<blockquote>'The
real problem with globalization has not been an increase in trade or — to the extent it exists — a true liberalization in restrictions on trade. In an unhampered economy, these trends would lead to obvious and measurable benefits. Unfortunately, these benefits have been diverted, via money-supply inflation, from workers and savers to the holders of financial assets.
The only way for money-supply inflation to have been a sound policy would be if Bernanke’s thesis had been correct. Unfortunately, the thesis is not correct. Indeed, we know that deflation is not a threat, but a boon to the economy, especially to workers and savers..
In fact, the money-supply inflation foisted upon us by the central banks did not stave off some mysterious economic death spiral. It merely put in motion the economic forces now resented by workers who have seen their real earnings decline in the face of asset-price inflation in money-supply inflation.'
- Patrick Trombly,
Central Banks Have Robbed Us Of the Benefits of Free Trade, November 3, 2016</blockquote>
Context<blockquote>
'Our nation and the world are paying a very heavy price for a failed experiment in Inflationism..' - Doug Noland'..deranged central bank policy encouraged continued speculation..' (Haptopraxeology) - '..We have lost three centuries as a result of ignoring our scholars!'</blockquote>