There are kids receiving economics degrees this spring who will know less about economics than they would learn from this article. From Nick Giambruno at internationalman.com:
Rapidly rising food, housing, medical, and tuition prices are squeezing Americans, and many do not understand the real cause of their falling living standards.
That confusion opens the door for opportunistic politicians who promise supposed freebies to ease the pain of inflation. Many, unfortunately, succumb to this siren’s call.
Perverse as it is, the policies offered to people suffering from inflation create even more inflation. In other words, inflation has a way of perpetuating itself, much like a heroin addiction.
We are already seeing cockamamie schemes in the US, like “inflation relief checks,” which attempt to solve the problems of inflation by creating more inflation.
The political-inflation cycle follows a clear pattern:
Step #1: In a fiat currency system, the government will inevitably print an ever-increasing amount of currency to finance itself.
Step #2: This makes prices and living costs rise faster than wages.
Read an editorial stating that the economic migrants crossing the border by the millions is contributing mightily to inflation.
Some items have almost tripled in price at the local grocery since the most popular preezy of the steezy evarz was (s) elected.
Collapse while inflation rages and the printing presses burst into flames with the most selfish navel gazing narcissistic society ever, oh my!
BTW-How is collectivism socialism communism going to work with said society?