inflation is a tax. let's start there. the president famously said he wasn't going to tax people making under 400,000. it's a tax on the people smack in the middle class and the poor as well and thus they have stuff paid for by the government. it's a tax we pay for government spending money they don't have. the way it works specifically is that the treasury issues this debt and the federal reserve has been buying about 60% of all the debt issued by the treasury. the way they pay for it, the bonds, the ious, by printing more money. that's why we have this huge, vast amount of cash. inflation is too much money chasing too few goods. we have too few goods because of the supply chain problems that we have been talking about and the labor shortage we have. we have too few goods, not making enough stuff and we have too much money because the fed has been printing money in order to pay for the debt. >> trace: in the old days, do