“Bernanke Bucks” and the danger of hyper-inflation

QandO
by Bruce McQuain

03/25/09

Right now, in lieu of dollars, our Federal Reserve is in the midst of printing trillions of ‘Bernanke Bucks.’ I hesitate to call them dollars, even though they’re similar in their look and feel. But in essence they are worth little more than the paper they’re printed on. And although you can’t tell them from the dollars circulating out there, their presence makes the those dollars worth less. The more BB’s there are out there, the less the remaining dollars are worth. It is called ‘monetizing the debt.’ Or to pick up on Keyne’s point, we’re right in the middle of debauching our currency. Now, there are several reasons for doing what is being done, and you may or may not agree with them. But it really doesn’t matter. Whether you agree or disagree, printing money for the right reasons or the wrong reasons still has the same effect...

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Informant: Thomas L. Knapp



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