This film attempts to explain what a “wonderful” thing inflation is. It is the predecessor to the printing press/helicopter strategy.
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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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.