Tuesday, September 30, 2014
Distinguished Economist Fears Nation's Poor will Trigger Inflation: Tales From Normal, Mn.: FICTION
Just got the tweet...from the bass fishermen at Betty Lou's coffee shop...in Normal, Mn....the iconic coffee shop where all the coffee is double black, and the whipped cream is no extra charge...and where this very morning there was a special guest from the Twin Cities...a celebrated economist who during coffee this morning shared his latest theory...and a theory he has written of in his latest book, well..in fact a theory that he has written about over and over and over again in all of his twenty books over the past 30 years...and that theory is that the very poorest of the poor of America risk the entire economy of the USA by triggering inflation by buying goods during the upcoming Christmas season, with money that they do not have, but might spend anyway with credit that they do not have, but might somehow get...and all this spending will trigger inflation, which could ruin American prosperity, or at least the prosperity of those who have it presently.... The bass fishermen just smiled...and finally after a few minutes, one old guy spoke up: "Ya mean that Wal Mart sales will rise?" The economist replied that he did not understand the question...so the old bass fishermen persisted: "WalMart sales and earnings have been a big disappointment lately since the poor do not have the money to buy much...and consumer staples stocks have also suffered because of the same problem....So it seems that you are fearing that the poor will get jobs that they have stuggled to get in the past, and that they will buy goods that they have not been able to buy in the past...in short...you are saying that if a miracle occurs, there will be inflation...." The economist replied that he still did not understand.