I was talking about inflation with a friend recently - a subscriber to the highly anticipated Vitus Update.
This person had absorbed a dose of the meme out there, promoted by various cheerleaders of extremity (Beck, etc) that we should run for the hills - the tsunami of inflation is about to bury us all. I emailed to him (my friend, not, yetch, Beck), in part:
An overwhelmingly large number of issues struggling through the current cultural slough are faith-based versus fact-based arguments:
- The rationale for a war in Iraq war was a neoconist faith that truth, justice, and the American way would triumph over 2000 years of history. It will be good and it will be easy.
- The credit crisis proceeded from a Randian faith that uber laissez-fair capitalism through magical invisible hands, optimally allocates services and goods so that - most thankfully! - we don't have to worry our pretty little heads about messy regulations and prosecutions. It will be good and it will be easy.
- Climate change: Don't worry, be happy. Sigh.
Conspiracy theories have not served me well over the years. Still, it's hard to ignore the fact that there is actually a lot of evidence that the war on deficits is actually a propaganda campaign by big money to lull the masses into giving more for the cause. Some of the tea party supported congress persons probably actually hold fundamental beliefs that deficits, like dragons, must be slewn, because, well, they are dragons. But Dick Cheney, paragon of the right, probably has a better purchase on the truth than Michelle Bachman. That's the Cheney, you may remember, of the infamous quote: "Reagan proved deficits don't matter"
Inflation- that is, the inflation we have, does not matter either - in the Cheneyian sense.