Société Générale strategist Dylan Grice explained the connection between debt and inflation. Turning Milton Friedman on his head, Grice argued that “inflation is always and everywhere a fiscal phenomenon.” Money printing may be the vehicle, but the “root cause” of inflation tends to be “a government unable to pay its way.”

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I find Dylan Grice's assertion to be refreshing because of the use of "root cause" as the justification for the assertion. In my field of work, root cause analysis is a regular part of the job. It definitely shouldn't be ignored just because it's something used mostly in engineering. Even if you could name all the instances of inflation where the intent was to provide enough money for all the people, would those instances outnumber those which were the government spending for things it can't afford with its revenue?