My letter to the Wall Street Journal re: During Covid-19 Most Americans Got Richer--Especially the Rich

 Re: During Covid-19, Most Americans Got Richer--Especially the Rich

Dear Sirs:

I am aghast that the supposedly knowledgeable Wall Street Journal would print such economic drivel. Do you really want us to believe that the path to wealth is through destroying untold thousands of businesses, throwing millions of people out of work, and then showering the nation with helicopter money printed out of thin air? Did you get your start by advising the governments of Zimbabwe and Venezuela? Do you REALLY want us to believe this? Let me call your attention to just one monetary statistic. In March of 2020 M2 stood at $16 trillion. One year later it stood at $20 trillion. That's an increase in the broadest measure of the money supply of four trillion dollars in just one year. This money was printed out of thin air, just like the product of a common counterfeiter. And just like the effect of money printing by a common counterfeiter, it will NOT increase wealth overall. It will do nothing more than redistribute wealth in order to make the counterfeiter and his cronies wealthy by robbing everyone else. The longer-term effect will be to discourage real wealth creation.

Time for the writers of the great Wall Street Journal to publish their so-called analysis under the heading of fiction.