He who places his hope on thee, O Virgin all-glorious, will prosper in all he does.

Inscription on Byzantine coin during reign of Romanus III

Tuesday, June 17, 2008

Duh-Side Economics

Some folks just don't understand economics. For those of you who are familiar with the quantity theory or perhaps you're just familiar with the drawbacks of the "general price level" fiction, this journalist's bewilderment is apt to draw a giggle or two.

Let me give you a hint. It's a terrific sign to me that monetary policy isn't overly expansive. Commodities will join real estate as tomorrow's has-beens...at least for a while.

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