Previous Federal Reserve Chairman Paul Volker (in the early 1980’s) saved our country from hyperinflation as the gold price inflated in the 1970’s from a fixed price of $35 to $850 in 1980. Double digit inflation raged, and interest rates on commercial paper rose as high as 19%. Volker ushered in a period of tight monetary policy, exacting a deep recession in 1982. Thus began the disinflationary process that Alan Greenspan continued during most of his term. The U.S. economy experienced a long period of lower inflation from 1982-2000, which was a golden age for capitalism and investment in the stock market. The stock market ascended over ten times in value during that time while the gold price languished.The Federal Reserve under Chairman Bernanke in 2008 printed money with abandon to prevent the current credit recession from exacting a further toll on many banks and millions of consumers who entered into untenable mortgage agreements. The Fed’s easy money policies may be a threat to the long term viability of the capitalist system itself should the ease result in escalating prices, which may impair the economic survival of further millions of Americans. Bernanke, a student of the Great Depression, is likely… Read full this story
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