More evidence of deflation at work

This is the typical manifestation of deflation as excess commercial capacity brought about by decades of unbridled inflationary monetary policies is unwound. What is important to take away from this type of event isn’t so much the fact that jobs are being lost. What is important is that government revenue is being lost at a time that social costs are rising. That is your typical double whammy.

Pubs closing at rate of 52 a week as hard-up drinkers shun their local


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