Progressives Argue Central Banks Not to Blame for Global Inflation: "Are Other Countries Printing Money Too?"

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The Cautious Optimism Correspondent for Economic Affairs and Other Egghead Stuff has seen quite a few online comments recently trying to blame 40-year high inflation on something, anything… anything at all, other than the federal government or the Federal Reserve.

In their last ditch effort to deflect blame from Joe Biden, Congress, or the central bank, the latest excuse has been “It's not the money supply or government spending. It's global supply chain issues.”

The evidence? Inflation is high around the world, not just in the United States. Therefore it has to be supply chain issues that are "global" since printing money is not.

“Like all the other countries printing money too?” they ask.

Well if they had bothered to check first they'd already know the answer is yes.

United States

Canada

United Kingdom

Eurozone

Japan

South Korea

Australia

“There was a time when monetary policy aggregates were important determinants of inflation and that has not been the case for a long time.”

-Federal Reserve Chairman Jerome Powell Congressional testimony (Feb 24, 2021)