Does attacking the independence of the Federal Reserve lead to inflation?
This is what Jamie Dimon, CEO of JPMorgan, recently said.
But the most important question is not political… but structural:
Is inflation in the modern monetary system a mistake? Or a necessity?
In fact, to understand the issue, we must go back to the very foundation of the financial system itself.
In the current monetary system, money is not created out of thin air, nor does the state print it directly.
Money is primarily created by commercial banks when they extend loans.
Each loan = new money
And each money = a d
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