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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 chief economist of Vident Financial, editor of Townhall Finance, and president of Bowyer Research. He is a Forbes.com columnist and has been a frequent commentator on Fox Business News, Fox News, and CNBC. He has been a contributing editor of National Review Online, The New York Sun, and Townhall Magazine, and he has written for the Wall Street Journal and for numerous other publications. Jerry lives in Pennsylvania with his wife, Susan, and the youngest three of his seven children.