“And this leads to a phenomenon that would be curious if it were a simple case of money printing. Prices are, at once, both lower and higher. Growers of chickens are getting less per bird, while consumers are paying more. Canadian timber growers are getting paid less, while American home builders are paying more. Russia is getting paid less for its oil (and selling less volume), while freezing Europeans are paying more.
“This is what economic discoordination looks like. Wider spreads, with both producers and consumers kept apart by a growing gulf.”
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