There has been no constant concept of asset price inflation through the modern age of fiat money even amongst those who recognize the condition. The term has become most popular in the present period of inflation targeting coupled with the use of radical monetary tools.

It seems supporters of the Biden administration finally settled on a narrative they like for explaining away supply chain shortages.

Here’s the administration’s talking point: the US economy is rolling along so well that Americans are demanding huge amounts of goods. That’s overwhelming the supply chain and causing the backups roiling America’s ports and logistic infrastructure.

Last month, the Center for Politics at the University of Virginia released a new study which showed that, at least among those polled, “roughly 4 in 10 (41%) of Biden and half (52%) of Trump voters at least somewhat agree that it’s time to split the country, favoring blue/red states seceding from the union.”