Quote of the week

“Be very, very careful what you put into that head, because you will never, ever get it out.”

—    Cardinal Thomas Wolsey on King Henry VIII

“As long as deflation is a possibility, the [Federal Reserve, the US central bank] would be well advised to explain, again and again, why inflation that is too low is also bad for the economy. The lesson that high inflation is a threat is well known to politicians and voters. There is a need, as Cardinal Wolsey might have said, to get something else into their heads.”  

-- Floyd Norris, “Inflation? Deflation Is New Risk,” New York Times, October 30