The book "Cliff," has recently sparked intense discussions in our financial group. It seems to be a banned book, making it difficult to find online, yet it is very lean and realistic. While reading this book, I found my mind unsettled for a long time. This political fantasy novel, written by Herbert Stein and his son Benjamin Stein, unfolds through fictional plots, but the core issues it explores—uncontrolled inflation and the worsening economic crisis—feel so real and chilling.

The novel is set in the United States in 1985 and depicts an economic disaster caused by excessive money supply, an energy crisis, and political blunders. Inflation skyrockets from 2% per month to ultimately exceed the hyperinflation levels of Germany in 1923. The book details how this economic storm destroys the lives of ordinary people: prices soar, food prices in supermarkets are no longer fixed, the stock market crashes, the credit system collapses, and even social morals begin to disintegrate. The most shocking scene is when an ordinary housewife has to submit to the greedy grocery store owner just to get a bit of smoked pork for her daily meals. This portrayal of reality is more impactful than any economic theory.

Today, I was deeply shocked to see Powell steadfastly adhering to the principle of controlling inflation. When you read this book, you will understand that old Powell is right; he is a true economist with real knowledge. The warnings about inflation in the book cannot be ignored. Although the viewpoints presented have a strong free-market bias, the discussion on how inflation can become a tool for political manipulation and how it erodes social stability is indeed thought-provoking. The role of Federal Reserve Chairman George McConaghy is particularly noteworthy; he believes that "printing more money" can alleviate the crisis, but it ultimately becomes a catalyst for disaster. This makes me think of today's economic policymakers—are they also using short-term stimulus measures to cover up long-term risks in the face of a crisis? It seems to echo Trump, who uses a greater crisis to cover up a temporary one.

Of course, this book is structured as a novel, so it is not perfect. The author has a clear bias in the narrative, especially in the portrayal of certain international financial forces, even involving absurd accusations against China, which clearly have political motives. This forces me to maintain a certain level of critical thinking while reading. Nevertheless, the depiction of the destructive power of inflation in the book remains a wake-up call for the modern economic system.

Milton Friedman commented on this book, saying, "Such things could happen in America." Upon reading this, I couldn't help but ponder: not just in America, but could any country that relies on monetary policy to stimulate growth face such risks? For anyone concerned about the economy, this book is worth reading, not just for the story but for the profound warnings it conveys. 🧐

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