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Letter to the editor

"We are heading for inflation and a currency collapse."




Jon Moynihan

Financial Times Deutschland

27 September 2012


Dear Sir,
Your headline to my opinion piece, that you kindly published yesterday, states: “We need inflation and a currency collapse.” Substitute “We are heading for” instead of “We need” and you have my argument correctly. I am not asserting those states are desirable, but rather that they are the logical outcome of current policies.

Your sub-heading states: “Real salaries in western world must decline by half.  This is the only option to achieve and maintain competitiveness”. My chief argument is that with current policies, this is going to happen – most likely through the inflation and currency collapse that the headline refers to – and I certainly wouldn’t want it implied that I see such an outcome as intrinsically desirable.  

Of course, I am sure that your readers understand that whereas the copy is supplied by the author, the headline is supplied by the FT! I apologise if my lack of fluency in the German language contributed to any ‘loss in translation’.

Yours sincerely,

Jon Moynihan
Chairman of PA Consulting Group


This letter is in response to an article published in the Financial Times Deutschland, which you can read here.

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