Rogue Economics/Bill Bonner/6-8-2021
“We ended yesterday’s Diary with a question: Who will tame inflation this time? You already know the answer, don’t you, Dear Reader? No one. It’s too late for that. Too many businesses… households… and the government itself depend on “printing press money.” Too many economists, investors, politicians, and policymakers have forgotten how inflation works. They think it stimulates the economy. And today, the costs of tapering off the Federal Reserve’s crackpot policies are far too high.”
USAGOLD note: Bonner says we aren’t going to see any Reagans or Volckers, but we will see Connallys “aplenty.” That is just another way of saying we have a long way to go on the inflation track without much in the way of a deterrent. As Secretary of the Treasury under Richard Nixon, John B. Connally presided over the devaluation of the dollar, severing the link between the dollar and gold thus launching the fiat money system, and price controls as a means to fighting inflation. He famously told European finance ministers in 1971 that the dollar is “our currency, but your problem.”
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