March 28, 2022
Who caused inflation?
By Rick Hayes
It took some time, but President Biden finally admitted that inflation exists. That's not saying much, since a night out with the family or a simple glance at a grocery sales receipt would immediately confirm that.
The first question is who caused prices to climb and why? One way to find out is to understand what causes inflation. A common understanding of inflation is that it results from too much money circulating in the economy.
The great economist Milton Friedman once stated that inflation is a dangerous disease for a society, and sometimes a fatal disease for a society.
In 1978, Friedman reminded those attending his lecture from the University of San Diego and the San Diego Chamber of Commerce to "Recognize that today governments control the quantity of money." Friedman emphasized that inflation in the United States is made in Washington and nowhere else.
Friedman could have been commenting on recent speeches given by President Biden, who blamed inflation on the greed of corporate America when he said, "If you listen to people in Washington talk, they will tell you that inflation is produced by greedy businessmen." Friedman, the recipient of the 1976 Nobel Memorial Prize in Economic Sciences, made that observation 44-years before Biden took the oath of office.
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https://www.americanthinker.com/blog/2022/03/who_caused_inflation.html