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Inflation Is A Bull Market Killer

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.”

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