Bernanke Quote from 2002Submitted by Brooks5000 on Sat, 03/21/2009 - 13:33
Just doing some light web browsing today and came across this gem of a quote from bernanke.
“Under a fiat money system, a central bank has a technology, called a printing press that allows it to produce as many US dollars as it wishes at essentially no cost. By increasing the number of US dollars in circulation, or even by credibly threatening to do so, the US government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services.
We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation"
This is our savior, God help us all