The Fed’s ‘cure’ for inflation is worse: Recession ...Middle East

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The Fed’s ‘cure’ for inflation is worse: Recession
Amazon founder Jeff Bezos and Tesla and SpaceX CEO Elon Musk blame the government and the Fed for inflation. In Musk’s words, “The obvious reason for inflation is that the government printed a zillion more dollars than it has. This is not super complicated.” They and other luminaries subscribe to the inflation sophism: “too much money chasing too few goods.” Yes, we’ve had “too few goods,” due to a pandemic perfect storm — depressed U.S. oil production and manufacturing output, severe supply chain disruptions and war-like labor shortages — but that won’t endure. It was exacerbated by Russia’s invasion of Ukraine, which has radically reduced global purchases of Russian oil, grain and

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