Tech billionaire Elon Musk has warned that unless the United States tackles inflation, it will end up like socialist Venezuela.Musk told a virtual conference that he believes the government has printed too much money in recent years.

“I mean, the obvious reason for inflation is that the government printed a zillion amount of more money than it had, obviously,” Musk said, likely referring to COVID-19 relief stimulus packages worth trillions of dollars that were passed in recent years.
“So it’s like the government can’t … issue checks far in excess of revenue without there being inflation, you know, velocity of money held constant,” the Tesla CEO said.
“If the federal government writes checks, they never bounce," Musk added.
"So that is effectively creation of more dollars. And if there are more dollars created, than the increase in the goods and services across the economy, then you have inflation, again, velocity of money held constant," Musk continued.If governments could merely “issue massive amounts of money and deficits didn’t matter, then, well, why don’t we just make the deficit 100 times bigger?
“The answer is, you can’t, because it will basically turn the dollar into something that is worthless," the Tesla CEO declared.“Various countries have tried this experiment multiple times.“Have you seen Venezuela?
"Like the poor, poor people of Venezuela are, you know, have been just run roughshod by their government."

Hnnnmm

Wise man