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Senator warns of hyperinflation rivaling the 1980s

Posted By admin On August 26, 2009 @ 3:35 am In Money Watch | Comments Disabled

Michael O’Brien
The Hill [1]
Wednesday, August 26, 2009

The economy could spiral into hyperinflation not seen since the early 1980s if the Federal Reserve does not tighten its monetary policy soon, Sen. Chuck Grassley (R-Iowa) warned Tuesday.

Grassley, speaking about the renomination of Federal Reserve Chairman Ben Bernanke to a second term as head of the Fed, asserted that Bernanke’s ability to hold down inflation would be the metric by which the Fed’s success would be measured.

“We won’t know for a year if he’s done a good job so far, because he shoveled money out of an airplane to save banks and the financial system,” Grassley said in a conference call with Iowa reporters. “But shoveling money out of an airplane to solve problems can be inflationary — in this case, hyperinflationary — if he doesn’t start mopping up some of the money that’s out there.”

Grassley, the ranking member of the Senate Finance Committee, said that inflation as a result from government spending on bailouts could result in inflation rivaling rates in 1980, when it hit a peak of 13.5 percent.

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URLs in this post:

[1] The Hill: http://briefingroom.thehill.com/2009/08/25/senator-warns-of-hyperinflation-rivaling-the-1980s/

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] Rogers Slams “Zombification” Of Economy, Warns Of Hyperinflation: http://www.prisonplanet.com/rogers-slams-zombification-of-economy-warns-of-hyperinflation.html

[4] Economist Warns Fed Will Bring About Zimbabwe Style Hyperinflation: http://www.prisonplanet.com/economist-warns-fed-will-bring-about-zimbabwe-style-hyperinflation.html

[5] Senator McCain: Arm Libyan rebels, like Afghanistan in 1980s: http://www.prisonplanet.com/senator-mccain-arm-libyan-rebels-like-afghanistan-in-1980s.html

[6] Four Reasons Hyperinflation Hasn’t Hit the US… Yet: http://www.prisonplanet.com/four-reasons-hyperinflation-hasn%e2%80%99t-hit-the-us-yet.html

[7] America Is Either Going To Suffer Through A Deflationary Depression Or Hyperinflation: http://www.prisonplanet.com/america-is-either-going-to-suffer-through-a-deflationary-depression-or-hyperinflation.html

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