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News Link • Economy - Economics USA

Extraordinary Inflation and Bernanke's Lies

• Lew Rockwell blog

.... On November 4, 2010, Bernanke wrote:

".... Critics have, for example, worried that it [buying bad debt bailouts] will lead to excessive increases in the money supply and ultimately to significant increases in inflation.

"Our earlier use of this policy approach had little effect on the amount of currency in circulation or on other broad measures of the money supply, such as bank deposits. Nor did it result in higher inflation."

Obviously, he was lying or mistaken in the immediately preceding statement about "little effect on" money supply, since M1 was already up to 1,767.2 or by 25 percent in 2 years when he wrote as a result of his first set of asset purchases (over one trillion dollars worth)! On that day in November, he announced another $600 billion purchase, and that is what inflated the money supply from the then 1,767 to its current 2,330.7 (extremely close to it). Increases of this size in M1 are extraordinary....

 

1 Comments in Response to

Comment by Anon Patriot
Entered on:

MOMENTUM, FOLKS - MOMENTUM!  LET'S KEEP THIS GOING!

CONTACT Sen. Harry Reid on H.R. 459's Passage (327-98) - TODAY!

I did! Here is the text of my message:

"I was just informed, that the House voted, 327-98, on H.R. 459, & AUDIT THE 'FED' passed! I was also just informed, that 'Sen. HARRY REID is refusing to put Audit the Fed up for a vote in the Senate.' And, to 'Please contact his office today and tell him to support AUDIT THE 'FED' and allow for a Senate vote!'

327-98, Senator, is a CLEAR MAJORITY. THE PEOPLE have spoken. Question: Do you represent THE PEOPLE? You may wish to think about this question when it comes time for your re-election"


CONTACT SEN. HARRY REID TODAY! LET'S FLOOD HIS EMAIL ON THIS ISSUE!
(Feel free to Copy and Paste the message above, if you wish)
http://www.reid.senate.gov/contact/index.cfm

Related News:

Audit the Fed Passes the House! 327(Y)-98(N)
http://www.campaignforliberty.org/profile/7788/blog/2012/07/25/audit-fed-passes-0

 


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