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Ben from Long Island, NY: In school we were learning about the populist movement. My teacher told me that one of the problems of the industrial revolution was that new machinery and deflation caused prices to go down too much. Also, the monopolized railroads increased the prices on the short hauls so farmers ended up having to go into debt and not being able to pay it off, therefore farms ended up closing down. So my question is: “Is deflation a bad thing for farmers?”
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Peter Schiff is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary for the US Senate.
Video © and provided by Peter Schiff.
Peter Schiff is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary for the US Senate.
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