ECB critics misread inflation: echoing Henry Thornton, supply shocks (like energy or bad harvests) create temporary imbalances, not monetary excess. Raising rates won’t fix supply and can worsen it by choking credit and slowing adjustment (e.g. renewables). The right response is real-side adjustment, not tightening, especially with cartelized energy prices.
Most investors misunderstand credit. Henry Thornton didn’t—and his framework still explains every boom and bust. Credit begins with trust and drives real commerce when used productively between merchants. But consumer debt and monetary expansion create only the illusion of wealth. We built a new way to read these ideas: live video commentary embedded directly in the text. Experience it free: https://www.graphcall.com/execute?task=NavigationPage&g=a6a94914-086f-4092-8c44-22a888bde0a0