“I had some fun yesterday with a tweet by Josh Mandel, the would-be MAGA senator from Ohio, who has declared his allegiance to fundamental American values: God, family and Bitcoin. I didn’t have space to go on about some of the things he has said about Bitcoin, which really is at the center of his campaign. But I was struck in particular by this tweet from October, in which he appears to assert that fiat money (dollars aren’t backed by anything except their official role as legal tender, and dollars can be created at the discretion of appointed officials at the Fed) is a crucial enabler of inflationary spending:
Mockery aside, is there any truth to that assertion? Has the U.S. government relied on the printing press to cover deficits and thereby fed inflation?”
This column is well worth finishing, and the reward is at the end.
doing the Beatles song Taxman.