The economic consequences of the Ukraine war Recession, skyrocketing energy expenses and potential famine
By Richard W. Rahn - - Monday, March 14, 2022
OPINION:
The war in Ukraine has turned a probable recession into a near certainty. A series of policy mistakes by U.S. and European leaders had put the world economy into a precarious position before the war — and now the tipping point has been reached.
It was obvious to anyone who had a basic understanding of monetary history that having a record rise in the money supply — far in excess of the supply of new goods and services — over the last two years was almost certain to cause a great rise in inflation. Many of us had sounded the alarm bell, but the obvious seemed to have eluded the leadership at the Fed and U.S. Treasury. More evidence that abolishing the Fed is long overdue.
Inflation is a pernicious tax on the poor and middle class. During the last three months, consumer prices have been increasing at almost a 10% annual rate, and that was before the big increase in gas prices over the last couple of weeks. Consumer prices might be rising at a 12% rate by next month. Commodity prices have risen 26% from the beginning of this year, which does not bode well for future consumer prices.
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READ MORE: https://www.washingtontimes.com/news/2022/mar/14/the-economic-consequences-of-the-ukraine-war/
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