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: Instapundit.com

WELL, THIS IS ENCOURAGING: With The Dollar In Freefall, The System Is Breaking Down. ?What Hazlitt?

By Glenn Reynolds

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WELL, THIS IS ENCOURAGING: With The Dollar In Freefall, The System Is Breaking Down. “What Hazlitt knew, and Nixon didn’t, is that inflation has great momentum. The price level can withstand significant monetary abuse, but once inflationary expectations cement they are impossible to dislodge without extreme economic and political pain, as Ford, Carter, and Reagan soon discovered. The similarities between then and now are obvious.”


Full post as published by Instapundit.com on January 08, 2011 (boomark / email).

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