How the West Won the Money Race
[ad_1] A replica of very early paper currency, “flying cash” from the Tang dynasty of China (618–907). When Marco Polo arrived in Yuan Dynasty China, among the wonders he found was that money grew on trees. His travelog tells how the Emperor Kublai Khan’s mint in present-day Beijing processed the cambium layer of mulberry trees—a […]
Has Team Transitory really won America’s inflation debate?
[ad_1] In late 2021 Jerome Powell, chairman of the Federal Reserve, called for the retirement of “transitory” as a description for the inflation afflicting America. The word had become a bugbear, having been taken by many to mean that the inflation which had bubbled up early in the year would fade away as supply shortages […]
The war against inflation is a long way away from being won
[ad_1] A food shopper searches for vegetables July 1, 2023 at the Hannaford supermarket in South Burlington, Vermont. Robert Nickelsberg | Getty Images Don’t break out the party hats just yet: Despite recent signs that inflation is cooling, the fight to bring down the meteoric price increases of the past three years is far from […]