[ExI] Inflation graph

[John Clark]

On Fri, Nov 29, 2013 at 2:42 PM, Rafal Smigrodzki <
rafal.smigrodzki at gmail.com> wrote:

> Seriously, John, are you claiming, based on your anecdotes,
>

 Anecdotes? Is it a anecdote that the money printing presses have been
operating at warp speed for years but that interest rates and price
increases for goods and services remain at record lows?


> > that MV does not equal PQ?


I am saying that prices, which is what you're so worried about, is equal to
the money supply which is all you want to talk about, TIMES  the velocity
of money which you don't want to talk about because it is the product of
about a zillion independent factors, DIVIDED  by the quantity of things
produced which you also don't want to talk about because it is the product
of a bazillion QUITE different independent factors. MV=PQ may be true but
is useless in predicting what P will be next year if you don't know what V
or Q will be next year. It's as useless as the Drake equation is in
figuring out if ET exists because we don't know what values to stick into
the equation.

> Really?
>

Yes really.

  John K Clark
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