As Ryan Cole and Amity Shlaes wrote last month in National Review, some things are absolutes, whether the year is 1921 or 2011:
One of our problems today is that politicians are unwilling to concede certain truths about the economy. One is that housing prices may fall more. Another is that government intervention will inevitably force upon us a period of inflation.
And as the Professor writes, “It’s hard to hide inflation. Unemployment only hurts the unemployed; EVERYONE feels inflation.”
Which economic direction will America choose next year?