Tuesday, 20 September 2011

In which Paul Krugman explains the morally repugnant Plan B...


Inflation. Yep, that's it really. That's the Plan B. Rampant inflation, the nationalisation of private savings and the impoverishment of those on fixed incomes or living off those savings.

But Paul Krugman thinks inflation is fine:

I pointed out that the last time we were in an economic trap resembling our current predicament, inflation actually helped get us out.

All inflation does is take my savings and use them to pay off other people's debt - which right now means the government's debts. That's it. And to propose allowing inflation as a cure for 'depression' shows just how much disdain the left have for ordinary people who work hard, save for their retirement and - as the saying goes - do the right thing.

 It is wrong - morally wrong and pretty repugnant - to say that inflation is in any way a cure for our problems. But then Krugman, as a left-winger, wouldn't know repugnant immorality if it slapped him in the face.


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