What I did was to highlight what the guy said right from the beginning where it is stated "central banks have to continuously rely on and actively indulge in a propaganda of Voodoo economics...I should add that if one had to account for inflation correctly even today we are probably in a stagflation...in the way they underreport consumer price inflation will allow them to hide the reality for a few more months..." at which time the veil under which inflation has been hiding will be finally lifted by means of a spectacular raise in commodity prices. Prices that as the author admits have never been cheaper in relative terms.
In other words, we have been for more than a decade, but without having conscience of that fact, in a state of stagflation, which has been fooling everybody apart from the perpetrators of the voodoo - the central banks, Mr. Williams and the Austrians.
The cure? The arrival in the next few months of Paul Volcker II, the right man to induce this time not a central banker V shaped recession but a depression.
By the way, Mr. Williams does not, as suggested in the article, calculate its own CPI. He just adds a constant to the CPI figures being calculated by the Bureau of Labour Statistics. He is getting a figure that is at odds with the one obtained by MIT's Billion Prices Project, which has its origins in a methodology used to prove that the Argentinean government was lying about inflation. As the results have very closely matched the government statistics in the United States not a single Austrian or Austrian sympathizer seems to have mentioned it once.
Now, have you guys ever considered forgetting the Austrians, Keynesians, etc., and go a step up the ladder? And think about what really is going on? What about starting the discussion using the stuff bellow?
"Rentier-financier capitalism, neoliberalism, and globalization have been in crisis since 2008. It is characterized by low growth rates, quasi-stagnant wages, and increase of inequality since rentiers replaced business entrepreneurs, neoliberalism became the hegemonic ideology, and globalization became the means to achieve the best of all possible worlds. But the rich capitalist world faces the threat of secular stagnation. In this article, I discuss this threat, the main authors who have been discussing it, and the new historical facts that are behind such a threat. Among the threats are the fall of the productivity of capital associated with information and communication technology, the increase of market power, the profusion of capitals, and globalization, which opened room for the successful competition of developing countries. These new historical facts don’t cause stagnation but low growth rates and general uneasiness."
