The First Panacea for a Mismanaged Nation is Inflation of the Currency
Ben
"The first panacea for a mismanaged nation," said Ernest
Hemingway, "is inflation of the currency; the second is war.
Both bring a temporary prosperity; both bring a permanent
ruin. But both are the refuge of political and economic
opportunists."
Which brings us to last week's shocker.
The Fed will buy up $300 billion in long-term Treasury bonds
and spend $750 billion more buying sub-prime mortgages to
remove them from the balance sheets of ailing big banks, to
get the banks lending again.
Bernanke is printing money to buy U.S. bonds.
For inflation is theft. It make liars and cheats of
governments. By eroding the value of a currency, inflation
punishes savers and creditors and rewards debtors. And what
nation is the biggest debtor of them all? The United States
of America.
Insidiously, inflation consumes the value of cash, savings,
municipal bonds, corporate bonds, Treasury bonds and T-
bills. Friends who lent America money, who bought our debt
in good faith, are robbed and made fools of, while
speculators who bet against America by shorting the dollar
in the currency markets are vastly rewarded.
http://www.humanevents.com/article.php?fc_c=1385839x2925452x147459758&id=31188
PeterL
> "The first panacea for a mismanaged nation," said Ernest
> Hemingway, "is inflation of the currency; the second is war.
> Both bring a temporary prosperity; both bring a permanent
> ruin. But both are the refuge of political and economic
> opportunists."
>
Do you mean the famous economist Ernest Hemingway? I love how he
dissected the European economy in his book The Sun Also Rises.
Mason C
On Thu, 26 Mar 2009 15:33:32 -0700, Ben <b...@nada.net> wrote:
>
>
>"The first panacea for a mismanaged nation," said Ernest
>Hemingway, "is inflation of the currency; the second is war.
>Both bring a temporary prosperity; both bring a permanent
>ruin. But both are the refuge of political and economic
>opportunists."
Inflation? Oh, my God !
I'm terrified by the idea of inflation. It will mean the end of all
the fun we're having with deflation and depression. What's we
do then, discuss Trading Stamps?
Mason Clark
*Greater America in the Age of Rebellion*
http://frontal-lobe.info/greateramerica.html
-- many excerpts you can see --
Poetic Justice
> On Thu, 26 Mar 2009 15:33:32 -0700, Ben <b...@nada.net> wrote:
>
>>
>> "The first panacea for a mismanaged nation," said Ernest
>> Hemingway, "is inflation of the currency; the second is war.
>> Both bring a temporary prosperity; both bring a permanent
>> ruin. But both are the refuge of political and economic
>> opportunists."
>
> Inflation? Oh, my God !
>
> I'm terrified by the idea of inflation. It will mean the end of all
> the fun we're having with deflation and depression. What's we
> do then, discuss Trading Stamps?
>
You can get a job printing money.... Obama will need more printing
presses running to keep up with the inflation so the Government can
afford to pay the politicians.
Yadda
Hey I will borrow X and give you back X - (X*.9). What a deal for me!
Oh forget about inflation as it only hurts main street!