[sytelus]

I'm surprised at view of inflation here. Inflation moves money from the future generation to the current generation. When you are printing money, you are in effect borrowing from future yourself (or your descendants).

This is one of the most magical modern things you can do with debt. Previously in human history, you can borrow money to others to create wealth which was then translated into more money. This was an extra-ordinarily powerful concept we called "debt". Now we can borrow from future ourselves! No one knows how this will pan out.

[gowld]

See "Debt, The First 5000 Years". The concept of IOUs (inflation) isn't new at all.