Neither the Trump nor the Harris proposals indicate they have any idea of how to deal with stagflation. Instead, they call for more government intervention—Trump for tariffs and Harris for more individual and business taxes and for energy policies. Woe be to us!
After years of relentless monetary inflation, the Fed can't fix our present inflationary malaise. The only long-term solution is sound money.
The American state has relied on the tools of monetary and fiscal stimulus to inflate its way out of every new economic crisis. The core of our out-of-control interventionist economy will not be touched by the election of either Harris or Trump.
Politicians say "greedflation," and profits are what fuels rising prices, but the real culprit is fiat money creation fueled by the central bank.
A few years ago, the leftist publication The Intercept claimed that inflation only hurts the “one percent,” but is “good” for everyone else. The truth is much different, as the Fed’s inflationary policies have benefited the politically-connected crony class.
Politicians say "greedflation," and profits are what fuels rising prices, but the real culprit is fiat money creation fueled by the central bank.
We are stuck in the middle of the road, far away from full socialism or the unhampered market.
Keynesian economists claim that the economy needs at least 2-3% inflation in order to avoid business cycles. But these inflation rates over time are economically ruinous and they actually harm economic growth.
Most Americans have no idea of the damage that the Federal Reserve system has done to their daily lives. Unfortunately, most Americans are not particularly interested in finding out either.
As inflation gets worse in Nigeria, politicians call for price controls and other government interventions. Unfortunately, they never consider the option of free markets.
