"Today, we face another devastating wave of inflation: "after 1975...ratios of wealth inequality reached their highest levels in four centuries of American history....The principal victims [are]...the young people who ha[ve] no hope for the future and no memory of better times in the past. The result [is] a rapid growth of alienation, anomie, confusion, and despair." Fischer combines a lively narrative with cogent analysis and sound advice. Essential for scholarly collections, this fine book will also be appreciated by lay readers.?David Keymer, California State Univ., Stanislaus, Calif."
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But today young people are better off then baby boomers that just had all they own devalued. No?
The book was published in 1996, it does not directly address today. At the time it appeared that Paul Volcker and Ronald Reagan had cured inflation. What I found interesting about the book was how inflating or debasing currency is as old as the issuance of currency but does not always lead to inflation. There are times when external deflationary pressures allow a government to get away with inflating the money supply while avoiding inflation. I would make the argument that Greenspan returned to the same policies of inflating the money supply but was able to avoid the appearance of inflation due to the deflationary effect of Chinese imports. The result was repeated asset bubbles.