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20.08.26 - 14:01
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Argentina′s Monetary Policy Reveals Germany′s Loss of Control (ZeroHedge)
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Argentina's Monetary Policy Reveals Germany's Loss of Control
Submitted by Thomas Kolbe
Javier Milei is a politician who was trained along the lines of the Austrian School of Economics. For him, the maxim coined by Ludwig von Mises applies: inflation is always and everywhere a monetary phenomenon.
In other words: artificial expansion of the money supply leads to price increases – in different ways. Newly created, unbacked credit, as it is inherent in the fiat money system, can initially manifest itself in asset prices depending on the structure of an economy, for example in a rising gold price. Once this credit becomes effective on the demand side, it can lead to broad-based increases in the prices of goods – and that is when consumers feel it in their wallets. At this point, monetary policy in the fiat system becomes unpleasant for consumers.
We experienced this phenomenon in extenso during the Covid lockdowns. At the time, governments delighted their citizens with so-called “Stimmy C...
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