The Hair-of-the-Dog Depression Cure

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As always, Ambrose Evans-Pritchard is worth reading on the Greenspan Depression, which is worldwide in scope. But his answer–which is the power elite’s–is nonsense. Even vaster counterfeiting on a global scale is not the answer to a boom and bust caused by vast counterfeiting on a global scale. Hyperinflation can wreck civilization. But this is the path panicked central bankers have chosen. This time, however, you will not have to take a wheelbarrow of paper money to the supermarket. You can use your debit card.

2:40 pm on October 6, 2008