설명
Kevin Warsh, the newly appointed Chairman of the Federal Reserve Board, is already making headlines with comments that sound very different from previous Fed leadership.
During a Senate Banking Committee hearing, Warsh acknowledged something that critics of the Federal Reserve have argued for decades: inflation is a tax on the American people.
More than that, it's a regressive tax: a transfer of wealth from the poor and working class to political elites.
I also explain the loanable funds market in simple terms, showing how government borrowing increases demand for capital and why the Federal Reserve often responds by expanding the money supply.
Understand that, and you'll understand what few politicians or even economists understand: How deficit spending leads to money creation, why interest rates rise when Congress runs massive deficits, and the relationship between the Federal Reserve, Treasury debt, and inflation.
But even the Fed's 2% inflation target still means your purchasing power declines over time.
Hopefully, this is a first step towards everyone realizing that the best inflation rate is 0%!
From the 19 July 2026 Bogosity Podcast.
Fed Chair Kevin Warsh delivers KEY report to Congress https://www.youtube.com/watch?v=O4RGF_dpK8o
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