Why John Oliver (& the rest of the media) is Wrong on Inflation
Inflation is a huge and dangerous problem; but not one he seems to understand. In his funny, but shockingly uninformed take on inflation; he lists greed, Biden, Putin, and supply chains as the culprit behind inflation. If you haven't seen it yet:
Let's look at the list and see if we can use some simple logic.
Democrats have blamed corporate greed.
But are we really suddenly greedier? I doubt it...For perhaps one of the best two minute lessons on Economics, watch and enjoy a classic from the master.
Greed is just part of human nature.
Inflation, especially the recent surge - which judging from headlines, seems to be a surprise to every major media outlet, politician, and CEO of publicly traded company. But, why should it have surprised us? What should we expect when we first double, then triple the money supply within a generation?
Republicans have blamed Biden.
Biden doens't understand inflation. He is lost; and in more ways than one. 🙈
And finally, Biden blames Putin.
Putin may pose a threat, but he does NOT control (or even put a dent in) our longterm inflation rate. Keep in mind Putin has been in power for ~22 years.
Again, there is a more powerful force that is to blame - The Federal Reserve. As it continued flooding the capital markets with newly printed money, prices of everything down the food chain has to go up, as the Fed can't flood the system with goods & services--only we, the people can do that.
In the meantime, those with the strongest pricing power and the most assets continue to benefit while those without struggle to pay the bills. More on this later...But remember, INFLATION is always and everywhere, a MONETARY phenomenon.