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To: Box-By-The-Riviera™ who wrote (43769)	12/5/2000 10:36:12 AM
From: Mike M2	Respond to of 436258

Joel, in the twenties the US gov't ran a REAL SURPLUS but in the 60s LBJ wanted guns and butter so he resorted to deficit spending -laying the groundwork for inflation in the 70s. Governments can inflate away their debts but private debts must be paid or defaulted on which is deflationary. Noted austrian economist F.A. Hayek wrote a small book in the late 60's or early 70s " Tiger by the Tail" in which he predicted the stagflation of the 70s.