Friday, October 14, 2011


It is said that history repeats itself, what at first was a tragedy comes back later as a farce. Yet maybe it is the other way around with stagflation: In the 1970s we experienced stagflation as a farce, now it is coming back to haunt us as a tragedy. In the 1970s we did not really suffer very hard from the stagflationary onslaught. Now we will really suffer from stagflation and many of us will actually perish.

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