by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Joy Pullmann of the Federalist doesn’t like what she’s hearing from the powers that be about inflation.
Every time some member of the ruling class says “inflation is transitory” or “we predict it will come down by the end of the year,” I read it as confirmation things are going to get worse. That’s because these are the same people who told us just a few months ago that inflation wasn’t happening until it was so obvious that the screen people had to switch narratives.
It’s also because U.S. corporate media, which today drives national politics, has been for some time the American Pravda. You have to read between the lines, sometimes backward, to understand what is really going on.
These are, recall, the same people who also tell us every election is questionable except 2020’s, some men are women, babies aren’t people, war is bad but we should get into another one, and critical race theory is a mirage. They simply can’t be trusted on anything.
In fact, a rule of thumb I’ve developed based on watching the media lie so many times is that whenever the ruling class insists on something, it’s a pretty good bet to assume the opposite is closer to the truth. It works extremely well to combat propaganda stampedes.
The people telling us that inflation’s not happening — but it’s Vladimir Putin’s fault — do so in direct contradiction to empirical demonstrations of the opposite. Nobel Prize-winning economist Milton Friedman, for one, demonstrated that inflation is “always and everywhere a monetary phenomenon” — i.e. directly caused by governments essentially printing money.
It’s the money supply, stupid. And hoo boy, has our government been printing money. It’s not only gone on a money-printing bender using the magical blank-check excuse of “covid,” but hundreds of billions of deficit-funded dollars Congress already chucked out of helicopters hasn’t even gone into circulation yet.