Lew Rockwell Blog
March 11, 2013
Henry Hazlitt absolutely was correct when he wrote in Economics in One Lesson that every generation must learn anew the harsh lessons of seeking the inflation “cure.” The Financial Times covers Ben Bernanke with adulation that would have made Caligula blush, claiming that the heroic “helicopter Ben” has saved the economy through inflation. Thus, he has not become “lawnmower Ben” who would be “shredding the green shoots of the recovery.”
Because the U.S. economy has not seen official double-digit inflation for more than 30 years, people forget the damage that inflation does, and how it does not bring about economic recovery, but eats it away. Unfortunately, the “top” economists in the world today all are calling for even more inflation and are dragging us into an even worse version of the unhappy 1970s when the economy lurched from inflationary booms to recessions.
This article was posted: Monday, March 11, 2013 at 11:13 am