I was startled to see this article from the New York Times, “In Fed and out, many now think inflation helps“.
I couldn’t believe my eyes!
First of all I believe we are in the midst of very high inflation. I simply look at the cost of groceries and fuel and know they have gone up. Note: The idiots in Washington and at the Fed exclude commodities from their appraisal of inflation.
The Fed’s massive infusion of money as represented by the increase in their balance sheet which has risen from $.9 trillion in 2008 to $3.8 trillion in 2013.
This unprecedented activity has resulted in the stock market growth in spite of a slowing economy with virtually no job growth. (Current job growth is less than population growth)
Even as more people are forced onto the unemployment and welfare rolls than ever before these idiots talk about the desirability of more inflation?
Even a small growth in inflation, over a long period of time, devalues our money and leads to a false value of labor.
Yes, governments like inflation. It makes their citizens believe they are ‘improving’ their standard of living (because most people see money as ‘value’ rather than its true purchasing power) and it allows them to pay their debts with devalued dollars.
It’s Dumb and Dumber leading the country into oblivion.
‘Economists’ who favor inflation ought to be gagged for they are doing real harm.