ANALYSIS: How the conceit of monetarism is punctured by anthropology

8 Feb

The Slog.

miltquoteptnt

Gold, property and arable land are forever, but fiat money and hitech trading are transitory 

Can you imagine what the reaction would’ve been forty years ago if a senior banker or major-league politician had said, “We’re going to focus going forward on achieving our inflation target”? Even the Mad Handbag would’ve said that the only target she had was zero. But the three major central bankers on the planet right now are all singing from that same hymn sheet of the inverted Cross: they want more inflation.

Something has gone very badly wrong here, and I am about to explain why.

Predictably, fortune-cookie rentaquote Milton Friedman observed, “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.” You know, history is going to one day unmask Milt as…

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