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The Federal Reserve and European Central Bank repeat that the recent inflationary spike is “transitory.” The problem is that investors do not buy it.

In any given year during the past decade in the United States, more than 2.5 million Americans have died—from all causes. The number has grown in recent years, climbing from 2.59 million in 2013 to 2.85 million in 2019. This has been due partially to the US’s aging population, and also due to rising obesity levels and drug overdoses. In fact, since 2010, growth rates in total deaths has exceeded population growth in every year.

In 2020, preliminary numbers suggest a jump of more than 17 percent in all-cause total deaths, rising from 2.85 million in 2019 to 3.35 million in 2020.

“Every change in the money relation alters … the conditions of the individual members of society. Some become richer, some poorer.” – Mises, Human Action, p. 414.

Billionaire plutocrats at Apple, Google, Microsoft, Cisco, and other tech companies don’t spend all their time deciding whether or not to boycott your state or lecture you on the “correct” voting laws.  No, sometimes they have time to plot ways to rip off the taxpayers to the tune of more than 50 billion dollars.

How does one respond when a friend, colleague, professor, or one of the most decorated economists on the planet, claim they don’t foresee and inflationary problem? Janet Yellen, US Treasury Secretary claims, as reported by Reuters:

I don’t think there’s going to be an inflationary problem. But if there is the Fed will be counted on to address them.