apologies for snmall addendum to my prevous note on SB:
he says "hyperinflation" elsehwere. NO, thats just in their local
currencies, which became worthless. In fact already then they suiffered
DEflation, in strong dollar/mark/yen terms, and those who had those
currencies were able to and did buy up resources and labor at bargain
basement prices elsewhere. vide what is happening in the ex Sovc Union today!
And i hesitate - not really? - to poiunt out that in 1986 already I wrote
that the coming problem is NOT INflation, but DEflation - see eg even
my titles in the URPE stuff - and that everybody esle except Tobin was
wrong about that. of course this DEflation is the reflection of the
DEpression, which I also forewarned against, that SB now evokes.
cheers
gunder frank.