Why Inflation is Actually Just a Run on the Bank

Many are familiar with the old stories of bank runs, when people stormed the banks to redeem their cash for gold. Classically, there was not enough gold to redeem all the claims on that gold. But what is interesting about these bank runs is that today, high inflation numbers are a sign of the exact same thing happening. Except instead of people trying to redeem their cash for gold, people are redeeming their cash for goods, services, and assets. Prices rising is an indication that there is not as much wealth in the system as the amount of money would suggest.

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