[Gllug] [OT] Re: [Long] Down-under response. Was: File On 4 on waste in Govt computing projects

[Richard Jones]

On Thu, Mar 04, 2010 at 10:36:44AM +0000, Peter Childs wrote:
> On 4 March 2010 07:43, Nix <nix at esperi.org.uk> wrote:
> > On 4 Mar 2010, Christopher Hunter uttered the following:
> >
> >> On Wed, 2010-03-03 at 22:28 +0000, Nix wrote:
> >>
> >>> Rubbish. The debts will inflate away and be grown away.
> >>
> >> Not this time.  There's nowhere for the hole to disappear to, this time.
> >
> > What? Inflation and growth can dispose of *any* debt, given time, though
> > if it goes too far your currency implodes into hyperinflation (which
> > also disposes of the debt, although as it also disposes of your entire
> > nation's savings it tends to do your political prospects no good at
> > all).
> >
> > We are very, very far from hyperinflation right now.
> > --
> 
> Does that work with personal debt too?

Yes.  It's one reason why my parent's generation all live in much
bigger houses than I will ever do.  Mortgages they took out in the
early 70s inflated away.  Look at the bulge in this list of figures:

http://safalra.com/other/historical-uk-inflation-price-conversion/

Rich.

-- 
Richard Jones
Red Hat
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