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03 June 2009

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I had read that letter from Howard, and thought about the other people I know at work and elsewhere that espouse the same attitude. We all have different opinions and should respect the right for one and another to be able to voice them. That way, we can accurately gauge the complete inability of others around us to gather information and make rational decisions. If you want any more of the same, albeit from a more highly respected source, check out Paul Krugman's opinion piece from I believe May 28th. He believes that there is no reason to fear inflation as the money just comes out of nowhere and returns back whence it came with a healthy effect on our economy.

George Rebane

But Krugman, even before encumbered by his Nobel, never acknowledged that the Fed has a horrible record of retiring money already in circulation. Somehow the assets that it tries to sell for cash always bring in a small fraction of what it 'paid' for them with freshly printed money. I am at a loss on how to explain how prominent, award-winning economists can miss so much of economic history and experience, and still continue their credible careers.

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