Most Americans Do Not Understand the Horror of the Coming Inflation Wave
Added 10-14-21 08:41:02am EST - “If you are 55 years old or younger you do not have living memory of what it means when inflation takes hold of our economy. It is not merely that you the price of everything goes up. It is a recipe for killing the economy and will…” - Thegatewaypundit.com
CLICK TO SHARE
This is the gruesome story of the great inflation of the 1970s, which began in late 1972 and didn’t end until the early 1980s.8 In his book, “Stocks for the Long Run: A Guide for Long-Term Growth” (1994), Wharton professor Jeremy Siegel, called it “the greatest failure of American macroeconomic policy in the postwar period.”
The great inflation was blamed on oil prices, currency speculators, greedy businessmen, and avaricious union leaders. However, it is clear that monetary policies, which financed massive budget deficits and were supported by political leaders, were the cause. This mess was proof of what Milton Friedman said in his book, Money Mischief: Episodes in Monetary History: Inflation is always “a monetary phenomenon.”
TRENDING: Psaki on Inflation: "The American People Are Not Looking at Cost-to-Cost Comparisons From This Year to Two Years Ago" (VIDEO)
The great inflation and the recession that followed wrecked many businesses and hurt countless individuals. Interestingly, John Connally, the Nixon-installed Treasury Secretary who did not have formal economics training, later declared personal bankruptcy.
If you don't see any comments yet, congrats! You get first comment. Be nice and have fun.
CLICK TO SHARE