Is America’s course of inflation so obvious that it it becoming a joke?
*Barron's, by Alan Abelson, February 25, 2008
“Zimbabwe, Here We Come!
RECORDS, THE RUSTY OLD SAW GOES, ARE MADE TO BE BROKEN. So, incorrigibly jingoistic as always, and fully aware it still has a ways to go, we have every confidence that the U.S.A. can ultimately break Zimbabwe’s record, set only this year, of an annual inflation rate of 100,580%.
Scoff not, please. We know that, at least by the official count, our own inflation rate remains in single digits. But, if a rapidly undeveloping country like Zimbabwe can lift its rate nearly 35,000 percentage points in a single month, our vaunted American know-how with a little concentrated effort can surely top that.
Besides such natural advantages as a world of experience in running up debt and living far, far beyond our means, we’re blessed with an administration and a Congress dedicated to the debasement of the currency, a Federal Reserve manifestly willing to pay any price for even a modicum of fleeting growth and vast legions of financial operators of great ingenuity and little conscience who can turn something into nothing.”
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