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Economic Trends
Inflation Folly
By Chris Belchamber
President, Chris Belchamber Investment Management, LLC
"The ultimate result of shielding men from the effects of folly is to fill the world with fools" - Herbert Spencer, an English Philosopher (1820 – 1903)
Questions to ponder
Why do people who can readily explain why it makes no sense for anyone to dictate the price of tomatoes believe that it is reasonable for a central bank to dictate the price of short-term money?
Why do people who know that socialism has never worked and understand why it never can work, still believe that central planning is effective or feasible when it comes to money and interest rates?
Why is it widely accepted without question that the Federal Reserve is needed to control inflation, maintain financial stability and promote employment growth when the historical record clearly shows that there was generally less inflation, greater financial stability and lower unemployment BEFORE the establishment of the Federal Reserve?
We confess that we don’t have the answers, but we do understand that people like easy answers and solutions particularly when there is uncertainty. As Friedrich Nietzsche suggested, “any explanation is better then none”.
Investors hear so much nonsense it is no wonder they are left somewhat confused. Part of this confusion stems from the central bank itself. The great folly is that the central bank is providing cover for the distortions it introduces to the natural development of the market. So investors who prefer to believe in the omnipotent wisdom of the central bank could end up being dangerously blindsided in their understanding both of the markets and their own financial position.
Indeed it is overwhelmingly clear that most people do not understand what inflation is, or even its correct definition. This allows central banks to take advantage of this confusion, while presiding over what is a deliberate policy of real and highly destabilizing actual inflation.
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