Balderdash

Where Was the Inflation?

the inflation manifested itself in a unprecedented housing orgy

that's not measured by CPI

Confessions of an Austrian Economist

Ever heard the old adage 'can't have your cake and eat it too??' I suggest you revisit this truism.

The malinvestments and inane monetary policies of our decades past have created losses that must be flushed through the system. No amount of fiscal stimulus is going to cure the inevitable correction. All the government can do is redistribute the losses amongst those who have done no wrong and create moral hazard.

An inflationary depression is far worse than a deflationary one. Imagine the job losses if people refuse to work for worthless dollars and demand gold, euros, or wheat? A full blown currency crisis is arguably worse than deflation and massive default.

The Financial Industry: Takes Too Much, Gives Too Little

The financial industry has, and will continue to be, necessary to streamline the depolyment and distribution of capital. It just so happens that a bunch of crooks in Washington have created insentives that encourage wreckless and dangerous behavior from this system which will ruin us all, all the way back to the creation of the Fed in 1913, which is no different that a racketeering operation.

This 600B per year was the price to pay relative to the creation of business, weath, technology and production financed by careful capital allocation. Don't forget that. We just need a sound framework in which it can operate without some mob boss running the show.