Comment: Beware false prophets

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Beware false prophets

In an earlier comment protag asked about dangerous ideas promoted by those who are members of the Mises Institute, a source of literature on Austrian economics. Here is one dangerous idea - "(T)here is no such thing as importing or exporting inflation."

This is not true.

When a currency is being inflated those who have parked their assets in it who wish to preserve value dump it and convert it into commodities, which tend to hold their value as a currency is being inflated. This increased demand for commodities drives up the price of commodities for everyone.

This is exporting inflation. If we can be convinced it is not possible to export inflation, we can be convinced inflating currency doesn't hurt others.

There are false prophets within the Mises Institute. There are false prophets who are not affiliated with Mises who claim to espouse Austrian principles. They do not. They promulgate lies.

Beware false prophets.

“None are so hopelessly enslaved as those who falsely believe they are free.” – Goethe