Wrong, Scientific American, Governments Cause Inflation, Not Climate Change
By H. Sterling Burnett -June 1, 20230
Scientific American republished a story by Climatewire claiming climate change is causing inflation. This is false. Inflation, in the words of Nobel prize winning economist, Milton Friedman, “is always and everywhere a monetary phenomenon.” Central Banks put money into circulation and governments spend on credit, increasing the currency circulating in relation to available goods and services, making the money worth less and the goods and services cost more. Climate does not print currency or expand the money supply. Nor is climate change causing disruptions in core goods, like food, so it can’t be causing inflation.
In the story, “Climate Change Is Exacerbating Inflation Worldwide,” author Avery Ellfeldt cites a report by the European Central Bank (ECB) in which the bankers, who actually control Europe’s money supply, blame climate change for inflation. Ellfeldt writes:
[In] a report published last week by the European Central Bank … the researchers set out to examine the impacts of global warming on inflation in 121 countries, and they found that higher than average temperatures are driving up the cost of food and other goods and services.
The uptick in prices then ripples across the global economy.
https://climaterealism.com/2023/06/wrong-scientific-american-governments-cause-inflation-not-climate-change/
