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We're All Austrians Now Featured

All of a sudden, everybody is worried about inflation. What a shock! How would have thought that after almost a decade of audaciously low interest rates and unearned asset appreciation, that inflation could be a problem. And what is the biggest threat? Employers might have to pay their workers more. Quel dommage! Inflation will also benefit debtors, but hurt people who hold debt. Why, it's almost as if holding debt carried a risk.  If only somebody had warned us about this. Oh wait, somebody did - Frederich von Hayek. Don't though, there a couple of cures from inflation. One is higher interest rates for all. Ask your grandparents about the good old days of double-digit interest rates, kids. The other is less likely - raise taxes on the rich. The problem with that idea is the interest rate hike will pass. The tax hike will not.

Ted Craig

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