Jon Stewart Gets SCHOOLED By Economist Steve Hanke, Forced To Accept The Truth About Biden
A Johns Hopkins University economist Steve Hanke broke down inflation for Jon Stewart. The former late-night host tried to deflect from the truth by using the same lies he picked up from the media but Hanke didn't give one inch.
Hanke joined the Oct. 19 edition of Apple TV’s The Problem with Jon Stewart and didn’t mince words. “Inflation is always and everywhere caused by one thing: too much money. Period,” Hanke said. “That’s the end of the story. It is simpler than you think.”
Stewart immediately tried to retort with pseudo-economic reasoning: “I’ve read studies that contradict that, but I don’t know.” Hanke didn’t waste time rebutting: “Whatever you’re reading is rubbish.”
Hanke proceeded to school Stewart on the ludicrousness of trying to blame 40-year high inflation on anything other than the Federal Reserve’s insane money-printing policies:
There has never been a sustained inflation any place in the world that hasn’t been caused by a preceding sustained increase in the money supply. Never.
The money supply skyrocketed to over $21,000,000,000,000 in July, according to the Federal Reserve Bank of St. Louis. Just two years earlier in July 2020, when Donald Trump was president, the money supply was roughly $18 trillion, meaning that the supply ballooned by over 16 percent in just two years. Hanke called out Federal Reserve Chairman Jerome Powell for his sordid attempts to deflect responsibility for the inflation crisis.
“They don’t want the noose around their neck as being the culprits that created the mess we're in with inflation right now that everyone’s so mad about,” Hanke said. “That’s why they’re trying to convince you, Jon, that the supply chains did it. That Putin did it. Oil prices did it. Wheat prices, embargoes, you name it!”
While the solution from this point might not be simple, the cause has always been the same. In this case, Biden dumped tons of 'free' money into the market and damn near crashed us—And still might.