The King’s Inflation Theory

In the US, M3 grew at an annualized rate of 24% at the end of last year, falling back to just 13% in the most recent numbers. In the UK, M3 has been up for a while at 13% a year, falling to around 7%. The transmission mechanism between widespread money growth and its impact on inflation is still a matter of debate. But the fact remains that we have experienced a significant, albeit temporary, increase in the growth rate of widespread money, and we are currently experiencing a notable increase, although although perhaps only temporarily, inflation. The King’s Inflation Theory


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