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I take it you meant deflation is bad and increases unemployment. Actually, falling prices alone do not hinder production unless demand falls off. On the second point, sure, folks such as Bernanke are only seen as incompetent if one assumes they are actually under orders to initiate policies benefitting the american people as a whole and not just its ruling class. On the other hand, it did point out the incestuous relationship between the Fed and goldman sachs, which is a start. Have to admit though, it was pretty funny. G. On Tue, Nov 16, 2010 at 1:07 AM, Gary MacLennan <gary.maclenn...@gmail.com> wrote: > I loved this, but two points occurred to me - falling prices inhibits > production do they not and that means increased unemployment. So inflation > when it occurs is a bad thing. Secondly the line that Bernanke has not got > anything right is simply wrong. He and his predecessor, Greenspan, got much > right for the ruling class - namely a vast expansion in their wealth. That > was very much mission accomplished. To talk of the Fed getting nothing > right disguises the class basis of their very existence. > > comradely > > Gary ________________________________________________ Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
