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the great ideological victory of the 70s and 80s for the neolibs has been to blame "inflation" on wage indexation, and conflate inflation with wage inflation. It justified breaking the unions, and it brought about endless growth to profits and asset values, which are of course not 'inflation'...

And then Greenspan went one step further by saying that asset inflation is not something that can be identified (and thus should not be fought) whereas asset deflation is evil and should be fought by increased central bank liquidity.

Wind power

by Jerome a Paris (etg@eurotrib.com) on Sat Nov 20th, 2010 at 06:16:21 AM EST
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