Mankiw Calls for Inflation
I don’t know what other evidence people need to realize that the dollar is doomed. Now in addition to Paul Krugman, we have “right wing” Greg Mankiw urging the Fed to promise us inflation. (HT2EPJ)
This requires a full-length Mises.org treatment, especially the “clever” idea of randomly destroying 10% of the currency. (“Huh? What kind of straw man argument is that, Murphy?!” Check it out, my friend.)
For now, let me just complain about our culture’s utter inability to believe that government officials–and yes Bernanke is a government official–might be wrong or lying.
Consider this: Mankiw is saying that Bernanke ought to commit to inflation in order to fix the economy. Well what the HECK do you call this, Prof. Mankiw?!?!?!
Does Bernanke have to actually utter the words, “We will have massive CPI increases” in order for it to be true? Does he need to preface it with “Simon says”?
