James Devine wrote:
>
>
>
> maybe they want deflation because they are basically monetarists, believing
> that falling prices cause the economy to equilibrate. And maybe they're
> more independent than I just said they are. And maybe they're crazy with
> power.
Maybe they're just tired men running from capital to capital to put out fires, sensing defeat and getting reconciled to the worst. If you really have such a conspiracy theory, than as my friend Jim Hillier told me yesterday, remember that the 1930s did not end until 1945. A price deflation will have quite predictable consequences, won't it?
Mark