If you get a chance, please read the lead feature on the Wall Street Journaleditorial page co-authored by CTUP co-founders Arthur Laffer and Stephen Moore. It is a cautionary tale of how inflation crushed the U.S. economy and stock market 40 years ago – the last time inflation ran this high.
The article is a reminder that inflation is simply a form of devaluing a currency and that NEVER turns out well. As the chart below shows, in real terms stocks lost some 70% of their value during the 1970s inflation bomb.
So much for the hocus pocus of “modern monetary theory.”
