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Without wage inflation there is not much #inflation, Moon, only a tax on workers. Asset inflation is just a #tax on people who work and who are on fixed incomes. It doesn't impact massive demand for #bonds as collateral and bank capital.
Greenspan Gets One Right: Here Comes Stagflation
Without wage inflation there is not much #inflation, Moon, only a tax on workers. Asset inflation is just a #tax on people who work and who are on fixed incomes. It doesn't impact massive demand for #bonds as collateral and bank capital.