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I recently came across an analogy that Paul Krugman has been using to make the case for an inflationary monetary policy to lift the economy out of a recession. I suspected Krugman to be wrong even before I read it (Afterall, how can I trust anybody who claims that world war 2 lifted us out of the depression...
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I have been under the impression that the government's inflationary policies would cause a devaluation of the dollar. This does not appear to be happening. Is it possible that it will not happen because other countries will continue to view the US economy as relatively stable, and so will continue...