Elon Musk is a businessman and entrepreneur. He stated that there was an obvious reason for the rise in inflation in the United States. The federal government had printed too many dollars to stimulate the economy. This increased demand, but not enough supply, and prices rose.
Speaking at the All-In Summit by video on Monday, Musk said, “The obvious reason for inflation is that the government printed a zillion amount of more money than it had, obviously.”
His words were: “So, it seems like the government cannot just, you understand, issue checks much in excess of revenues without there being inflation. You know, velocity money held constant.” The federal government cannot write checks that bounce if they do. This is effectively creating more money.
He said, “And if more dollars are created than there is an increase in goods and services across all the economy, then that’s inflation.”
Musk said, “This seems very simple and not too complicated.” Musk said, “This idea is simple and straightforward. It doesn’t require any complicated calculations.” It will effectively make the dollar worthless.
Musk stated that “multiple countries have attempted this experiment several times.” It’s not like “Oh, I wonder how this will turn out if it’s done?” Have you seen Venezuela? “Like the Venezuelan people who are poor, their government has run them roughshod.”
He added, “So, money cannot be created.” True economy is the production of goods or services. It’s not money. It is the literal output of services and goods.
h/t foxbusiness.com
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