If you ask a leftard what is the purpose of money, they have no clue. To them is has some magical store of value and if you just print more of it you have more money and more money equals more beneficial government spending. The actual short story is that money is the tool and grease that facilitates the trading of value for value. You don't need to bring a chicken to the doctor for a check up. You sell the chicken to a processor who gives you money and you can use that money for anything you want, like a doctor visit. The doctor then takes the money and can do anything he wants with it, like buy a chicken. The key to this tool, is that people respect the value of the money and that it is a constant and that you get what you are paid for when you turn around and use that money. This only works when the government works to retain the full faith and credit of the government to retain that value. If you just print money with nothing to back it, the value of the money deflates and the cost of goods and services inflates.
The history of world economies is littered with government attempts to spend money they don't have and cover the shortfall with devaluing currency, either through adultering the gold content in coins or just printing money. The Romans and Europeans tried it, as did the Weimer German Republic, Zimbabwe and Venezuela. So did the US in the 1970s and we got 20% mortgage rates as investors like mortgage banks want a real rate of return on their money.
Milton Friedman's life's work was to show how inflation was created and how it robs consumers of wealth and transfers it to those who suck off the government tit. Actually, he was just pointing out a basic truth, like gravity. So, Slo Joe proudly announced he was repealing gravity and now for some reason we have inflation. "Milton Friedman isn't running the show anymore,"[/b] Biden declared in a half-hour exclusive interview with Michael Grunwald of Politico, published over the weekend. As if you could repeal gravity by proclaiming that Isaac Newton isn't running the show anymore.
Dumbest thing said by an American president since barry proclaimed we couldn't drill our way to lower energy prices. But basic economics aren't taught in the public schools because it interferes with the time needed to teach CRT.