John Tamny of RealClearMarkets
What Edmund Andrews tells us about TARP.
While they were philosophical opposites when it came to most economic concepts, 20th century economists Ludwig Von Mises and John Maynard Keynes understood the impact of devalued money, and their views were quite similar. Von Mises wrote that when money is debased, there is a “flight to the real.” Along those same lines, Keynes observed that falling money values lead to borrowing from banks “beyond what is normal” for investment in hard assets such as real estate.
