Oil Prices and Inflation in a World Without Money

While Saddam was invading Kuwait, while the consumer price index was going up and oil prices were rising, the US economy found itself in recession. The Fed was already thinking about how they would try to understand the inflation dynamics in a world where they don't do money. When it came out of the recession, there was no inflation because there wasn't the sort of monetary imbalance that there had been in the 1970s That's the difference. Most people are led to believe that economics has done such a horrible job educating the public on various differences.

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