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The Fed has created quite a lot of money, and excess money leads to inflation, so where is the inflation? This video starts with the very basics of money and credit creation, explaining that central bank money creation on its own is not very good at explaining inflation. Inflation comes from the whole system of central banks and member banks working together in a system called ‘fractional reserve banking’. Looking at economic history we see how the system usually works; how and why it is not working the same way currently. In addition we look at the flow of money to see where the money has been flowing and where the actual inflation has been occurring. This episode focuses on domestic monetary policy in the US, not on how the US functions as part of an international monetary system.
Jerry Bowyer is the author of The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics. He is a member of the Vident Index Policy Committee, editor of Townhall Finance, and president of Bowyer Research. Jerry is also resident economist with Kingdom Advisors and is on the editorial board of Salem Communications. He has been a Forbes.com columnist, has appeared on Fox Business News, Fox News, and CNBC, and has written for numerous publications. Jerry lives in Pennsylvania with his wife, Susan, and the youngest three of their seven children.