Baltic Dry Index. 2715 -54 Brent Crude 83.72
Spot Gold 1819
Coronavirus Cases 02/04/20 World 1,000,000
Deaths 53,100
Coronavirus Cases 08/11/21 World 250,613,814
Deaths 5,064,655
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
John Maynard Keynes.
After last week’s inaction at the Fed and the Bank of England, plus the earlier inactions at the ECB and BOJ, our central bankster masters of the fiat currency universe, have committed us all on to a roll of the dice on inflation in what’s left of 2021 and all of 2022.
To this old dinosaur market watcher and trader since 1968, call me old fashioned, but I think our central banksters knowingly, with malice aforethought, just deliberately opted for an inflation policy to rival that of the unhappy 1970s.
With mountains of far more debt than in the 70s, politicians promising trillions more free money for virtually all, and much higher public expectations of how governments will bail the public out, this old dinosaur market watcher now expects a global inflation outcome that will make the 1970s bout of inflation look like a children picnic.
And in the USA, modern American’s are far more heavily armed than back in the relatively peaceful 70s. More divisively politicised too.
An extremely reckless roll of the dice, it seems to me,
Asian markets lower after Wall St record, China trade growth
BEIJING (AP) — Asian stock markets were mostly lower Monday after Wall Street hit a new high and China reported a double-digit rise in exports.
Tokyo, Hong Kong and Sydney declined while Shanghai advanced.
Wall Street’s benchmark S&P 500 index rose 0.4% on Friday to a record for a seventh day after U.S. employers hired more people in October than expected.
China’s October exports rose 27.1% over a year earlier, though that eased off the previous month’s 28.1% growth, customs data showed Sunday.
Despite that gain, Chinese anti-virus controls might dampen factory and consumer activity, “still bringing about an uncertain recovery picture,” Yeap Jun Rong of IG said in a report.
The Nikkei 225 in Tokyo fell 0.1% to 29,570.32 while the Shanghai Composite Index shed 0.2% to 3,497.17. The Hang Seng in Hong Kong lost 0.3% to 24,792.27.
----On Wall Street, the S&P 500 rose to 4,697.53 after the government reported the U.S. economy added 531,000 jobs last month, better than the consensus forecast of 450,000.
The Dow Jones Industrial Average gained 0.6% to 36,327.95, also hitting a new high. The Nasdaq composite added 0.2% to 15,971.59.
The U.S. government is due to report inflation this week. Investors are watching price rises amid fears stronger inflationary pressures might prompt the Federal Reserve and other central banks to pull back stimulus that is boosting stock prices.
Also this week, China’s ruling Communist Party holds a plenary session, or full meeting of its leaders, military leaders and provincial party bosses. It is the sixth plenum during the latest five-year political cycle that runs through next year.
The sixth plenum usually focuses on ideology and party affairs instead of the economy. However, investors also hope for possible updates on policy toward technology and other industries after data security and anti-monopoly crackdowns on Chinese tech giants that began late last year wiped more than $1 trillion off their total stock market values.
More
https://apnews.com/article/business-china-stock-markets-asia-sydney-42e4db8131ef2f123d3febafdbcfa8fe
Next, just how bad will winter 2021-2022 be? Early indications suggest it’ll be bad but not necessarily from the early bad cold weather. Europe and China are suffering from self-inflicted energy deficiencies. In the USA it’s LNG gas exports creating shortages and high natural gas prices for domestic users.
China issues winter's first snowstorm orange alert, cold snap sweeps country
Sun, November 7, 2021, 6:56 AM
BEIJING (Reuters) - China's weather agency issued the winter's first snowstorm orange alert, the second-highest level, on Sunday while nationwide cold wave alarms fuelled concerns over traffic disruptions and flu outbreaks amid rising COVID-19 cases.
The National Meteorological Centre forecast blizzards in northeastern China, with some regions getting 45 millimetres (1.8 inches) of snow over 24 hours and heavy snow across the northern part of the country.
The capital Beijing welcomed its first snow of the season 23 days earlier than normal years, while temperatures on Sunday night are expected to fall to their lowest for the period in the past decade.
A cold snap is also sweeping from Beijing to Shanghai to Guangzhou, pushing down temperatures by as much as 14 degrees (25 degrees Fahrenheit) Celsius on Sunday, the weather agency said.
The cold wave, which could increase the risk of flu, comes just as more than 20 cities in northern China reported COVID-19 cases and sporadic outbreaks in the southwestern - in Chongqing and the provinces of Sichuan and Yunnan, since mid-October.
Hundreds of thousands of people came outdoors in Beijing to enjoy snowy tourist spots, such as the Forbidden City and Universal Studios Resort, despite COVID-19 restrictions as the 300-plus members of the Communist Party's Central Committee prepare to gather from Monday to Thursday.
Snow piling up in communities under COVID-19 lockdowns may not be moved outside the control zones, the local government-backed Beijing Daily reported.
https://www.yahoo.com/news/china-issues-winters-first-snowstorm-065654889.html
Russian gas flows via Yamal-Europe pipeline to Germany halted again
Sat, November 6, 2021, 12:07 PM
MOSCOW/FRANKFURT (Reuters) - Gas flows through the Yamal-Europe pipeline westbound into Germany have stopped again and are flowing in the opposite direction back towards Russia, data from German pipeline operator Gascade showed on Saturday.
The reversal of gas flows through one of the three major pipelines carrying Russian gas into western Europe is the second time the situation has developed in a matter of days. In the past week benchmark European gas futures rose as much as 23% due to the halting of westward flows.
The latest switch comes amid accusations from some regional politicians that the Kremlin is restraining supplies in order to pressure Germany and the European Union to approve the Nord Stream 2 pipeline - currently undergoing licensing procedures in Germany.
Russia has denied this and promised additions to the west from Nov. 8 once its own stocks have been replenished.
Gascade data on Saturday showed entry flows at the Mallnow metering point were zero at 1000 GMT, having been in that condition for three hours, after standing at an hourly volume of more than 3,000,000 kilowatt hours (kWh) since Thursday.
Exit flows at Mallnow - or requests to transport gas into Poland from Germany - stood at 1,442,934 kWh/hour for the second hour running, the data showed.
Flows into Germany at Mallnow, which lies on the Polish border, had been halted last Saturday and were only resumed on Thursday.
A spokesperson for Polish gas company PGNiG said Poland was receiving gas from both directions.
"Everything is fine from our point of view. The contract with Gazprom is being executed," the spokesperson said, referring to the Russian gas major.
Russia has said it is concentrating on replenishing domestic stocks before releasing any more gas to Europe. It expects its own replenishment process to finish by Nov. 8.
The level of Yamal flows between Poland and Germany and their direction are managed by Gaz-System in Poland and Gascade in Germany, based on customers' requests. One analyst said last week the reversal of flows pointed to demand from Poland given generally high prices and tight supplies of liquefied natural gas (LNG).
More
https://www.yahoo.com/news/russian-gas-flows-via-yamal-120719332.html
Natural-Gas Exports Lift Prices for U.S. Utilities Ahead of Winter
The supply squeeze, one of the first ever since the U.S. began sending large volumes of gas abroad, means hefty heating bills for consumers
Nov. 7, 2021 5:30 am ET
American utilities are facing the highest natural-gas prices in years as they build stockpiles for winter. The reason: Exporters are sending more gas than ever to countries starved for the fuel.
Pipelines to Mexico and Canada and tankers traveling to Europe and Asia have moved record amounts of U.S. gas out of the country this year as parts of the world fall short of supplies. American frackers, meanwhile, are holding the line on new drilling as investors pressure them to maintain capital discipline and return money to shareholders.
The result is that natural-gas exports are pushing domestic prices higher— only the second time this has happened since companies began shipping shale gas from the Gulf Coast to other countries in 2016, other than a brief period during the February freeze in Texas, analysts say.
U.S. Henry Hub gas prices closed Friday at $5.516 per million British thermal units.
The pinch shows a growing tension between exporters and buyers who have enjoyed cheap gas for more than a decade. Some manufacturing and chemical companies have built entire businesses around low U.S. gas prices.
More
Finally, so you really, really, really want green energy. Well green, it turns out, isn’t often so green. More often just another shade of brown, but don’t tell Greta nor anyone remotely connected to our Mass Hysteria, mass media, especially at the Anti-British Broadcasting Corporation.
Was it really a good decision, when in August 1971 President Nixon and his second rate team, forced the world onto the Great Nixonian Error of Fiat Money? Look where we have ended up in just 50 years.
The Dirty Truth About Clean Technologies
The poor South is being exploited so that the rich North can transition to environmental sustainability. Entire swaths of land are being destroyed to secure the resources needed to produce wind turbines and solar cells. Are there alternatives?
By Jens Glüsing, Simon Hage, Alexander Jung, Nils Klawitter und Stefan Schultz
04.11.2021, 11.44 Uhr
There’s a dirty secret hidden in every wind turbine. They may convert moving air cleanly and efficiently into electricity, but few know much about what they are made of. Much of the material inside wind turbines are the product of brutal encroachments on our natural world.
Each unit requires cement, sand, steel, zinc and aluminum. And tons of copper: for the generator, for the gearbox, for the transformer station and for the endless strands of cable. Around 67 tons of copper can be found in a medium-sized offshore turbine. To extract this amount of copper, miners have to move almost 50,000 tons of earth and rock, around five times the weight of the Eiffel Tower. The ore is shredded, ground, watered and leached. The bottom line: a lot of nature destroyed for a little bit of green power.
A visit to the Los Pelambres mine in northern Chile provides a clear grasp of the dimensions involved. It is home to one of the world’s largest copper deposits, a giant gray crater at an altitude of 3,600 meters (11,800 feet). The earth here is full of metalliferous ore. Just under 2 percent of the world’s copper production comes from this single pit.
----Wackernagel says the biological budget is limited and that humans must decide what they want to use it for. If we use it to mine copper, then it won’t, for example, be available for the cultivation of beets. He says it’s too short-sighted to think that all we have to do to protect the environment is to recreate the fossil-fueled world with electricity and swap the six-cylinder Jaguar for the battery-powered Tesla.
Few are aware of this fact as they drive their electric vehicle, use electricity from wind or solar power, or have a lithium-ion storage facility set up in the basement – making them feel like pioneers in sustainability. Many don't realize how extremely polluting the production of raw materials from which climate technologies are manufactured really is. Who knew, for example, that 77 tons of carbon dioxide are emitted during the manufacture of one ton of neodymium, a rare earth metal that is used in wind turbines? By comparison: Even the production of a ton of steel only emits around 1.9 tons of CO2.
----Almost a half a century later, Birol is now observing how the industrialized nations are falling into a new dependency – not on oil, but on metals. And it could prove to be even more serious.
Many of these critical commodities come from a small group of countries. Indonesia and the Philippines command around 45 percent of the global nickel supply. China supplies 60 percent of rare earth metals. The Congo is responsible for about two-thirds of cobalt production. South Africa dominates around 70 percent of the platinum market.
The geographical concentration is even more pronounced than in the oil business. OPEC covers just 35 percent of global supply. In mining, on the other hand, only 10 countries produce around 70 percent of the raw materials by value.
----On the other hand, mining is becoming more and more expensive, and ore quality and raw material content are declining. As the tight supply meets surging demand, prices are skyrocketing. Within 12 months, important metals have become massively more expensive: The price of nickel has risen by 26 percent, copper by 43 percent and aluminum by 56 percent. The price of lithium carbonate has roughly tripled in a year to more than $20,000 per ton. At the same time, stocks of metal in warehouses around the world are plummeting.
More. /much, much more.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
Alan
Greenspan.
Global Inflation/Stagflation Watch.
Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.
Trump’s former energy secretary claims Biden’s policies could lead to ‘disaster’
Donald Trump’s former energy secretary on Sunday attacked the Biden administration’s energy policies, linking them to inflation and claiming that restrictions on the U.S. oil industry and rising costs at home could lead to “disaster.”
Energy prices have leaped globally in the last three months. Natural gas has soared almost 600% this year, and international oil benchmark Brent crude is up more than 60% year to date. Currently, crude is hovering around $82 per barrel.
“The Biden administration’s restrictive actions — no to pipelines, no to drilling, no to the financing of oil and gas projects overseas ... is a stunning reversal of the energy independence achieved under the Trump administration,” Rick Perry told CNBC’s Hadley Gamble.
The United States never stopped importing oil during the Trump administration, though domestic production rose. On a monthly basis, U.S. production edged higher than consumption during most of 2019 and 2020, according to the U.S. Energy Information Administration.
But the most recent EIA data shows that pattern continuing after Biden became president in 2021, including U.S. exports of energy continuing to exceed imports.
As gas prices have risen in the United States, the Biden White House has pressured OPEC and its oil-producing allies including Russia to accelerate plans to increase output. But that group, called OPEC+, last week said it would stick with its plan to increase output by 400,000 barrels per day starting in December.
“The potential for disaster is very real, both in a national security standpoint, and whether or not we literally can keep the lights on,” Perry said.
More
https://www.cnbc.com/2021/11/08/rick-perry-biden-policies-could-lead-to-disaster.html
S.Korean drivers panic buy urea after China tightens supply
Sangmi Cha and Heekyong Yang Fri, November 5, 2021, 7:21 AM
SEOUL (Reuters) - South Korean drivers are panic buying urea, an additive used in diesel vehicles to reduce emissions, after China tightened exports, prompting the president's office to set up a taskforce on Friday to negotiate supplies from producer states like China.
Diesel cars represent 40% of registered motor vehicles in South Korea as of August, government data showed, after South Korea in 2015 made it mandatory for diesel cars to use urea solutions to control emissions.
South Korea is heavily reliant on China for urea. About 97% of imports came from China between January and September, according to the trade ministry, up about 8% from a year ago.
China's customs announcement last month of inspection certificates to ship fertiliser and related materials like, a type of nitrogen mainly used as a fertiliser in agriculture, was considered a de facto ban on exports to assure supplies in its domestic market.
Prices of industrial urea in South Korea jumped more than 80% to $483 per tonnes in September from October 2020, said the trade ministry.
A barrel of urea solution that used to cost 10,000 won ($8.45) per 10 litre was now traded at as much as 120,000 won on online second-hand markets, local media reports said.
Desperate South Korean drivers looking for urea solutions, also known as diesel exhaust fluid, were sharing locations of gas stations that still had inventory, while those who had stocked up ahead were selling at steep markups.
----“I cannot move out my SUV... picnics can be cancelled, it's okay. But what if container trucks, fire engines, ambulances have to stop?” a diesel trader told Reuters.
“For my SUV, I can fill 15-20 litres of additive in one shot and can run 3,000-5,000 kilometres. But heavy duty vehicles consume more,” he said, adding this could mean a bigger problem in the heavy trucking sector. “It could decrease diesel consumption nationwide, if the situation goes worse.”
South Korea's presidential office on Friday set up a taskforce to ensure adequate supply of urea and initiate diplomatic consultation with producer countries like China, Park Soo-hyun, the presidential press secretary said in a statement.
Diversifying supply will not be easy as South Korea has become far too dependent on China, an official at a major South Korean urea suppliers told Reuters.
"We have signed contracts with Russia in October and it is only going to arrive in January. Yet again they are only about 10% of what we used to get from China," the official said. Inventory is likely to be depleted after November, he added.
https://www.yahoo.com/news/korean-drivers-panic-buy-urea-072129325.html
China Oct exports beat forecasts, offer buffer to slowing domestic economy
November 7, 2021 4:32 AM
BEIJING (Reuters) - China’s export growth slowed in October but beat forecasts as booming global demand for holiday seasons, an easing power crunch and mitigating supply chain disruptions offset some pressures facing the world’s second-largest economy.
Imports, however, missed analysts’ expectations, likely pointing to the overall weakness in domestic demand.
Outbound shipments jumped 27.1% in October from a year earlier, slower than September’s 28.1% gain. Analysts polled by Reuters had forecast growth would ease to 24.5%.
Zhiwei Zhang, chief economist at Pinpoint Asset Management, said the strong exports would help to mitigate the weakening domestic economy, and offer the government with more room to manoeuvre economic policy.
---- Recent data has pointed to a manufacturing slowdown. Factory activity shrank for a second month in October, an official survey showed, while growth in industrial output eased to the lowest since March 2020 - the first wave of the pandemic.
However, under heavy government intervention, some supply constraints have started to ease in recent weeks. A power crunch - triggered by a shortage of coal, tougher emission standards and strong industrial demand - has started to ease after heavy government intervention.
---- Imports jumped 20.6% in October from a year earlier, accelerating from a 17.6% gain in September but missing the expectations for a rise of 25%.
China’s crude oil imports plunged in October to their lowest since September 2018, while coal imports slowed as domestic production boomed. Purchases of iron ore slipped for a second month on easing demand.
China posted a trade surplus of $84.54 billion last month, above the poll’s forecast of $65.55 billion and September’s $66.76 billion surplus.
More
Covid-19 Corner
This section will continue until it becomes unneeded.
Covid-19 Vaccines and Myocarditis Link Probed by Researchers
Several theories are under investigation seeking to explain heart-inflammation conditions among small numbers of vaccinated
Nov. 7, 2021 8:00 am ET
As U.S. health authorities expand use of the leading Covid-19 vaccines, researchers investigating heart-related risks linked to the shots are exploring several emerging theories, including one centered on the spike protein made in response to vaccination.
Researchers aren’t certain why the messenger RNA vaccines, one from Pfizer Inc. PFE 10.86% and partner BioNTech SE BNTX -20.92% and the other from Moderna Inc., MRNA -16.56% are likely causing the inflammatory heart conditions myocarditis and pericarditis in a small number of cases.
Some theories center on the type of spike protein that a person makes in response to the mRNA vaccines. The mRNA itself or other components of the vaccines, researchers say, could also be setting off certain inflammatory responses in some people.
One new theory under examination: improper injections of the vaccine directly into a vein, which sends the vaccine to heart muscle
To find answers, some doctors and scientists are running tests in lab dishes and examining heart-tissue samples from people who developed myocarditis or pericarditis after getting vaccinated.
Myocarditis describes inflammation of the heart muscle, while pericarditis refers to inflammation of the sac surrounding the muscle.
Covid-19 itself can cause both conditions. They have also been reported in a smaller number of people who got an mRNA vaccine, most commonly in men under 30 years and adolescent males.
About 877 confirmed cases of myocarditis in vaccinated people under 30 years have been reported in the U.S., out of 86 million mRNA vaccine doses administered, according to the Centers for Disease Control and Prevention.
The risk is higher within seven days of the second dose of the Pfizer-BioNTech and Moderna vaccines, the Food and Drug Administration says. Most myocarditis cases in vaccinated people are relatively mild, and patients get better on their own or with minimal treatment, doctors say.
More
Ukraine COVID-19 deaths hit record amid low vaccination rate
November 6, 2021
KYIV, Ukraine (AP) — Ukraine’s health ministry on Saturday reported a one-day record of 793 deaths from COVID-19.
Ukraine has been inundated by coronavirus infections in recent weeks, putting the country’s underfunded medical system under severe strain.
The ministry said 25,063 new infections had been tallied over the past day; a record 27,377 were reported on Thursday.
Although four different coronavirus vaccines are available in Ukraine, only 17.9% of the country’s 41 million people have been fully vaccinated, the second-lowest rate in Europe after Armenia.
In a bid to stem contagion, Ukrainian authorities have required teachers, government employees and other workers to get fully vaccinated by Nov. 8 or face having their salary suspended. In addition, proof of vaccination or a negative test is now required to board planes, trains and long-distance buses. Earlier this week, protesters marched in the capital of Kyiv to decry the new restrictions.
Ukraine has registered more than 3 million infection cases overall and 71,635 virus-related deaths.
Ukraine also borders Russia, which has seen new records weekly since mid-September in the number of daily COVID-19 deaths and infections.
How Long Can China Chase Covid Zero? Here’s What the Experts Say
Fri, November 5, 2021, 8:00 PM
(Bloomberg) -- China is resolutely sticking with its zero-tolerance approach to Covid-19, even as the delta variant continues to penetrate its formidable defenses. Officials are implementing increasingly aggressive measures — ranging from internal travel restrictions and snap lockdowns to mass testing of millions — in an attempt to rein in the virus.
Yet more parts of the country are grappling with outbreaks than at any time since the deadly pathogen first emerged in Wuhan in 2019. Hundreds of locally transmitted infections have been found in about two thirds of its provinces.
The last of the major Covid Zero holdouts, China is becoming ever more isolated, and its unpredictable curbs are beginning to disrupt the world’s second-largest economy. How long can the vast nation maintain its strategy as the rest of the world learns to live with Covid, and what factors might force the country to re-open?
The Health Experts
“My personal estimate is China won’t reopen for another year,” said Chen Zhengming, an epidemiology professor at the University of Oxford.
The country’s success with suppressing flareups has won public approval, he pointed out, while places treating the virus as endemic are seeing “what the government fears — once you relax, cases surge.”
“China’s vaccination rate is very high, but most are vaccinated with an inactivated shot” that is less effective than an mRNA inoculation. “Without adequate coverage of boosters and a significant change in outbreaks elsewhere, I think the chance of China reopening and giving up Covid Zero is small,” he said. Otherwise, the Communist Party is “not going to change unless it gets to a situation where they can’t control [the virus] any more.”
More
https://www.yahoo.com/news/long-china-chase-covid-zero-200013705.html
Next, some vaccine links kindly sent along from a LIR reader in Canada. The links come from a most informative update from Stanford Hospital in California.
World Health Organization - Landscape of COVID-19 candidate vaccines. https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines
NY Times Coronavirus Vaccine Tracker. https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html
Regulatory Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some other useful Covid links.
Johns Hopkins Coronavirus resource centre
https://coronavirus.jhu.edu/map.html
Rt Covid-19
Centers for Disease Control Coronavirus
https://www.cdc.gov/coronavirus/2019-ncov/index.html
The Spectator Covid-19 data tracker (UK)
https://data.spectator.co.uk/city/national
Technology Update.
With events happening fast in the development of solar power and graphene, I’ve added this section. Updates as they get reported.
Super-efficient linear compressor could vastly reduce air con power use
Loz Blain November 03, 2021
Compressor efficiency might not sound like the most exciting topic in the world, but consider this: the hotter the world gets – and the wealthier its developing countries become – the more air conditioners will come online. According to the IEA, fans and air con already represent an astonishing 10 percent of global electricity consumption, but as billions more homes in hot areas install A/C, that power demand is set to skyrocket.
This demand surge will come at the same time we try to decarbonize a huge range of other sectors, from transport to industry, by electrifying everything and scrambling to make enough green electricity to run it all. Cooling the planet, in other words, is going to make it a lot harder to stop heating the planet. A vicious cycle writ large.
So compressor efficiency is set to be a very big deal in the coming decades, and by proxy, that makes Magtor's Magtorpressor a device worth looking into – because this Maltese company claims its demonstrator units are already delivering 90 percent more pressure than the average air compressor for the same power consumption, and some 29 percent more than the best current devices on the market.
How? Well, Magtor does away with the rotating crank and piston assembly used by today's standard reciprocating designs, replacing it with a much simpler linear oscillating design capable of compressing air in both directions as it moves back and forth.
Essentially, two round magnetic plates are joined at the middle by a connecting rod designed to transmit magnetic forces in both directions. These run through the middle of a large stator, the same diameter as the plates. The two plates joined by the rod comprise the single moving part in this design; there are no bearings or lubrication required.
When a voltage is applied to the stator, it'll push this large double-sided piston in one direction or the other, depending on the polarity of the voltage. So if you plug it into alternating current, or switched single-phased DC, the pushing force will change directions many times per second and the piston will start moving rapidly back and forth.
Magtor calls it "the world's first high-energy bi-directional linear electric motor," and stresses that this is not an "unrolled" stator/rotor combination, nor does it use permanent magnets moving inside the electromagnet as with other linear motor designs. Where these designs use very small gaps between the magnetic elements, the Magtor drive is able to use efficient longer-range magnetic interactions between elements up to 10 cm apart.
Placing a pump or compression chamber on either end, buffered by springs, gives you air pressure at both ends, which can be diverted to separate purposes or run into a single line. The end result is a smaller, lighter compressor that works faster than a traditional compressor, consumes less power, and causes no power demand spike when you start it up.
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I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.
Friedrich
August von Hayek.
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