Commentary What’s the worst thing a government can do when there’s high inflation and supply shortages? Multiply spending on energy- and material-intensive areas. This is exactly what the U.S. infrastructure plan is doing and—even worse—what other developed nations have decided to copy. If you thought there were problems of supply and difficulties in accessing goods and services in the middle of a strong recovery, imagine what will happen once central banks and governments turn up the printing machine to maximum to spend on white elephants. There’s no such thing as “multi-cause inflation.” What President Joe Biden calls “speculation” is simply more money going to the same number of goods. So-called “supply chain disruptions” is more money going to the same services, and “cost-push inflation” is nothing other than more money created to bloat government spending and “infrastructure” plans going to the same number of goods. As one of my followers …
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