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Inflation is due primarily to oligopolistic control of the means of production. It, of course, is more potent when government is captured by the oligopolists.

Other than that, the Liu article is one of the most insightful pieces to be found outside of some blogs. Unfortunately for us, large segments of elite-college graduates are aware of both these facts and the means of manipulating them.

paul spencer

by paul spencer (spencerinthegorge AT yahoo DOT com) on Fri Feb 5th, 2010 at 02:52:35 PM EST
Unfortunately for us, large segments of elite-college graduates are aware of both these facts and the means of manipulating them.

For some reason I hold on to the delusion that miseducation in an incorrect theory (in this case economics) cannot possibly be an advantage...

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Feb 5th, 2010 at 02:54:11 PM EST
[ Parent ]
you are correct. To define my "term" - I'm thinking "long-term" in the current situation means less than 10 years.

Meantime, they have been proven to be capable of severe damage to most of us - more than once, I might add.

paul spencer

by paul spencer (spencerinthegorge AT yahoo DOT com) on Fri Feb 5th, 2010 at 03:48:08 PM EST
[ Parent ]

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