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#53: Edward Chancellor On What History Can Teach Us About The True Cost Of Easy Money

Superinvestors and the Art of Worldly Wisdom

CHAPTER

The Mandate of Inflation Is a Crisis of Economics

"We really, definitely, to my mind, have a crisis of economics," he says. "The average working person doesn't complain when the price of beer or the car cost less one year than another." The central bankers used that good deflation spooked into lowering interest rates, fuelling the asetpice bubbles and credit booms,. When they bust, they give you the bad deflation - an economy that contracts when everyone tries to pay off their debt.

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