Virtual Money, Ugly Reality

On the eve of the last great inflation, a buddy of mine left the Air Force, went home, and got a job as an entry-level machinist.  Still living on military pay, we whom he left behind could not believe how much he was earning. It's still hard to believe today. To those of us who lived through it, the seventies made for a confusing and angry time.  Every trip to the store was an adventure.  Price labels grew on everything like barnacles.  Peeling them back meant exploring an infuriating history of ever-increasing prices. Politicians at every level seized the opportunity to scapegoat anyone who dared offer products for sale.  Any producer or merchant, from farmers to property owners, was fair game.  "Friends of the people" offered "solutions" of every kind, from rent control to price controls on gasoline. Consumer journalists rose up, tempering their righteous finger-pointing with useful ideas to help stretch dollars.  In spite of all their crusading,...(Read Full Article)

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