The phantom of “inflation targeting.”
David Ricardo (1772-1823) was one of the most influential economic theorists of the first half of the nineteenth century.
When governments find it impossible to continue raising taxes or borrowing funds, they have invariably turned to printing paper money to finance their growing expenditures. The political economy of the French Revolution is a tragic example of this.
The CPI vs. the Diversity of Real People’s Choices
The notion of nominal interest paints a misleading picture of losing purchasing power..
Inflation is not needed to grow economies but to grow governments.
If you put $1,000 in your piggy bank in 1960 and took it out to spend in 2000, you would discover that your money had, over time, lost 80 percent of its value.