Quote:
Originally Posted by Shadywood
Anybody around here old enough to remember the Carter inflation?
Every night, there was some genius PhD guy on your TV, wringing his hands and acting like 20% inflation was just some kind of bad weather: "Nobody knows for sure where it comes from or what to do about it. Oh, there's lots of theories..."
And then Reagan came in and said, "Well, I'll be darned -- somebody left the magic money machine running over at the FED! Lemme just shut that stupid thing off, and things will get back to normal in no time!"
18 months later, it was over.
Funny thing, though. The genius PhD guys never did connect the dots between the Gooberment printing massive piles of money, and the money being worth less. So they invented "Modern Monetary Theory", which basically says the best way to guarantee government freebees for everyone is to crank up the magic money machine! Our last three genius FED chair-guys&gals have been big proponents of "MMT".
And son-of-a-gun, umpteen-trillion-dollars later, we've got inflation again! Whodathunkit!
As Churchill said, "Those who fail to learn from history are condemned to repeat it".
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As I regularly state, I am truly glad that I do not make the decisions. I do enjoy my right to complain with no consequences. Other than the consequences for what I decide to do with MY MONEY.
As far as history, we should all read about run away inflation in Germany in the 1930's
First of all Germany is what we tend to know, reality it was true of several countries including Spain among others.
The depression of the 1930s, no shortage of OPINIONS, but, it was caused by a clamp down on credit along with a tax increase.
I think all or most agree we are playing with fire. Solution, I don't know. Was I to post my solution no doubt, first of all I do not have the power to get it done and if I did many would argue that I am wrong.
Glad it is not my responsibility. History shows we will not do anything about it until we have to because it is so bad.