Mr. Speaker, as I was saying, housing prices were dropping until the bank began printing its money. The increase in the money supply flooded into the mortgage system. From the first quarter of 2020 to the first quarter of 2021, mortgage lending grew by 41% and, as a result, from April 2020 to April 2021, housing prices went up about 42%. In other words, there is a direct cause-and-effect relationship between the increase in the money supply and the increase in prices.
This is supported by years of research by academia. For example, Milton Friedman, the Nobel Prize-winning economist, said, “Inflation is always and everywhere a monetary phenomenon”, and John Maynard Keynes—