Key takeaways from President Biden’s State of the Union address
By Emily Crane
March 2, 2022
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Tackling rising inflation
Biden said investment was needed in US manufacturing capacity in a bid to lower prices, speed up supply chains and boost American jobs.
“I think I have a better idea to fight inflation: lower costs, not your wages,” Biden said. “Instead of relying on foreign supply chains, let’s make it in America.”
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“inflation is always and everywhere a monetary phenomenon” — Nobel laureate Milton Friedman
So how can it “controlled” by any other action than “END THE FED”.
The Dead Old White Guys knew that inflation was tyranny from the phrase “Not worth a Continental damn”. Hence the Constitutional restriction that only gold and silver could be “money”. A restriction conveniently ignored by the politicians and bureaucrats in the early 1900’s.
How did that slip by the Supreme Court?)
For the better part of the 1800’s, “prices” were stable or declining. (Money supply was relatively static while the supply of goods & services increased.). Everyone could save their cash and it would retain it’s value.
In the 1960’s, the money supply was inflated by FED “printing” and the purchasing power dropped dramatically (i.e., my favorite example is “penny candy”!).