"I mean do you really think printing money produces actual wealth, that consumption precedes production, that the theory whereby you pay people to dig ditches & other people to fill them in (thus producing jobs but no net wealth) is sensible, and most importantly, that tinkering with interest rates actually produces efficient allocation of capital?)
Also note that the US has the reserve currency and thus in effect can export (temporarily) much of the consequences of inflationary monetary policy."
Basically i agree with this. It can go on longer than people think, but eventually a recession happens that restructures the economy. Pumping it up now via printing just means the recession down the road may be alot worse.
Keynsians "in the long run we are all dead." Doesn't care about the consequences on future generations. Current policy in the US is robbing the poor and middle class blind and eventually will result in greater hardhip for the young who will be taxed more to pay this cash back.
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