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Greed Isn’t Spendable

Here’s a letter to the Wall Street Journal:


James Freeman brilliantly ridicules Bernie Sanders’s economically ignorant allegation that today’s inflation is caused by greed (“Bernie Sanders and the Inflation Blame Game,” Oct. 26). Yet one further point warrants mention: Unlike dollars, greed cannot be spent. So even if merchants across America have recently become infected with intensified greed, consumers can’t spend this greed to pay the higher overall prices that they’re now paying. Higher overall prices are paid for only with more money in circulation – more money that, as Mr. Freeman correctly notes, was put into circulation by the Fed.

Donald J. Boudreaux
Professor of Economics
Martha and Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center
George Mason University
Fairfax, VA 22030

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