Re: Removing the Doughnut (Christopher Hayes & Brink Lindsey)
I'm a little shocked to hear Chris make a case for inflation, since it's basically a tax rich people can avoid and poor people can't. The point is academic: inflation isn't a monetary phenomenon, it's a money-and-credit phenomenon, and existing credit is being destroyed much more rapidly than new credit can be created. We appear to be due for another deflationary depression, worse than the '30s by some of the key stats . If they don't have anything else to worry about, that might be a good time for Chris and Brink to revisit the faith they express here in the capabilities of the Federal Reserve.