inflation

[christian a. gregory]

In the 70's, it also precipitated lots of household debt, and made a lot of
it a lot less valuable. The bourgeoisie hates inflation in part because it
lowers the value of the debt they already own. No?

Christian

----- Original Message -----
From: Doug Henwood <dhenwood at panix.com>
To: <lbo-talk at lists.panix.com>
Sent: Thursday, February 10, 2000 10:31 AM
Subject: inflation


> Date: Wed, 9 Feb 2000 21:42:20 -0500 (EST)
> From: bhandari at mmp.Princeton.EDU (Rakesh Bhandari)
> Subject: Re: Japan syndrome
>
> Doug asks
> >
> >So why does the bourgeoisie hate inflation so much, and why have they
> >embraced deflationary policies since Paul Adolph Volcker's ascendancy
> >in 1979?
>
> Because inflation got out of control by the 1970s. It went from prop to
key
> destabilizing factor as it galloped ahead to the complete incompehension
of
> bourgeois economists as unemployment was then high.
>
> yrs, rakesh
>