We should all be grateful to James Dorn, Editor of the Cato Journal, for his inspiring letter in the Financial Times on 4th September. This explained something that no one had hitherto worked out, namely that excessive money printing a la Mugabwe leads to inflation. He deserves a Nobel Prize for that.
Of course another explanation for the above letter is that the Cato Institute is a mouthpiece for the Koch brothers: the latter have donated $30m to the institute over the years. And rich people just cannot stand the idea of government printing money and distributing it to poor people so as to raise demand and revive the economy. Oh, but I'm being too cynical.
My sources in the Cato Institute tell me that this institute will shortly be making two further state of the art, paradigm changing revelations. One is that water is wet. And the other is that grass is green.
Don’t you just love American right wing crazies?