"The Money Confusion: Why Inflation Now?" with John Tamny - The Bill Walton Show

Monetary Policy

On this episode of The Bill Walton Show, John Tamny joins Bill Walton for a conversation about monetary policy.

The two debate the origin and effects of the current economic crisis. Tamny, on one hand, denies the existence of inflation. Instead, he says there are simply higher prices, but there is not inflation. He believes an excess of goods, as in the case with Dell computers, and the continued strength of the dollar against other currencies are indicative of the absence of inflation. Rather, the phenomenon of higher prices is, according to Tamny, caused by the pandemic lockdowns that forced a smaller labor force to produce the same amount of goods, inevitably droving up the prices of goods.

Walton, on the other hand, advances that inflation is undeniably present in the United States economy as evidenced by the reality of higher prices and acknowledged runaway inflation in Europe. Walton blames the monetary policy of the Federal Reserve and the massive welfare campaigns at the end of the Trump presidency for the presence of inflation.

Tamny, admittedly, stands alone in his position but is nonetheless convinced by the current economic circumstances that we are not in fact experiencing inflation. Tamny’s recent book, “The Money Confusion: How Illiteracy About Currencies and Inflation Sets the Stage for the Crypto Revolution,” addresses the results of monetary policy that did result in inflation, and ultimately the rise of cryptocurrency.

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