Paul Volcker just announced that he is resigning as Chairman of President Obama’s Economic Recovery Advisory Board. I don’t know the reason but I would venture to guess that it probably stems from a major disagreement about the proper course of action needed to address the mega-crisis.
The government and the Fed are doing everything they can to keep interest rates low. This means inflating the currency to a degree that dwarfs any previous inflation and will likely knock the dollar from its dominant role as a global reserve currency. Worse yet, it will cause prices to rise across the board making life ever more difficult for most Americans. The CPI is not to be believed. Already the prices of many food items and basic commodities have risen considerably. Pumping more empty dollars into the economy will only make matters worse. You’ll find useful information on this and related issues on the website of the National Inflation Association.
Beyond Money 