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| Yes, they are very tricky terms. In fact, I've argued that the term inflation is pretty meaningless - unless it is applied individually to each person.
In Weimar Germany, I believe the problem was that they could not borrow any money. We may indeed get to that point. At present, however, unlike WG, the USD is the world's reserve currency, and it seems that the world really needs it. Transactions can be done in any currency, but at the end of the day, you have to ask - where is the money parked? There is currently no replacement, and this probably will be true for some time.
As for Keynes - we agree. If they used all of his ideas, it would probably work quite well. But, we know that it would be impossible for politicians to do it the way Keynes said it should be done. And so, like I've said - we get Central Planning Lite. | |
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Germany also continues to take back gold.
