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are the yanks giving up on themselves

  1. croupier

    5,447 Posts.

    ........sounds like this one is......from Long Waves web site

    Why the Fed will inflate but not hyperinflate.
    by John W Perry
    09 December 2002 07:37 UTC

    The problem is that all bankers (central bankers are no exception)
    feel most allegiance to their largest borrowers and depositors (and
    many people/corporations are *both*). There will be no "humanitarian
    hyperinflation" to rid Joe Sixpack of his debt by devaluing the dollars
    he uses to repay it.

    In fact, I look at the no-interest/deferred-payment schemes of the auto
    and furniture retailers right now as a "tip off" that deflation is to
    be expected because they wouldn't offer these incentives if they were
    to be payed back in *cheaper* dollars. Additionally, no central bank
    will devalue the wealth of the plutocracy by making dollar-denominated
    assets worthless.

    It is an interesting debating point as to whether hyperinflation for a
    short period would right the American economy but, ultimately, there is
    no fix because it will take us a generation to regain a manufacturing
    base, stricter moral and educational standards, and an economy based
    on production and savings instead of spending and scamming.

    No macroeconomist's Rosetta Stone will work if the entire population is
    cruder, baser, and lacking any standard of "the life worth living" outside
    of "he who dies with the most toys wins". In my regrettably pessimistic
    opinion, we now have that kind of population. While the media may have
    created a kind of global degeneration, most places still have identifiable
    places of reverence for the life of the mind. In America, I sense an almost
    palpable "will to stupidity" (our TV shows demonstrate this abundantly)
    except for the combination of fact-worship and money-making. America's
    "intellectual" life right now is like a Vo-Tech view of the world.

    John Perry

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