 for the clueless Stewart who finally takes the wool off of his eyes—Even if it’s just for a moment.
Economist Steve Hanke joined the Oct. 19 edition of Apple TV’s The Problem with Jon Stewart and didn’t mince words. “Inflation is always and everywhere caused by one thing: too much money. Period,” Hanke said. “That’s the end of the story. It is simpler than you think.”
Stewart immediately tried to retort with pseudo-economic reasoning: “I’ve read studies that contradict that, but I don’t know.” Hanke didn’t waste time rebutting: “Whatever you’re reading is rubbish.”
Hanke proceeded to school Stewart on the ludicrousness of trying to blame 40-year high inflation on anything other than the Federal Reserve’s insane money-printing policies:
There has never been a sustained inflation any place in the world that hasn’t been caused by a preceding sustained increase in the money supply. Never.
The money supply skyrocketed to over $21,000,000,000,000 in July, according to the Federal Reserve Bank of St. Louis. Just two years earlier in July 2020, when Donald Trump was president, the money supply was roughly $18 trillion, meaning that the supply ballooned by over 16 percent in just two years. Hanke called out Federal Reserve Chairman Jerome Powell for his sordid attempts to deflect responsibility for the inflation crisis.
“They don’t want the noose around their neck as being the culprits that created the mess we’re in with inflation right now that everyone’s so mad about,” Hanke said. “That’s why they’re trying to convince you, Jon, that the supply chains did it. That Putin did it. Oil prices did it. Wheat prices, embargoes, you name it!”
The issue is ugly but simple, Biden and the fed dumped tons of cash in the market because the administration chose to shut the country down for two years. Look at where we are now with all of the cash Biden continues to pump out in the form of student loans and climate initiatives. Who knows what’s next with this administration?
Erica Carlin is an independent journalist, opinion writer and contributor to several news and opinion sources. She is based in Georgia.