“Drunk on credit.” This is James Grant’s new/old take on problems in the economy.
To make his decades-long case, Grant looks back to 1974 and .10 cent beer night at a Cleveland Indians game. Apparently hospitalization for some followed the cheap beer offered by Indians’ management, not to mention all sorts of drunken action by a majority that didn’t require hospitalization. Grant sees .10 cent beer as a metaphor for the allegedly cheap credit decreed for decades by the Fed. But for a little problem.
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