We're in a World of Retroflation

There were mistakes made in the thirties. The thirties was primarily a financial crisis. And and people should have printed money more aggressively. When f d r started doing that, in 19 33, you did get a very robust recovery. We need whole new concepts to describe it. I think we'e in a world of retroflation. You have bad inflation in commodities and bad deflation in wages,. leading to a massive decline in real wages. As long as the policy makers are focused on this financial prism, and it's a question of how much do we tinker with the money supply, or things like that, you do not even have a chance to find an escape from