The distinction between “left and right” will blur as market forces smash both sides of the argument. Raising taxes or currency devaluation as a result of infinite liquidity are two sides of the same economic coin. This coin represents a lower standard of living for years to come.
The choice is simple – raise taxes (maybe cut a little spending for the cameras) or devaluation through infinity QE. The former opens the door to the possibility of recall elections and political career suicide. The latter is far more difficult for the public to recognize. While the public recognizes inflation, they can be easily convinced that it’s a byproduct of expanding economic demand. This sugarcoated perspective, a technique of MOPE, makes recognition that the two arguments reside on the same coin far more difficult.
RY
Eric,
Miami-Dade mayor Carlos Alvarez and Commissioner Natacha Seijas were ousted in recall votes. Both voted for huge tax hikes that will saddle county taxpayers for years to come.
Bob
Headline: Voters Recall Florida Official
Miami-Dade County voters recalled their top elected official Tuesday, culminating an effort financed by a billionaire car dealer and fueled by frustrations over a poor economy and unpopular policy decisions.
Some 88% of 200,347 voters elected to oust Republican Carlos Alvarez, with 707 of 829 precincts reporting, along with early and absentee ballots
Mr. Alvarez easily won re-election in 2008 as mayor of Miami-Dade, the county of 2.5 million residents that includes the city of Miami. But a recall effort gained momentum last fall when he agreed to a budget that raised the county's property taxes while increasing pay to unionized public employees.
Source: online.wsj.com
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