I think the inflation prospects for the U.S. over the next five or six, seven years, are quite serious. You cannot have a bumper crop in apples without the value or the price of each apple falling. The Fed has had the largest increase in the monetary base in the history of the U.S., from colonial times to the present, times ten.
Arthur Laffer0
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Arthur Laffer:
And let the Fed sell bonds to bring bank reserves back down to required reserve levels, so we haveArthur Laffer:
Ask me whether inflation represents longer-term problem. I think there's a potential there for exceArthur Laffer:
I feel very uncomfortable with respect to looking at inflation.Arthur Laffer:
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My godfather was a man named Justin Dart. Some of you may remember Justin Dart. My younger son's naRobert J. Shiller:
My very first publication was an estimator - this was a statistical procedure - a kind of inventionRobert J. Shiller:
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Some of the best theorizing comes after collecting data because then you become aware of another reRobert J. Shiller:
A lot of people aren't saving enough. And incidentally, people are living longer now, and health caRobert J. Shiller:
Diversify, because that helps reduce risk. And you can diversify outside the United States. Some pe