Inflation cause for concern
Though I now reside in the Atlanta area, I grew up in Maplesville and frequently read The Clanton Advertiser to stay informed on my home county.
Thus, I read today’s article on “What Will the New Year Bring” in 2010.
I was surprised and disappointed that no one mentioned the devaluation of our currency, caused by the insane spending of our Congress, particularly with the comments coming from educators.
With the U.S. debt now over $12 trillion, inflation is most assuredly close behind. Governments have traditionally paid off debt with cheaper dollars thanks to currency-devaluing inflation they create for that specific purpose.
My wonderful Econ professor, Murray Flynn at Montevallo, warned us of the dangers of “creeping inflation,” but if he were here today I am certain he would be greatly concerned about “galloping inflation” thanks to the high speed printing of mountains of dollars backed by the hot air of politicians.
With Chinese, Saudi, Russian and other governments fleeing the dollar, the warning signs are clearly visible.
For insight into what could possibly happen, look at the German economy after World War I, and the situation in Zimbabwe today.
And for seniors on fixed income like me and many others, the new year can have some bumps and bruises.
—Ed Higginbotham Mapleton, Ga.