15 years ago
October 2009
"The Federal Reserve's monetary base statistics show that in the last year the money in circulation has increased far faster than at any other point in American history. Thus, by the dictionary definition, we have inflation. But prices have been relatively stable because downward recessionary pressures are currently counterbalancing the upward pressures of the expanded money supply. The new money has been largely parked in financial institutions. Thanks to government prodding and aggressive stimuli, it will soon be showered on the economy at large. When the tide rolls in, there will be more money chasing fewer goods. (Recessions reduce the supply of things.)
The result: higher prices."
Peter Schiff
"Inflation Returns!"
