By The Mogambo Guru
Hossein Askari is a professor of international business and international affairs at George Washington University, and Noureddine Krichene is an economist with a PhD from UCLA, which I mention to establish their credentials, since some bozo from the Federal Reserve created a stir when he said, with a sniff of condescension and smugness, that nobody should comment about economics unless they have a PhD in economics from a "proper" university, because we unwashed huddled masses are "dangerous" and a "threat to society".
He says this because, see, we drooling lay persons are all too, too stupid to comprehend something that is actually simplicity itself: when the supply of money grows faster than the stock of goods and services, the money will diffuse through the stock of goods and services with the result of higher prices for goods and services. (more)
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