Some things are almost true by definition. John Tamny has just discovered that inflation is a monetary phenomena. I guess we should at least thank him for this:
This is so because the debate about the efficiency of markets versus central planning has been settled, and free markets are now a fact. The happy result is that China, India, and other formerly socialist nations will continue to grow
It seems that some folks at the American Enterprise Institute aren’t aware of the fact that the Chinese government is adopting market based economics.
Then again – Mr. Tamny has yet to figure out that the Federal Reserve is concerned about other stabilization matters and not just the inflation rate.