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and meanwhile, resource-driven inflation keeps headline inflation positive during wage deflation. Which lets central bankers get away with the outrageous lie : "we are delivering price stability".

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Thu Aug 2nd, 2012 at 11:57:53 AM EST
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The unstated "... and income instability" need not be noticed if its not the incomes of the PTB that are unstable. If, indeed, they are either steady or rising, from windfall gains on resource ownership that tends to be concentrated at the top end of the income ladder, that would be good income instability, so long as the hoi polloi don't start a civil war or some such inconvenience.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Thu Aug 2nd, 2012 at 12:05:00 PM EST
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