This film attempts to explain what a “wonderful” thing inflation is. It is the predecessor to the printing press/helicopter strategy.
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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December 6th, 2008 at 9:39 am
Quaint…almost reminds you of the old “Reefer Madness”….
December 6th, 2008 at 9:59 am
I love the line “And wages will go up”
Unless we find we can offshore your job for .50 on the dollar or bring in H1-B Visa employees to America.
December 6th, 2008 at 10:18 am
its like, magic!
December 6th, 2008 at 10:21 am
This was a fabulous plan…it worked for 74 years of prosperity. You could have been born in 1933, died an old age, and thought this was the greatest plan ever! Now we are stuck with the tab, as they went a wee bit too far and saddled us with 10 trillion in debt.
December 6th, 2008 at 11:17 am
I remember reading somewhere that during the depression there was a gov’t sponsored marketing campaign to stimulate consumer spending with slogans like “Save a dime, cost a man his job!”. Was this part of it?
As Steve Barry points out it worked all too well. Will our current buy, buy, buy culture once again shift to a save, save, save culture? Barry seems skeptical but it has happened before so it can, and IMHO will, happen again.