In his book Human Action, Ludwig von Mises wrote, “Continued inflation must finally end in the crack-up boom, the complete breakdown of the currency system." Similarly, we have Voltaire's wisdom, “Paper money eventually returns to its intrinsic value – zero.” So, Dr. Bernanke, we're not talking about a "tail risk" of this baby coming to term. It's coming. And, when the dust settles, it will be the very opposite of a really, really bad outcome.
One of the most poigniant peices I've read in some time is this little ditty by Arthur M.M. Krolman.
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