“Low” U.S. Inflation Is a Product of Clever Calculation
February 1, 2011 by Douglas A. McIntyre
By John Tamny
The food rioting over price spikes in the Middle East is the latest illusory Malthusian crack-up rooted in devaluationist dollar policy in the U.S. Though we pretend otherwise, every currency in the world has at least a vague peg to the dollar, so when we devalue it’s always a worldwide event. Inflation is and has been “low” under Bush/Obama only insofar as the CPI measure cleverly leaves out the commodities most effective at revealing monetary error.
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