Yet another whispered warning of hyperinflation by the Wall Street Journal
Posted by John T. Reed on
Once again, the WSJ is whispering “hyperinflation” is a crowded theater. This week’s “cover our ass with multiple warning articles” item is an op-ed on page A17 by William Walker titled “The Coming Demand Surge Brings Back Memories of 1970s Inflation.” Google the title to read it.
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As always in this informal Journal series, they refuse to use the work “hyperinflation.” I suspect they fear being accused of being tin foil hat wearers.
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As always in this informal Journal series, the punch line is in the final sentence: “Once [inflation] gets its claws into a demand-fueled, supply-constrained economy, it can become a scourge and history teaches that there is not an easy or painless way to tame it.”
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Note the word “scourge.” That means hyperinflation. But no tin-foil hat accusations. I accuse the Journal of whispering fire in a crowded theater that is, in fact, on fire. In this analogy, the fire is the hyperinflation.
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It is PROPER to yell fire in a crowded theater that is on fire. Whispering fire in a crowded theater that is on fire is an immoral dereliction of duty. If we are going to have hyperinflation of the USD, and I think we are, the Wall Street Journal, more than all other periodicals should have warned us.
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Instead, all you have warning you is little old me.
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Word to the wise.
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