Virtual Money, Ugly Reality

June 7, 2011 04:02

[W]e are on the threshold of another, far greater inflation.  Unless we who lived through the last one recall the lessons we learned in the ’80s, not only are we doomed to relearn them, but we’ll do it while facing the greatest social upheaval in our history.

By Jim Mahoney at American Thinker


Every trip to the store was an adventure.  Price labels grew on everything like barnacles.  Peeling them back meant exploring an infuriating history of ever-increasing prices.

Politicians at every level seized the opportunity to scapegoat anyone who dared offer products for sale.  Any producer or merchant, from farmers to property owners, was fair game.  “Friends of the people” offered “solutions” of every kind, from rent control to price controls on gasoline.

It took the great political contrast of 1980 to demonstrate by action what caused the pain and dislocation of the previous decade. …

Almost overnight, gas rationing ended, and the pump lines disappeared as the new administration lifted price controls.  Eventually, after several years of painful austerity, the economy began to rebound, and ballooning prices settled down.  With respect to oil, the economy entered a period of abundance and stability.  It lasted about twenty years.

Eventually, as inflation cooled, we came to realize that the “greedy” landlords, grocers, and even OPEC sheiks were just bogeymen, convenient and effective distractions covering for the real thieves.

Once again, the great swindle is happening in plain sight, but very few seem to notice.


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