![]() ![]() ![]() I write all this because of Uncle Sam and the Bank of England’s appetite for “quantitative easing,” the bureaucrooks’ lingo for printing moolah. He was so disgusted he paid out of his pocket, resigned, and went home. In the Austrian Embassy in Rome where his father was ambassador, the staff went unpaid but continued to work out of respect for His Excellency the Prince. My father-in-law told me that paying bills by post became a no-no because the stamp cost more than the amount being paid, no matter how large. So you fight for your country and what you get in return cannot even buy you an apple. The gent says nothing and walks away with dignity. The man pulls open a drawer in the cart and shows it to him. Papa Hemingway wrote a wonderful news story about German inflation called “War Medals for Sale.” He describes how a distinguished gentleman offers a few medals to a man selling apples from a cart. At the end of the Great War one could in theory “have bought 500,000,000,000 eggs for the same price as that for which, five years later, only a single egg was procurable.” I am quoting Adam Ferguson. ![]() In 1923 a billion meant a million times a million, as it does today, but unlike today, there were no real billionaires around, except for the false ones in the Weimar Republic. ![]()
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