America's Senators are Ignorant of Economics

Supply-chain disruptions do not cause inflation, but every single Senator questioning the Fed Chair and Vice Chair nominees seems to believe it does. Warren and some of the other dumber Senators believe monopolies cause it. They are all wrong. In the absense of increases in money and credit, higher prices in one area of the economy must lead to lower prices in other parts of the economy because capital and spending must be reallocated. If bank credit, credit card borrowing, or Federal Reserve support is financing higher prices, then they can rise across the economy. As they are doing now. The Federal Reserve, along with the USG stimulus plans, are 100 percent responsible for the general rise in prices.