This from a Dick Black Facebook post:
“If you put $10,000 in the bank last November, it’s worth just $9,000 today. Isn’t Ben Bernanke the greatest? It’s called Zimbabwe-nomics. Just print all the cash you need. Liberals are so smart.”
Huh? The inflation rate is nominal (but, of course, so are the interest rates), so I just don’t get what the heck he’s trying to say, especially since the term “Zimbabwe-nomics” is not used, well, anywhere. Guess I’m not as smart as the liberals he references.
UPDATE: Now that I’ve had some time to do some additional research on Mr. Black’s claim, it appears that it’s not just fuzzy math – it’s a complete fabrication. The 20% inflation rate simply doesn’t exist, obviously, and, furthermore, there’s no reference to numbers like that anywhere.
Brings to mind a recent post by Quotable Joe on The Danger of Uncritical Thinking.