Hyperinflation is A Small Price to Pay?
The US is hurtling toward out-of-control inflation while the political class tries to convince the hoi polloi that inflation is not a problem.
Monty Pelerin at American Thinker
EXCERPTS:
Government-generated CPI data show tame inflation. Federal Reserve Chairman Ben Bernanke claims deflation, not inflation, is the danger to the economy.
Despite government propaganda every shopper knows inflation is already a serious problem. The Financial Times presented annual price increases for various items, which included the following:
- heating oil +41%
- copper +59%
- silver +91%
- palladium +212%
- corn +91%
- wheat +79%
- cotton +143%
These data indicate that inflation is upon us. The magnitude of these numbers suggests hyperinflation.
The Federal Reserve has tripled the money supply in an effort to protect the banking system and the economy.
The reality is that Mr. Bernanke is unable to reverse the time bomb he has placed in the banking system.
Mr. Bernanke, regardless of his intentions, now has one client – the Federal Government. It is his duty to keep them solvent regardless of his job description. The myth of government must be preserved no matter what the costs, including a hyperinflationary depression.
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