With the mis-named“currency” having reached $11,400* as of last Monday, the Winklevoss brothers could lay claim to billionaire status. The transformation of $11 million into a $1 billion with what is mistakenly described as a currency is a great way to explain inflation and deflation. Also, there’s no such thing as demand outstripping supply given the basic truth that demand is a certain effect of supply. As for the monetarists, they comically believe inflation is an effect of rising money supply, while deflation the opposite. They forget that abundant “money supply” can’t be engineered as much as it’s an effect of production.

Source: Forbes December 10, 2017 14:00 UTC