{"id":260051,"date":"2023-06-01T19:00:39","date_gmt":"2023-06-01T17:00:39","guid":{"rendered":"https:\/\/climatescience.press\/?p=260051"},"modified":"2023-06-01T19:00:42","modified_gmt":"2023-06-01T17:00:42","slug":"wrong-scientific-american-governments-cause-inflation-not-climate-change","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=260051","title":{"rendered":"Wrong, Scientific American, Governments Cause Inflation, Not Climate Change"},"content":{"rendered":"\n
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From\u00a0ClimateRealism<\/a><\/p>\n\n\n\n

By H. Sterling Burnett<\/a><\/p>\n\n\n\n

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Scientific American<\/em> republished a story by Climatewire claiming climate change is causing inflation. This is false. Inflation, in the words of Nobel prize winning economist, Milton Friedman, \u201cis always and everywhere a monetary phenomenon.\u201d Central Banks put money into circulation and governments spend on credit, increasing the currency circulating in relation to available goods and services, making the money worth less and the goods and services cost more. Climate does not print currency or expand the money supply. Nor is climate change causing disruptions in core goods, like food, so it can\u2019t be causing inflation.<\/p>\n\n\n\n

In the story, \u201cClimate Change Is Exacerbating Inflation Worldwide<\/a>,\u201d author Avery Ellfeldt cites a report by the European Central Bank (ECB) in which the bankers, who actually control Europe\u2019s money supply, blame climate change for inflation. Ellfeldt writes:<\/p>\n\n\n\n

[In] a report published last week by the European Central Bank \u2026 the researchers set out to examine the impacts of global warming on inflation in 121 countries, and they found that higher than average temperatures are driving up the cost of food and other goods and services.<\/p>\n\n\n\n

The uptick in prices then ripples across the global economy.<\/p>\n\n\n\n

\u2026<\/p>\n\n\n\n

\u201cThese results suggest that climate change poses risks to price stability by having an upward impact on inflation, altering its seasonality and amplifying the impacts caused by extremes,\u201d says the report, which was a joint effort by researchers at the European Central Bank and the Potsdam Institute for Climate Impact Research.<\/p>\n\n\n\n

In particular, the ECB\u2019s report claimed that climate change is causing extreme heat and drought which is negatively impacting crop production.<\/p>\n\n\n\n

Data proves each of these claims is false. As shown in dozens of Climate Realism<\/em> posts, during the recent period of warming there has been no increasing trend in extreme heat<\/a> or drought<\/a>, and crop production<\/a> has increased dramatically globally, including in most of Africa<\/a> and in South America, two regions that the story claimed were being particularly threatened by climate change induced inflation. Data from the U.N. Food and Agriculture Organization for South America show, for example, that since 1990:<\/p>\n\n\n\n