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> it's far, far worse than inflation at nominally comparable levels.

I haven't seen any evidence for that.

> This is why the Fed is biased toward inflation.

The Fed is biased toward inflation because that way the government can spend more without raising taxes.



Try reading, Lords of Finance: The Bankers Who Broke the World. It won the 2010 Pulitzer Prize for History, among other accolades. I certainly enjoyed it, though I read it on the heels of the 2008 financial crisis, which may have made it feel especially salient.


I don't know about the merits of that book, but the Pulitzer Prize means nothing at all. They've given out that prize for hoaxes and other nonsense.




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