Inflation Is A Sinister Beast (7min.)

[LargoWinch]

Richard Fisher, President and CEO of the Federal Reserve Bank of Dallas, speaks at The Commonwealth Club of California about the nation's immense fiscal challenges as well as the threat of severe inflation due to monetization of the nation's debt by the Federal Reserve.

"Throughout history, many nations, when confronted by sizable debts they were unable or unwilling to pay, have seized upon an apparently painless solution to this problem. It's called monetization. Just have the central bank, [which is] the monetary authority, run cash off the printing presses until the debt is repaid, and then promise to be responsible from that point on..." says Fisher.

Fisher continues, "We know, however, from centuries of evidence and countless economies, from ancient Rome to today's Zimbabwe, that running the printing press to pay off today's bills leads to much worse problems later on. The inflation that results from the flood of money into the economy turns out to be far worse than the fiscal pain those countries hoped to avoid."

Runtime: 6min.40sec.

[vinoveri]

Re: Inflation Is A Sinister Beast (7min.)

Thanks for the video LW.

His blame of and appeal to the "electors" of the gov (i.e., the populace) and his explicit committment that the "fed will never let the sinster inflation" take hold - are pure blame shifting and lying IMO (but then again I'm cynical). Maybe he should run for president!

It's true, that we get the government we deserve.
OK, the fault is mine and my neighbor's, not Greenspan, Bernanke, Paulson, Geithner, the financial oligarchs, MSM, keynseyian economists etc. who we've entrusted to run the system, but who lie outright to us, don't enforce the rules and laws meant to protect us, and protect each other, etc.
Did we get to vote for the Fed and it's members, the SEC, and all the other regulators who are supposed to mind the store....

[marvenger]

Re: Inflation Is A Sinister Beast (7min.)

I'm not sure what he's asking the public to do. He's just said the there's no difference between republicans and democrats and then he's said its the publics fault for electing them and to do something about it.

if he's serious that sound slike some kind of revolution he's calling for.

[Jay]

Re: Inflation Is A Sinister Beast (7min.)

He mentioned the two world wars and how they bankrupted Britain, where was his mention of the American war machine and its expensive forays over the decades? Hmmm, strangely silent on that one. He only mentions entitlements as the problem. This speech was PR.