WHAT WILL RECOVERY LOOK LIKE AND HOW DO WE GET THERE?
A great industry comeback depends on economic growth fueled by a free market.
A
s the theme of the 2022 FEDA Annual Conference states, the foodservice equipment and supplies industry is ready for a great comeback. But the policies
and regulations being considered by government leaders will determine the strength of that comeback – or whether it falls short. Keynote speaker Steve Forbes, chairman and editor-in-chief of Forbes Media, will describe how the industry can support economic recovery by encouraging congress and the Biden administration to address the causes of inflation, stabilize the value of money, cut taxes and pull back regulatory overreach, especially related to recent antitrust initiatives. Here is an overview of the issues he’ll discuss.
Monetary vs. Non-Monetary Inflation With inflation rising 8.6 percent year-over-year in May,
businesses are concerned how higher prices will impact their bottom line. The economy is now seeing the highest annual rate of inflation since the end of 1981, and Forbes has attributed that alarming increase to the harmful and
28 FEDA News & Views
unnecessary consequences of monetary inflation, or inflation that was caused when the government pumped too much money into the U.S. market during the pandemic, which allowed consumers to buy more things. This money was intended to address severe household shortages, but the cash exceeded minimum needs and artificially inflated demand, leading to cost increases. Monetary inflation is like a computer virus – it distorts the value of products and services and leads to a reduction in the value of currency, Forbes said at a Manhattan Institute event presented by the Adam Smith Society. “Fixed weights and measurements make markets work best. The same with money – money measures value. So, when money fluctuates, bad things happen.” Forbes has advocated moving the United States’ monetary system to the “gold standard” to avoid future monetary value distortions. The change would align the standard unit of currency with the price of gold, and, as Forbes has pointed out, the gold standard has never been a contributor to inflation.
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