Rt 66: “We won’t get to vote on it…. If we could vote I’d bet …. Borrowers would chose inflation…”
I think you are right about the way voters will choose. I think you are wrong about not getting to vote. I know there’s a desire to be more cynical than thou sometimes about our democracy, and to pretend that the majority of voters cannot influence political decisions. But I think that’s way too extreme a view. And besides, there is a whole collection of 800-pound gorilla special interests who favor inflation over deflation: banking, RE, investment managers, most highly leveraged companies…. Put the general public’s preference for not repaying its debts in full together with all those special interests and I think you get one unstoppable force.
