Why can’t we just print more money and not tell anyone to solve inflation? Instead of asking ChatGPT, we turned to an economist to answer this burning question.
As inflation stubbornly clings to the U.S. economy, people are increasingly looking for solutions, and at the top of the list is this one: Why not just print more money? And why not do it without telling people, so that it doesn’t backfire with even more inflation?
These days, the big imponderables about the world are summed up in short sardonic videos with rights-free soundtracks and clip-art graphics on TikTok, Reddit, YouTube and other social media channels. They are supplemented by copious amounts of comments, and the whole package taken together becomes a form of primary source material that has a wider reach than most textbooks.
First, with regard to whether or not the printing of money is secret or open, it’s a matter of how you define transparency. The U.S. government releases data about the monetary supply and how much new money it’s printing, but Kotlikoff doubts that most people are going to the Federal Reserve to analyze the latest data on M2, which is the measure of the currency held by the public, plus deposits and shares in retail mutual funds.
“Everyone assumes much higher inflation will arise than they should, and you have a self-fulfilling prophecy—I raise prices because I think you’re raising prices, and workers demand more wages. Then it’s off to the races,” says Kotlikoff.
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