The IMF now acknowledges that the central banks have printed too much money. In an event hosted by CNBC, on April 21, 2022, Kristalina Georgieva, chair and managing director of the International Monetary Fund (IMF), said:
“I think we are not paying sufficient attention to the law of unintended consequences. We take decisions with an objective in mind and rarely think through what may happen that is not our objective. And then we wrestle with the impact of it. Take any decision that is a massive decision, like the decision that we need to spend to support the economy. At that time, we did recognize that maybe too much money in circulation and too few goods, but didn’t really quite think through the consequences in a way that upfront would have informed better what we do.”
Why didn’t Georgieva know that injecting trillions of dollars into the world economy would cause inflation? This is basic economics. She knows basic economics but she is lying. The world is run by very smart people who are the experts in doing very stupid things.
I believe that inflation is not always a bad thing. Sometimes it performs the role of Thor’s thunderbolt which cleanses (or frees) the world by smashing into powerful tyrannical entities and tearing them into bits. The thunderbolt of contemporary inflation is currently smashing into the dollar’s paper empire. There is nothing that the IMF, and other “Made in America” financial institutions, can do to tackle inflation. Inflation will not go away till it has brought the dollar’s paper empire down.