John Tamny was wrong on a couple things in his op-ed “There’s no such thing as ‘government stimulus’ ” (June 10, TribLIVE). Inflation (increasing the money supply) does lead to more investment but it goes into many things that would not be successful in the absence of inflation. When the contraction sets in, those investments must be unwound. Consequently, from one point of view, the Fed is responsible for general expansions and contractions, but that doesn’t mean they are good things.

Bob Peirce

Peters

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