The Motley Monk just read the Contra Corner Daily Digest where David Stockman--President Reagan's Director of the Office of Management and the Budget--debunks that myth:
Today, inflation is taxing Americans into a lower standard of life. The process involved is like the "boiled frog effect." Namely, to boil a frog it's easiest if the frog is placed in warm water and the heat is turned up slowly to the boiling point rather than dropping the frog directly into boiling water.
When the effects of inflation come home to roost--what's called "hyper-inflation"--any money Americans have will be close to worthless. It happened in Weimar Germany when prices went up faster than people could spend their money and it can happen in the USA very soon.
Let the discussion begin...
To read David Stockman's "Contra Corner Daily Digest," click on the following link: