"I don't see how the above has relevance to inflation in the current era. OK, there was inflation in the 70s. What is your point?"
Umm, that was the point. And the point was that inflation was actually much greater than illustrated by simple price/wage calcs because there were controls in place.
"How did the talk of bubbles come into this? The federal reserve and monetary policy do far more to create bubbles than inflation."
The point was that they used those first few bubbles in the 70s to mask how horrible the economy was doing in terms of inflation.
Seriously, enough talk on this. If you want to prove me wrong, do the math as I described and prove me wrong. I have no problem admitting that I am wrong, if you can prove it. I simply know that I am not because I have done the math, and been double checked by people much better at it than me.
But this crap of constantly trying to shift the subject is irritating. Either you can prove me wrong or not.
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