Commentary No government looking to massively expand its size in the economy and monetize a soaring deficit is going to act against rising prices, despite claiming the opposite. One of the things that surprises citizens in Argentina or Turkey is that their populist governments always talk about the middle classes and helping the poor, yet inflation still soars, making everyone poorer. Inflation is the gradual erosion of the purchasing power of the currency. Governments will always use different excuses to justify inflation: soaring demand, “supply chain disruptions,” or evil corporations’ greed. However, most of the time these are excuses. Inflation is always a monetary phenomenon. Prices soar because money supply rises massively above real output and real money demand. How can there be “shipping bottlenecks” driving a 100 percent rise in freights when the shipping industry was burdened by massive overcapacity in 2019? How can anyone say that natural gas …