The Doctrine of Inevitability

[Doug Henwood]

Rakesh Bhandari wrote:

>Oh, on the question at hand, does deflation only benefit bond holders?
>Can't it aid the centralization process as well--driving weaker capitals
>to the wall, allowing better positioned ones to pick them up for a song?

Yes. It benefits anyone with a solid horde of money. Yale built its
residential colleges in the 1930s very cheaply because it had lots of money
(courtesy of the Harkness criminal enterprise, I mean family), and was able
to hire contractors for the proverbial song. According to Yale legend, an
entire village of Italian artisans was imported to cut wood & stone & make
the (often whimsical) stained glass.

Doug