Follow The Money, page-15

"Remember INFLATION IS NEEDED to reduce nominal debts. "

I have asked to a fool  this question:  if A owes $100.000.00 to his banker and  inflation is 10% per annum, how much would A still be owing  after one year?  And surprisingly  the fool's answer was that: "in nominal terms it would still be $100.000.00".

This begs the question: if a fool cannot be fooled how could JFI be fooled?  Moreover, if government debt is debt in perpetuity reason tells me that only a real fool would ever expect it to go down in nominal terms.