In case you thought Romney was conservative

Excerpt from Mises.org

By Hunter Lewis

Monday, May 21st, 2012

...The originator of this idea, Harvard economist Greg Mankiw, who in addition to being a former George W. Bush CEA chair, also happens to be one of two named economic advisors to George Romney, has been coy about how much extra CPI inflation he would like to see. But his Harvard colleague and co-author of This Time is Different, Ken Rogoff, has explained that they are thinking of about 6%.

Even Keynes never advocated giving away money to that degree. He did advocate zero % interest rates, but not -6% interest rates. That really raises the art of giving away money, generally to government cronies, to a new level. Of course it also assumes that the bond market will just go along with it and keep buying debt securities offering  such a return.

The one thing  that all these Keynesian remedies have in common is a desire to control prices. Unfortunately it is this very lust to control prices that is giving us the “austerity” and ” lack of growth” that M. Hollande, President Obama, and the other members of the G-8 so deplore.

Of course, inflation is the only way out of the current debt pool. It will be as massive as inevitable, and may not work. Certainly, the dollar will be crippled or dead and life very different for us. (Natural gas may be our lifeboat, once Mr. Obama's social control system is gone.)


However, have you heard Mr. Romney recommending a 6% inflation rate? 


The political circus is one of time-tested illusions, such as Romney's perspective is different from Obama. He likes printing money, secretly arresting citizens, and bombing people all over the world. 


He is, I suppose, different in that he is a natural born citizen; his dad, the famous Senator Romney, wasn't, if I recall correctly.