Friday, March 5, 2010

Rainbow Bridge

"I'm afraid those no denyin', I'm just a dandy-lion, a fate I don't deserve."
--The Cowardly Lion (Wizard of Oz)

The US government has been engaged in inflationary policies for nearly 100 yrs. Citizens have silently consented, by and large. I wonder, however, whether would people actually vote for currency debasement were it part of a candidate's platform.

What if FDR, for instance, ran this video during his presidential campaign, rather than once he was in office? Would people actually vote in favor of inflation?

There may certainly have been others, but the only presidential candidate that I know of who campaigned on an inflationary platform was William Jennings Bryant. During the 1896 campaign, the Democratic candidate proposed changing the dollar's backing from gold only to gold + silver. While by today's standards, such a policy would likely be considered tied to 'hard money fanatics', back then this represented a radical scheme to inflate the money supply--presumably for the benefit of farmers and others lugging lots of debt.

Bryant was soundly beaten in the 1896 election by William McKinley.

My sense is that, if placed on a ballot in front of them, voters would give the thumbs down to inflationary policies. Inflationary policies seems more likely enacted thru means that voters do not directly control.

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