Cui bono

[scott]

Most economists say a small amount of inflation is good for the economy. But remember that any inflation benefits a certain class of people, debtors, at the expense of others. Thrifty savers, the poor, those on a fixed income, and people who generally resist the debt-financed consumption craze, are on the losing end.

http://www.city-journal.org/2009/19_3_o ... ation.html

[Jim Williams]

Inflation benefits the US at the expense of the Chinese but that's not a point. Which is worth more; Bessler's wheel in Bessler's time or his wheel inour time? For that matter which is worth more; the wheel at the time of its invention or the wheel now? I would suggest its actual value, as it impacts everyone, remains the same.

It's not inflation or deflation that are enemies, but in their existence the change that occurs from the passage of time. One group benefits and one group suffers regardless of whether it is inflation or deflation causing the change.

So which has greater value; Bessler's wheel then or Bessler's wheel now? Their values are the same, the only difference being the current superficial value of money.

[scott]

Central bank inflation is the most pernicious wealth transfer in the history of humanity, a one way street from the politically unconnected to the connected.

[Ed]

What is the point of all these posts Scott? I don't see you debating many of these after throwing them on here.

Are you trying to become a quote on a signature on some other forum?

[Jim Williams]

Well, for myself I couldn't exactly figure out what you meant by central bank inflation, but I thought I would bore you with the enclosed article, which I'm sure will answer all your concerns.

http://krugman.blogs.nytimes.com/2008/0 ... inflation/