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13 November 2010

Comments

Mikey McD

George you very eloquently described the disdain our MSM/government/education system promotes against the producers/entrepreneurs of the world. Meanwhile, as the warfare against the producers fights on the 'taskmasters' (softer term than slave drivers) in Washington will continue to "print and plunder." Americans can't feel comfort from the treasonous actions of Timmy 'I'm not an economist' Geithner or Ben 'we do not know what to expect or how to managed this round of quantitative easing' Bernanke. Ayn Rand, Bastiat, Mises, Hayek were all right (correct).

Todd Juvinall

I liked to tone of the article. It will go right over the heads of the rent seekers.

Russ Steele

Todd,

George's, column has got the usual suspects all in a twitter over at Jeff P blog, but the comments are under the attack on Glenn Beck by George Soros's organizations. The commenters are up to their usual standards of attacking the messenger rather then providing an alternative case for George's presentation of the issues. Yep, right over their heads. They just know that if George wrote it, it just had to be wrong headed. They are so shallow.

Todd Juvinall

I read the leftist blog story too. What a crummy piece of so called "journalism. No wonder that person is an FUE.

D. King

"Today our ‘reparations’ are the debts we must pay to our foreign lenders, entitled citizens, and retired public service employees."

A very sharp stick with which to poke the ideologically
shackled left…. and the reaction was predictable.
Well done!

Barry Pruett

Those who fail to learn history....

RL Crabb

I know where Weimar is...You take 174 to I-80 and hang a right. Used to be a nuthouse there, till Reagan liberated them. Now run by Seventh Day Adventists.

Russ Steele

Secret Walmart Survey Shows Inflation Already Here, John Melloy, Executive Producer writes at Fast Money

There might not have been a second round of quantitative easing, if Federal Reserve Chairman Ben Bernanke shopped at Walmart.

A new pricing survey of products sold at the world’s largest retailer showed a 0.6 percent price increase in just the last two months, according to MKM Partners. At that rate, prices would be close to four percent higher a year from now, double the Fed’s mandate.

Details here.

Barry Pruett

RL...you crack me up

Larry Wirth

George, interesting. Weimar wasn't the whole story. The great German inflation began in 1916 as the country tried to win an unwinnable war. My own father, born in 1903 was an apprentice in the Bohlm & Voss shipyards of Hamburg.

By 1920, he was a full-time draftsman there, along with his oldest brother, Walter. Middle brother Rheinhold had perished at Passchendale, an "unknown soldier" in 1917. The inflation was actually gradual, as seen in postal history of the period. The rate increases are well documented. Didn't happen all at once.

Dad recounted a story of late 1923 (the game was revised in December), when the paymasters showed up in the office with wheelbarrows of cash and stacked a pile on each desk.

Aware of what was happening, dad and Walter left the office and went to the Hamburg waterfront and exchanged as much cash as possible for dollars and pounds, so the visiting sailors could have a night on the town. They then bought groceries for the following day and spent the remainder in taverns, doing the exact same thing, day after day. That is how my father earned the real cash to come to America in 1928. Hope you enjoy this tale. L

Larry Wirth

As an aside, indicating how ridiculous things can be, I recently purchased a "cover" (to non-stamp collectors, an envelope), registered to Switzerland, bearing 18 copies of the highest denominated stamp ever issued, 50 billion Marks. Not Reichmarks, simply old Imperial marks. The total comes to 900,000,000.00.

Now,that is INFLATION. Hopefully, nobody today is that stupid. Or maybe not..... L

George Rebane

Thank you Larry, good expansion. My only point in using the label 'Weimar' here was to indicate the whole process which led to the blow-off in late 1923, and then became embedded in our culture as the hyper-inflation placeholder.

Weimar, of course, was not Europe's only bout with hyper-inflration; the post-WW2 Hungarian record holder also comes to mind. As a boy in post-war Germany I also started collecting stamps. Few people remember that, along with Hungary, Germany suffered another round of inflation in the 1945-48 period when it was trying to rebuild its economy (and a lot of other things). In my collection, I had stamps in denominations in the thousands of marks. My highest one was 3,000,000 marks undoubtedly from the Weimar era. Then without warning one day in 1948 everyone was told they had 48 hours to turn in their old marks for fewer new marks. And there were additional rules on amounts and exchange rates. Of course, that can't happen here.

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