The Cure

Dave Killion — November 9, 2010

I used to think I knew what a good letter-to-the-editor looked like, but then I discovered Don Boudreaux at Cafe Hayek. He is, to my mind, one of the most powerful antidotes to the sickening nonsense inflicted on us by the mainstream media.

Comments

Tim says

Why in the USA do people in the top 1% continue to own as much wealth as those in the bottom 90%?

— November 10, 2010

Max says

This is how dumb the media and the general public are about what is happening- except they will blame themselves for not working hard enough………..blah blah blah. Is this wealth creation or wealth destruction?

“The recently announced Quantitative Easing 2 policy of the Federal Reserve has had and will have a profound effect on the dollar—and a profound effect on the American people: Especially the bottom 80%. In a word, QE2 will make four fifths of the American people poorer. Bernanke’s stated purpose in QE2 is to spark consumer spending, and thereby reignite the economy. But QE2 will have the paradoxical effect of making basic necessities—food, housing, clothing, transportation—more expensive for everyone. This will mean that basic necessities will take a bigger bite out of household incomes, reducing consumption, rather than stimulating it. So like a frog dropped in a pot of cold water that’s had the heat turned up, the American people—especially the bottom 60% to 80% of the population—will slowly be boiled to death in the stew of QE2. —Gonzalo Lira “

— November 10, 2010

David C says

Max: That quote is dead on. Inflation hurts the poor more than anyone else. It pisses me off so much when people say libertarians don’t care about the poor. What rubish. We care more about the purchasing power of their dollars THAN ANYONE ELSE and thats a fact.

— November 10, 2010

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