September 24, 2012

The Fed and the ECB are abandoning the operating procedures that have brought us low and stable inflation and embarking in an experiment that attempts to stimulate the real economy. If, as monetarists believe, money is only a veil, these policies will result in a rise in the inflation rate. Worse yet, if they fail to reactivate the economy, a rising inflation rate will result in the worst case scenario: stagflation.

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