Doug Noland - "Pavlovian"

``Throughout history, there have been many derivations of the typical pronouncement, "Be on notice, this will be the last time this government resorts to the printing press."  And rarely would it ever work out that way.  Indeed, not only would monetary inflations continue, the scope of the money printing would too often escalate to the point of being completely out of control.  Once unleashed, monetary inflations take on a life of their own -- and turn unwieldy on many levels.  And this complex dynamic explains why monetary history is littered with worthless currencies.''