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America’s Inflation Staycation

The Federal Reserve’s balance sheet more than doubled in the last 18 months. It now approaches $8 trillion. The laws of supply and demand apply not merely to gasoline and lumber and housing but to money, too. When central bankers expand the money supply as to more than double the securities holdings of the FED since September of 2019, this necessarily devalues the money in our accounts, under our mattresses, and in our old shoe boxes.

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