By Selwyn Duke
If “a person is ever charged with counterfeiting, he should tell the judge he was engaging in monetary policy,” quipped the late economist Walter E. Williams. This comes to mind when pondering the 21st-century government habit called “quantitative easing.” Most Americans have probably heard this term, but may not know that it amounts to weasel words. It’s a euphemism — something you say when you don’t want to say what you really mean — sort of like using “pleasingly plump” instead of “fat.”
As for quantitative easing (QE), it actually means creating money backed by nothing; it’s legalized counterfeiting.
If you want to know why consumer prices rose at their fastest rate since 2008, 5.4 percent year over year in September, realize it’s no mystery. Some will blame greater demand due to Americans returning to “post-pandemic life” and labor shortages, and these may be immediate factors. But the big picture — and it is the big picture because it has become status quo — is that our government can create dollars at will.
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