Read the Express-News letters to the editor for May 2.
GABBY JONES, STR / NYTThe new federal courthouse in San Antonio needs to be named and dedicated to John H. Wood Jr., the man who was assassinated for doing his duty as district judge.
Not only is it the honorable thing to do, but it will also send the message that American justice cannot be intimidated.Letter writer Keith MacFarland said, “If people believe that prices will fall back to pre-inflation norms, they are only fooling themselves.” He is most likely correct, but for the wrong reasons. He states, “Corporate avarice is just a byproduct of oil. Gas will drop, but most other prices will not.”
He seems to blame inflation on corporate avarice, but his blame is misplaced. Prices are a function of many factors, but as Milton Friedman said, “Inflation is always and everywhere a monetary phenomenon.” In other words, as you increase the quantity of money in circulation, you cause inflation. The only way to stop price inflation is to stop printing money. Look no further than the deficit spending by the federal government as the main source of the problem. To slow or reverse inflation, eliminate the Federal Reserve and balance the budget.The letter writer is splitting hairs. A republic is a form of democracy. In a pure democracy, the people vote on all the laws and majority rules.
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