"As government printing presses and central banks inundate the marketplace with ever expanding supplies of money and credit, the tragic consequences are becoming much easier to see. It is increasingly difficult for politicians to explain away the economic upheaval, social disorder and general erosion of the moral and social fabric attendant on their policies."
No, I didn't say that and it wasn't said recently! That quote is from a book titled, Age of Inflation, by Dr. Hans Sennholz. And it wasn't written this year. It is circa 1979 and should be required reading for everyone in business and especially people in government since they don't learn from their mistakes and they're doing it all over again.
Does anyone remember the double digit inflation and turmoil of the Carter years? Price lists were obsolete before the ink was dry. Inflation was 35. 4% for the three year period of 1979, 1980, 1981. But we shouldn't worry because inflation is only 2%. Try swallowing that lie the next time you buy gasoline, groceries or nearly anything else.
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