“All the nations are inflating, so that their exporters will not suffer from an appreciating currency. Central bankers regard appreciating currency as a disaster. They are mercantilists.  Yet we know that, as individuals, to hold on to an appreciating currency is a great thing. Why is it a great thing for individuals to hold an appreciating currency, yet it is also a good policy for a central bank to expand the money supply, so as to decrease the international value of the currency? There seems to be something wrong here. There seems to be cognitive dissonance.”

http://www.garynorth.com/public/10645.cfm

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