Re: Wonderin' how y'all are doin' commerce-wise

In article <5cidnWFIEv2DynfVnZ2dnUVZ_sTinZ2d@xxxxxxxxxxx>,
Jack Denver <nunuvyer@xxxxxxxxxxxx> wrote:

"Steve Ackman" <steve@xxxxxxxxxxxxxxxxxxxxxxxxxxxx> wrote in message
news:slrngej10i.vp9.steve@xxxxxxxxxxxxxxxxxxxxxxxxxxxxx
In <3c46fd81-6909-449d-9ca8-724efa4ba082@xxxxxxxxxxxxxxxxxxxxxxxxxxx>,
on Sun, 5 Oct 2008 13:48:26 -0700 (PDT), bernie, bdigman@xxxxxxxxxx wrote:

Actually, even if you are not in the
business I hope the economic downturn hasn't hurt too much.
peace.

Remember the late 70's/early 80's? The definition
of inflation is the creation of currency for which no
wealth actually exists.

There haven't been bars of gold and silver backing the currency for a long
time. Your definition is circular because "wealth" is denominated in the
same currency that it supports - a dollar is worth a dollar. The amount of
"wealth" that the bailout will add to the economy is nothing compared to the
amount of "wealth" that disappeared when the housing and stock markets
declined 20%.

Wealth is "the annual produce of the land and labour of the society"
(Adam Smith).

The Fed has had the the
printing presses cranked up like crazy already, and
with this $860 billion (to start) bailout, it's just
the beginning. We probably won't hit Reichsmark or
Zimbabwe dollar inflation rates (in the near future
anyway), but we can certainly look forward to
"unprecedented" devaluation of the dollar.

Deflation in economy is a very dangerous thing, associated with depressions
and widespread unemployment. Inflation is a tax on wealth

denominated in dollars?

--Paul Vojta, vojta@xxxxxxxxxxxxxxxxx
.

Relevant Pages

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  • Re: Meyer: meters (AmE)
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