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1970’s Inflation Plus Financial Crisis and the Inevitable Chaos

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Dick Eastman
Dick Eastman
July 18, 2021

Interest rates are low because those setting them expect big deflation in the prices that matter to those holding large cash balances and dollar-denominated bond wealth — the people who get a windfall in such deflation — the people who buy up the assets that go on the markets in a real economy deflation. Quantitative easing lets the creditor class trade their securities for cash to buy up the bankrupt business, household and public sector assets forced on the market by too little money in the real domestic economy. The stagflation is money-in-circulation deflation (low M1) in the among consumer… Read more »

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