Re:Central bankers rethink their devotion to slaying inflation
by barking on Sunday December 23, 2012 @05:08PM
(#4960859)
Attitudes toward money proceed in
long cyclical swings. When money is bad, people want it to be better. When
it is good, they think of other things. Only as matters are examined over
time can we see how people who are experiencing inflation yearn for stable
money and how those who are accepting the discipline and the costs of
stability come to accept the risks of inflation. It is this cycle that teaches us
that nothing, not even inflation, is permanent. We learn also that the fear of
inflation which inflation leaves in its wake can be as damaging as the
inflation itself.
J.K. Galbraith 1975 Money Whence it came, where it went
J.K. Galbraith 1975 Money Whence it came, where it went