Elon Musk: Can't Just Print Money or You Get Venezuela

During an All-In Podcast, Elon Musk discussed inflation during the Biden's administration:

"I mean, the obvious reason for inflation is that the government printed a zillion amount more money than it had, obviously. So, its like the government can't just, you know, issue checks far in excess of revenue without there being inflation. You know, velocity of money held constant. So, unless something were to change with velocity of money, but if the federal government writes checks, they never bounce, so that is effectively creation of more, of more dollars. And if if there are more dollars created than the increase in the goods and services output of the economy, then you have inflation. Again velocity of money held constant. This is very basic. This is not like, you no, super complicated. If the government could just issue massive amounts of money and deficits didn't matter, then why don't we just make the deficit a hundred times bigger, okay. The answer is you can't. Because it will basically turn the dollar into something that is worthless, So, and various countries have tried this experiment multiple times. It's not like, oh I wonder what happens if this is done? Have you seen Venezuela. Like, the poor people of Venezuela, are you know, have just been run roughshod by their government, and so obviously you can't simply create money. ~ Elon Musk

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