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What has been the cause of inflation?
Let's listen in to what the experts have to say!
A thread. 🧵👇 (1/12)
Let's listen in to what the experts have to say!
A thread. 🧵👇 (1/12)
Former head of Bank of England, Mark Carney, blames Brexit for inflation.
(2/12)theguardian.com/business/2023/…
(2/12)theguardian.com/business/2023/…
ECB President Lagarde points the finger at climate change:
"climate change affects inflation, and inflation is the beast that all central bankers ... want to tame & discipline" (3/12)
"climate change affects inflation, and inflation is the beast that all central bankers ... want to tame & discipline" (3/12)
Lagarde also unleashes her inner populist to scapegoat greedy corporations: "we have observed ... certain sectors in particular had taken advantage ... to push prices higher than just the cost push" (4/12)
ECB's chief economist Phillip Lane, also point the finger at greedy capitalists: "...there was a significant extra, if you like, injection to inflation coming from rising profits of firms" (5/12)
Meanwhile, their colleagues at the Belgian central bank see no evidence of such "greedflation".
(6/12)nbb.be/en/blog/are-pr…
(6/12)nbb.be/en/blog/are-pr…
Elsewhere,the Biden's administration has blamed Putin, i.e. "Putin's price hike".
(7/12)newsweek.com/fact-check-joe…
(7/12)newsweek.com/fact-check-joe…
In Sweden, renowed professor in international economics, Lars Calmfors, blames the war in Ukraine for inflation.
(8/12)kvartal.se/artiklar/vecko…
(8/12)kvartal.se/artiklar/vecko…
Agustín Carstens, head of the BIS, believes an important part behind inflation was expansive "fiscal and monetary policy". (9/12)
Ex-BoE head Lord Mervyn King says "we had too much money chasing too few goods, and the result was inflation, that was predictable, it was predicted, & it happened." (10/12)
IMF's Kristalina Georgieva thinks central bankers ...are not paying sufficient attention to the law of unintended consequences ... rarely think through what may happen that is not our objective". (11/12)
So, Let's All Keep Calm And Trust The Experts!
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If you liked this thread, like, follow, & listen to our 🇸🇪 podcast Svart Ekonomi
#förståelsekrisen #svartekonomi #sensemaking #dumbflation #Bitcoin (12/12) https://t.co/3zZr7ARk8lsvartekonomi.se
@armchairancap One may note that the term inflation has become synonymous with “price increase,” contrary to its original meaning of a rise in the general price level caused by an imbalance between the quantity of money & trade needs...
Why did that happen? 😎
clevelandfed.org/publications/e…
Why did that happen? 😎
clevelandfed.org/publications/e…
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