Will your in-laws be moving in shortly?
Caroline Baum, a columnist for Bloomberg, notes that the inflation targeting plan executed by Bernanke and promoted by Mankiw has the potential consequence of forcing fixed-income retirees and savers to eventually move back in with their relatives.
Heroic!
In her piece she also cites William Anderson's post on the subject from earlier this week.
So if that doesn't turn your frown upside down, this plan should make you feel warm and fuzzy:
Treasury Department Issues Emergency Recall Of All US Dollars
Comments (7)
Phillip Conti
It is indeed frightening the lengths towards which intelligent people will use to promote inflation. The argument for inflation is exactly the same as the argument for de-civilization, barbarism and regressive social behavior.
Published: May 22, 2009 4:14 AM
Geoffrey S.
Phillip, I agree.
"Its [inflation] long-run effect is to misdirect employment and finally to destroy it. The belief that inflation reduces unemployment is perhaps the most costly myth of the present age."--Henry Hazlitt, The Inflation Crisis And How To Resolve It, p. 101
Inflation is theft, and we are witnessing theft on a massive scale. This is antisocial behavior and it does promote the process of decivilization.
Published: May 22, 2009 10:26 AM
paul carlander
kinda sounds like hanky panky paulson.
Published: May 22, 2009 3:31 PM
John McLamb
All these foolish policies...0% interest rates...bailouts..etc. all stem from the same cause: The Federal Reserve System. This system has been used for almost 100 years to rob every American not a part of it and will continue untill the dollar is at 0. Moral degeneration leads to financial destruction. The debtor is slave to the lender. When the lender deliberately sets up a system whereby everyone is forced to be a debtor...there is no freedom!!!! It is an illusion...we lost our freedom in 1916 when we were sold out to the banksters!!!!! The USA is DOOMED and at this point there is not turning back!!!
Published: May 22, 2009 3:37 PM
John McLamb
All these foolish policies...0% interest rates...bailouts..etc. all stem from the same cause: The Federal Reserve System. This system has been used for almost 100 years to rob every American not a part of it and will continue untill the dollar is at 0. Moral degeneration leads to financial destruction. The debtor is slave to the lender. When the lender deliberately sets up a system whereby everyone is forced to be a debtor...there is no freedom!!!! It is an illusion...we lost our freedom in 1916 when we were sold out to the banksters!!!!! The USA is DOOMED and at this point there is not turning back!!!
Published: May 22, 2009 3:37 PM
Matt
Well said. John McLamb.
It was 1913 when the FED was created for the benefit of politicians to raise taxes via deficit spending and for the benefit of the bankers via Fractional Reserve Banking i.e charge real interest on fictitious reserves that are loaned to borrowers.
"Moral degeneration leads to financial destruction."
probably better said, Financial Destruction leads to Moral Degeneration.. Look around!
Published: May 22, 2009 4:55 PM
jason
"Inflation is repudiation"...Theodore Roosevelt
Published: May 22, 2009 10:18 PM