The consequences of years spent living high on the hog

Consequences? You mean there are consequences? . . .

Not even the great economists of history can get us out of this fix - Telegraph: "To think that central bank money-printing offers a largely pain-free way out of our economic difficulties is sadly deluded. Carried to extremes, it ends in hyper-inflation, and in any case, in an era of low growth and the progressive loss of Western employment to technology and foreign competition, it does nothing for living standards. Wages may lag prices for years to come. Friedman offers some plausible solutions, but even he cannot magic away the consequences of years spent living high on the hog. One way or another, a price has to be paid."

Tweet Follow @hogsatthetrough