The best money is social, not personal.

The inflation hawks have a point: inflation is genuinely destabilizing. When working people’s purchasing power declines, they rightly worry that heating their homes, putting food on the table, or commuting to work will cause them to fall into debt, and, eventually, poverty.

But where the inflation hawks go wrong is in blaming “money printing” for inflation. It’s true that when demand exceeds supply, prices go up, but the nutrition, shelter and transport are not luxury goods whose prices are spiking because we gave ordinary people more money than they deserved.

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