And Now… Inflation

“… It seems this holiday season, instead of presents from Santa’s sleigh, we’ll be showered with dollars from Bernanke’s helicopter. Yesterday, the Federal Reserve announced plans to spend $45 billion a month to buy bonds, and to keep a key interest rate near zero until unemployment drops below 6.5 percent. This means massive inflation, as Murray Rothbard makes clear in chapter 23 of The Case Against the Fed, which explains in Rothbard’s inimitable style and clarity exactly how the Fed floods the economy with new money…”

 

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