The Birth And Rise Of Washington’s Infernal Inflation Machine, Part 2

The re-channeling of the Fed’s inflationary money-pumping from main street to Wall Street gave rise to Twin Big Lies. Namely, that the Friedman formula about too much money chasing too few goods was obsolete, and that the soaring paper wealth being generated in asset markets was real, sustainable and a sign of resurgent capitalist prosperity. […]
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