Bernanke’s Apoplithorismosphobia
"The key thing is that the price of producer goods has to fall faster and farther than consumer goods for the correction process to proceed."
"The key thing is that the price of producer goods has to fall faster and farther than consumer goods for the correction process to proceed."
The choice at base, therefore, is whether the world shall go back to the principle of freedom (not necessarily the conditions) of pre-1914, which unhappily no one under forty years of age remembers, or on to closer confinement in captivity as the socialistic system develops.
It has in common with the classics all those qualities of clear thinking, objective presentation and lucid exposition which distinguish the wise ph