At the tail end of
my last money-ish post, I quoted L. Frank Baum's opening to his topical money allegory The Wonderful Wizard of Oz:
Dorothy lived in the midst of the great Kansas prairies, with Uncle Henry, who was a farmer, and Aunt Em, who was the farmer's wife. Their house was small, for the lumber to build it had to be carried by wagon many
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Unfortunately, that effect is the only thing preventing crazy monetary inflation from becoming crazy price inflation. Which quickly turns into hyperinflation absent growth in aggregate demand channeling that to productive capital instead of durable goods.
To use Homer-Dixon's metaphor, there's an upside to forest fires, too, but that doesn't mean it's fun to be caught in the middle of one.
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LJ can be weird. I edit one comment, and it screens it.
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