michael perelman
Sat, 28 Aug 2010 13:21:14 -0700
Back in the 60s, Wright Patman, a Texas populist & relentless critic of the Fed, kept saying that high interest rates caused inflation -- something like the inverse of this proposition. Most economists treated his idea as sheer lunacy, although some later studies confirmed what he was proposing -- not as an absolute, but as a conditional truth.
-- Michael Perelman Economics Department California State University Chico, CA 95929 530 898 5321 fax 530 898 5901 http://michaelperelman.wordpress.com _______________________________________________ pen-l mailing list pen-l@lists.csuchico.edu https://lists.csuchico.edu/mailman/listinfo/pen-l