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Economist Warns Excessive Money Supply Fuels U.S. Inflation

4/17/2026

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Summary

Story summary

Steve Hanke, an economist, argues that the March 3.3% year-over-year rise in U.S. prices stems mainly from an excessive money supply, not oil price spikes.
He cites Japan's 1970s inflation as evidence that monetary policy drives inflation.
He says the surge in banking credit creates most new money and drives inflation.
He warns the United States must curb monetary excesses, or inflation will persist regardless of oil-price fluctuations.

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Story summary

Steve Hanke, an economist, argues that the March 3.3% year-over-year rise in U.S. prices stems mainly from an excessive money supply, not oil price spikes.
He cites Japan's 1970s inflation as evidence that monetary policy drives inflation.
He says the surge in banking credit creates most new money and drives inflation.
He warns the United States must curb monetary excesses, or inflation will persist regardless of oil-price fluctuations.