First published by Money Metals Exchange here:
https://www.moneymetals.com/news/2021/10/06/transitory-inflation-and-useless-ingredients-002388
This naturally leads people to think that whatever goods a dollar can purchase are intrinsic to the dollar itself. Indeed, if the quantity of dollars is the only cause of prices to rise, then the logical corollary is that the goods—and the people who produce them—are inside the dollar somehow. Of course, no one thinks this explicitly. It’s just one of the contradictions of the Quantity Theory of Money that one must gloss over.
