This is definitely worth a read, and if you can't read look at the chart, as it dovetails nicely into yesterday's post. Part of the problem state-level governments are facing is the inaccuratte belief amongst policy makers that inflation is the answer to deleveraging (declining debt/GDP) and their inability to use history as a guide that such a method simply doesn't work; that is, unless you desire hyper inflation ala the Weimar Republic.
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