God Bless Ron Paul and Those Who Follow Him, says Pat BuchananSubmitted by bobbyw24 on Tue, 08/30/2011 - 06:56
For Exposing Bernanke & Krugman as a Conspiracy of Counterfeiters
By Patrick J Buchanan
By November 1923, the German currency was worthless, hauled about in wheelbarrows to buy groceries. The middle class had been destroyed. German housewives were prostituting themselves to feed their families. That same month, Adolf Hitler attempted his Munich Beer Hall Putsch.
Today a coterie of economists is prodding Federal Reserve Chairman Ben Bernanke to induce inflation into the American economy.
Fearing falling prices, professor Kenneth Rogoff, former chief economist for the International Monetary Fund, is pushing for an inflation rate of 5 to 6 percent while conceding that his proposal is rife with peril and "we could end up with 200 percent inflation."
Paul Krugman, Nobel Prize winner and columnist for The New York Times, is pushing Bernanke in the same direction.
Bernanke, writes Krugman, should take the advice he gave Japan in 2000, when he urged the Bank of Japan to stimulate the economy with "an announcement that the bank was seeking moderate inflation, 'setting a target in the 3-4 percent range for inflation, to be maintained for a number of years.'"
And who inspired Bernanke to urge Tokyo to inflate? Krugman modestly credits himself.
"Was Mr. Bernanke on the right track? I think so -- as well I should, since his paper was partly based on my own earlier work."
But Krugman is not optimistic about Bernanke's injecting the U.S. economy with a sufficient dose of inflation.