There is one guy who gets it.... read this recent piece (excerpt):
They never make a distinction between deflation and progress. In the last quarter of the nineteenth century thanks to everything, from the electric light to progress in the process of steal making or the telephone, prices and costs fell for the better part of thirty years. Real wages went up, some people suffered, many didn’t, society progressed and people got richer. Also, in the early nineteen sixties prices as measured by the CPI did **t rise by as much as two percent for five years in a row. **body cared at that time. But **w there is this fear fanned by the professors who run our central banks and we are all hysterics about deflation.
....
By insisting on trying to raise the price level the Fed is in effect resisting the progress of our time. As tech**logy advances one would expect that the cost of production would fall.
Bingo.
This is
precisely the point I've been making for years, and I have and will continue to pound the table on it.
If you don't understand this then you understand exactly **thing about the eco**my as a whole.
And the worst part of it is that
everyone actually
does understand it -- because they seek it
and they go to a lot of trouble to do so in their everyday lives.
That means that those who claim otherwise aren't, in fact, misguided --
they're lying.
أكثر...
The Market Ticker - Jim Grant Gets It (Where Most Others Are LYING)