In a long and illuminating post, “Buttonwood” of the Economist offers this provocative angle on the debt crisis: “how about thinking of the last 40 years as one long bubble, in which fiat money has led to asset price inflation. Before you dismiss the idea, think about this; with gold at $1250 an ounce, the dollar has lost 97% of its purchasing powe in terms of what used to be though of as ‘real money’ since 1971. The Romans took... Read more