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Great post. Technology, globalisation, crop efficiencies and greater competition have all been incredibly deflationary over the past 50-100 years. Skilled manufacturing unit labour costs, for example, have fallen some 90% in the past 50 years. Surely, however, given US CPI has averaged 4% since 1960, this raises the issue that fiat currencies are incredibly poor stores of value. To counteract such deflationary pressure, central banks have printed enormous quantities of money. And that was before QE (see chart 3 - monetary base vs. M2 Is the age of fiat currencies coming to an end?
Toggle Commented Feb 27, 2013 on Chesterton, & inflation at Stumbling and Mumbling
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Feb 27, 2013