Agreed, again Peter, and a friend of mine sent this to me last night, and I kept wondering if you had ever seen it before - not even knowing that you were going to send this one out today! Providence?
Over the long term, I believe that is correct. What we would have is some oscillation between inflation and deflation due to private credit expansion and contraction, with the long term trend actually being mildly disinflationary because technology improves productivity and makes things less expensive in real terms.
Yet a balanced budget bill, that literally "balanced the budget" remains as far in the future as one can imagine. Time to replace the government is the only conclusion one can come to.
Thank you for addressing this topic, Peter. I am currently reading your 2 part, earlier essays.
Agreed, again Peter, and a friend of mine sent this to me last night, and I kept wondering if you had ever seen it before - not even knowing that you were going to send this one out today! Providence?
https://www.youtube.com/watch?v=Rmc8GDlyAQg
"but for government we would have no inflation."
Over the long term, I believe that is correct. What we would have is some oscillation between inflation and deflation due to private credit expansion and contraction, with the long term trend actually being mildly disinflationary because technology improves productivity and makes things less expensive in real terms.
Yet a balanced budget bill, that literally "balanced the budget" remains as far in the future as one can imagine. Time to replace the government is the only conclusion one can come to.