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On Tuesday, Treasury Secretary Janet Yellen admitted that she was wrong when she said, last year, that she didn’t expect inflation to be much of a problem:

Of course, Yellen’s mea culpa was qualified: she didn’t anticipate the various shocks and supply chain issues that have contributed to rising fuel and food costs.

But the real shock was injecting trillions of dollars of printed money into the economy, when those dollars did not represent any incremental wealth. If Janet Yellen seriously did not understand that money printing on this scale would trigger substantial inflation, she is one of the few who couldn’t see it coming, and it is time for a new Treasury Secretary.