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Federal Reserve Officials: Americans Are Saving Too Much Money So We Need To Purposely Generate More Inflation To Get Them Spending Again

Some top Federal Reserve officials have come up with a really bizarre proposal for stimulating the U.S. economy.  As unbelievable as it sounds, what they actually propose to do is to purposely raise the rate of inflation so that Americans will stop saving so much money and will start spending wildly again.  The idea behind it is that if inflation rises a couple of percentage points, but consumers are only earning half a percent (or less) on their savings accounts, then there will be an incentive for consumers to spend that money as the value of it deteriorates sitting in the bank.  Yes, that is how bizarre things have gotten.  It is not as if U.S. consumers are even saving that much money.  Several decades ago, Americans typically saved between 8 and 12 percent of their incomes, but over this past decade the personal saving rate got down near zero a number of times as Americans were living far beyond their means.  Once the recession hit, Americans very wisely started saving more money, and so now the personal saving rate has been hovering around the 5 to 7 percent range.  This is well below historical levels, but the folks at the Fed apparently are eager for Americans to pull that money out and start spending it again.

In an article entitled "Fed Officials Mull Inflation as a Fix", Wall Street Journal columnist Sudeep Reddy described this bizarre new economic approach that some over at the Federal Reserve are now advocating....   

"But as the U.S. economy struggles and flirts with the prospect of deflation, some central bank officials are publicly broaching a controversial idea: lifting inflation above the Fed's informal target."

Does increasing inflation as a way to stimulate the economy sound like a good idea to any of you?

These are supposed to be some of the brightest economic minds that our nation has produced.

Unfortunately, it is becoming increasingly apparent that the folks running the Federal Reserve do not have a clue about sound economic policy.

Anyone who lived through the "stagflation" days of the 1970s should know that inflation does not spur economic growth.

But now some of the most prominent Fed officials are publicly proposing that we should purposely generate more inflation so that "real interest rates" (interest rates with inflation factored in) will go down.

For example, during a recent interview the president of the Federal Reserve Bank of Chicago, Charles Evans, made the following statement....

"It seems to me if we could somehow get lower real interest rates so that the amount of excess savings that is taking place relative to investment needs is lowered, that would be one channel for stimulating the economy."

If you truly grasp what Evans is proposing here, your jaw should be dropping.

He is basically coming right out and saying, "Hey, let's go out and crank up the inflation rate so that American consumers will start recklessly spending their money again."

So are Americans really saving too much money?

Of course not.

Just take a look at the chart below.

Americans are actually still saving far, far less than they used to.  As you can see from the chart, in the 1960s and 1970s Americans would usually save somewhere between 8 to 12 percent of their incomes.

Today, we are still well below that level.  But we have made some progress from the reckless days of five to ten years ago when Americans were living far, far, far beyond their means and basically saving next to nothing....

So now some top Fed officials want to undo all that.  They apparently want Americans to grab their credit cards and to run out to the stores and spend wildly like they did a few years ago.

But spending recklessly is not going to repair our economy.  In order to have a healthy, balanced economy you need to have a healthy personal saving rate.  Encouraging Americans to spend every last nickel they have may boost economic figures in the short-term, but it will make our long-term problems even worse.

But it is not just Federal Reserve officials that are advocating this kind of nonsense.  Just a few months ago, IMF chief economist Olivier Blanchard suggested that it might be a good thing if western nations doubled their inflation targets from two percent to four percent. 

It seems like almost everyone is in an inflationary mood these days.

The Federal Reserve keep dropping hints that it is ready to print lots more money and unleash another huge round of quantitative easing.

Just this past week, the Bank of Japan shocked world financial markets by cutting interest rates even closer to zero and by setting up a 5 trillion yen quantitative easing fund.

In fact, nations all over the world have become increasingly eager to devalue their national currencies in an attempt to gain an edge in international trade.

So after years of relatively low inflation, it looks like our leaders are almost eager to tangle with the inflation tiger once again.

But it might not be so easy to tame the next time.

Once a really bad inflation spiral gets going it is really hard to stop.

But in the end, it is not going to be Barack Obama or the U.S. Congress that is going to decide if we pursue these inflationary policies or not. 

Ultimately, these decisions are in the hands of the unelected, unaccountable Federal Reserve.

If you don't like it, too bad.  When was the last time a U.S. president or the U.S. Congress really stood up to the Federal Reserve?  It just doesn't seem to happen.

The Federal Reserve is going to do what the Federal Reserve wants to do, and the rest of us are going to have to live with it.

Of course we could all try to elect candidates who would demand more accountability from the Federal Reserve this fall, but unfortunately those kind of candidates are few and far between.

The sad reality is that at this point, the Federal Reserve is pretty much completely and totally out of control.  The U.S. dollar has already lost over 95 percent of its value since 1913, and now the Federal Reserve is giving every indication that inflation is going to get even worse in the years to come.

But flooding the system with more paper money is not going to solve anything.  Instead, it is just going to make it even harder for average American families to buy milk and bread and to put gas in the car.

Inflation is a hidden tax on every single dollar that we already own.  It is a destroyer of wealth and a wrecker of currencies. 

But now some of the top officials at the Fed see inflation as a key tool in creating "economic growth". 

With such a clueless collection of idiots running our economy (and the Federal Reserve does run our economy) do any of you actually believe that there is hope for the U.S. economic system in the long run?

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  • DMyers

    AT the county fair
    The Mad-mouse Ride

    George, those rails up on the third curve are loose. They’re gonna give.

    Well, fix ‘em. There’s some ‘lectrical tape over there. I got some medical tape. We got a Mexican somewhere that does weldin’. Git some wire and glue.

    Someone’s gonna get killed. It’s gonna crash.

    I don’t give a crap ’bout your ‘pinions. It’s Saturday night. We’re makin’ big bucks, and this thing ain’t gonna stop.

    It’s gotta stop. It’s gonna stop whether you like it or not.

    My ass! Giermo! Fix that rail!

    Seeñor, eet eees brokeens!

    Ain’t nothin’ broken. I’m makin’ money, and I ain’t gonna stop makin’ money.

    No, seeñor, thee rail, eet ees very loose.

    Are you blind? It’s just a little off to one side. You can fix it. Weld that mother like you never welded before.

    Sorry seeñor, eet ees goink to fall…

    Well, then you can take your sorry ass back to where ever you come from. Ain’t nothin’ ’round here gonna fall!

  • Gary

    I know you must be kidding about people saving too much money. Maybe the rich which is why they need to be taxed hard!

  • Something Wicked This Way Comes

    My favorite ploy to watch is the CNBC talking heads trying to convince people to buy equities.

    Only computers and banks buy stock. 75 billion in mutual fund outflows this year. C’mon in they say…so we can dump this crap on you people…we haven’t stolen enough from you.

    I dream of the day when the American people wake up and realize one day- that they don’t need a private Fed Reserve to steal their money. That it is perfectly acceptable to create our own money and not charge ourselves interest or feed boom and bust cycles by controlling the quantity of currency. (debt)

    END THE FED.

  • Michelle

    Spend it while you can. It won’t be worth as much later.

    Buy stuff you need. That’s better than money in the bank.

    Put your savings in tangible items. Food & toilet paper would be a good place to start.

    Make sure you have proper clothing for the coming ice age (www.iceagenow.com) and also stock up on toothbrushes, shampoo, soap, etc.

  • VegasBob

    After 20 years in Japan and 2 years in the US, it ought to be obvious to even the stupidest of economists that low interest rates are symptomatic of a sick economy and not a healthy economy.

    After years of policy failures, reasonable people should look at failed policies as zero interest and quantitative easing and think, “Hmm, this policy is not working. We need a different plan.”

    Instead, Bernokio & the Fed propose to give us even more of the same failed policies.

    Bernanke is a total failure.

  • Jackson

    Devaluing our currency will only make the average person poorer.

  • jim bunde

    inflation is coming no matter what .this sounds more like propaganda put forth to make it appear as though the fed and the bureaucracy have control of the situation.keep hiding the uncontrollable till the ship sinks and all the passengers are lost.This might help the captain and crew steal the lifeboats and enough provisions to make land some place else.

  • Mitch

    Perhaps its just the fact that more people are saving “any” money, which for a lot of folks wasn’t happening previously. With underemployment, continued high gas prices/food prices–we struggle to save more than $50/month most months. Of course the Gov’t takes out 15% for SS to save for us eh? The top 400 Hedge fund managers made over 1 Billion a year with bonuses I just read, during a recession…I doubt my city makes much more than 1 Billion a year, so is this the end game of cronny capitalism? Non-job creators and non-innovators are as rich as people like Bill Gates that actually took big risks and pushed something new. Or are we going to just get more of the Walton family type wealth, and Paris Hilton’s who will have more money than an elite Cardiac surgeon? Unfortunately big government just allows the top dogs to rig the games of monopoly that much more, at least we have baltic avenue still eh?

  • Matt

    Gary, you need to be taxed hard. We are all equal here in the USA. So everyone regardless of income, race, gender, etc, should be taxed equally. Or perhaps we should make people pay for govt services they use like you would pay for any private service. The problem with the people in this country is that most of them now want something for not earning it, and want other people to pay for their stuff. And that’s why these Zombies keep electing politicians that pander to that. And until that cycle reverses its only going to get worse here. You wonder why back in history there were so many civilizations of serfs and kings, and now you don’t need to wonder why because you are watching it evolve right under your nose in this country. And at its root is that people want something for nothing, they want other people to pay for their stuff. That’s the real problem Gary and all you other Zombies. Zombie Nation USA.

  • Drachma

    “Unfortunately, it is becoming increasingly apparent that the folks running the Federal Reserve do not have a clue about sound economic policy.”

    Why can’t people get it through their heads that the FED is and never was about ‘sound economic policy’. It was created to extract your wealth incrementally. Those of you who give credence to the notion that the FED is clueless, should wake up and smell the tyranny and call them out for what they really are. They know exactly what they are doing and they’ve done an excellent policy job if you realize that they are criminals and their job is to steal your wealth and prosperity, not fix the economy. But of course it’s easier on the mind to just label these criminal thugs as inept, without even a thought as to the motives behind the institution; a private, for-profit banking cabal we call the FED.

  • http://stockresearchportal.com Ian R. Campbell

    Remember the old saying ‘Desperate People Do Desperate Things’. I find this article highly interesting. If the stated reports have any degree of accuracy at all, for some Fed Officials to be saying such things in the first instance seems ‘off the charts’ to me, but in the second instance may be a clear sign that the Fed finds itself in an impenetrable metal box with the lid rapidly closing on it. If I were Ben Bernanke I would be having serious conversations with the Fed officials alleged to have said such things. I am linking this article this morning in my daily e-mail to the over 10,000 e-mail opt-in Subscribers to http://stockresearchportal.com, a website focused entirely on Mining and Oil & Gas Stock Research.

  • Maria

    WHO IS THE G20?

    They are Government Finance Ministers and Central Bank Governors from 20 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom, United States of America, and the European Union with the European Central Bank. “To ensure global economic fora and institutions work together, the Managing Director of the International Monetary Fund (IMF) and the President of the World Bank, plus the chairs of the International Monetary and Financial Committee and Development Committee of the IMF and World Bank, also participate in G-20 meetings on an ex-officio basis.”

    WHAT IS THE MANDATE OF THE G20?

    They were “created” in 1999 to provide global economic stability by “strengthening the international financial architecture”. They have been “called upon” to “further strengthen international cooperation.”

    CLAIMED ACHIEVEMENTS OF THE G20

    They progress issues and adopt agreement of policies “of internationally recognized standards” in areas such as “reducing abuse of the financial system, dealing with financial crises and combating terrorist financing.” They claim a commitment to “new higher standards of transparency and exchange of information on tax matters.” Their aim is to “combat abuses of the financial system and illicit activities including tax evasion.” Finally, they aim for further “development of the global economic and financial system.”

    “Reflecting on these achievements and recognizing that more needs to be done to ensure a strong, sustained and balanced global recovery, the G-20 Leaders at Pittsburgh Summit designated the G-20 as the premier forum for international economic cooperation.”

    HOW DO THE G20 MEETINGS FORMULATE?

    “It is normal practice for the G-20 finance ministers and central bank governors to meet once a year. The ministers’ and governors’ meeting is usually preceded by two deputies’ meetings and extensive technical work. This technical work takes the form of workshops, reports and case studies on specific subjects, that aim to provide ministers and governors with contemporary analysis and insights, to better inform their consideration of policy challenges and options.”

    G20 WIELDS ENORMOUS POWER

    The “member countries represent around 90 per cent of global gross national product, 80 per cent of world trade (including EU intra-trade) as well as two-thirds of the world’s population.” “The G-20′s economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system.”

    Quoted information directly from the G20 website at http://www.g20.org/about_what_is_g20.aspx

    WHAT IS THE POINT?

    Do not be fooled by the veil of deceit!

    The minds at the Fed are crazy for certain…crazy like a fox!

    No, the Fed is not proposing anything to stimulate the economy. The goal of the Fed is to further the plan of the globalist G20…to impoverish nations by supporting taxation and manipulation of interest rates among other things.

    America! WAKE UP! We must unite to disband these criminals and free ourselves from their tyrannical enslavement. Kick the stinking, rotten bums out of Congress who support the globalist agenda!

    No, we aren’t going to change anything overnight. We are going to continue through a long, painful period of DEPRESSION. But we don’t have time to wallow in the fog of misery.

    RESEARCH, SAVE, VOTE, PRAY! R.S.V.P. today.

    All I know is, we better elect a crew to right this ship NOW! Or we are not going to have a ship left.

    No, I am not a teapartier. I will vote for anyone I believe has the moxie to get the job done right.

    People of the world…WAKE UP! We do not live in sovereign nations as long as the G20 exists…as long as the United Nations exists…as long as we allow private banking cartels to secretly control our economies.

  • mondobeyondo

    Move that chair over closer to the starboard side. Yeah, that’s it. And those other chairs, move them closer to the edge. The passengers want a better view of the ocean.

    Oh yeah, and tell the captain to steer a little closer to that big iceberg. What a great photo op for the first class tourists! Wow, just look at that thing! Never seen an iceberg that big!

    Don’t panic though, this ship of state is unsinkable. And our crew are professionals, we know what we’re doing. Nothing will ever harm us. You have the captain’s word on that.

  • alice

    This is the DUMBEST thing I’ve ever heard! And, it’s a lie!! They want to massively devalue the dollar, don’t want to take responsibility, and so they want to blame Americans for excessive savings!!!This is their legal way of robbing your bank accounts….Instead they should Reduce deficits, balance budgets, eliminate income tax, replaced with import tax,, close down the IRS, Postal Junk Mail Service etc… Live within your means century is here!!!!!!

  • alice

    This is still the massive plan for GLOBALIZATION, at our expense. What is good for the rest of the world, is not good for us! Maybe the Federal Reserve should be shut down, before they do anymore damage to our country! They are not on our side, they are on this GLOBALIZATION SIDE!

  • gw

    “Maybe the rich which is why they need to be taxed hard!”

    Right, tax rich people more because THEN the government can start doing wise things with that money.

    http://www.youtube.com/user/ST0PandL00K#p/u/4/MkSHg3JV_V8

  • lostinmissouri

    Gary,

    Ever dream of becoming “rich”? Used to be every American’s dream, to become financially successful.

    I am sorry that you have bought into “tax the rich” lie. “TAKE from one and GIVE to another”

    The super-rich will always find ways to avoid taxation. That is not ever going to change.

    So, who do you think ends up paying for the “tax the rich” scheme?

    Answer: The entrepreneurs, that would have given you a job, at a fair salary, if the government hadn’t taken half, or more of their yearly working capital, because they are “rich”.

    THE JOB, that would have paid you enough, to put you on the road to financial success, and find yourself “one of the rich”, ISN’T THERE FOR YOU, because you bought into the lie.

    Just keep believing the lie…..enjoy your poverty.

  • Mr Carpenter

    Well, gw, I have to admit that I truly was impressed with the video you linked and forwarded the link to all of my like-minded friends.

    What really worries me is that about 1 in 2 of the US population are precisely what our forefathers fought to eradicate – collectivists.

    In fact, I would say that nearly 1 in 2 are so ignorant that they think the do good, when in fact, they believe in Fascism.

    Fascism is the combination of government and corporate forces to the exclusion of ordinary people and their rights.

    So I ask again; why did we Americans bother fighting the Nazis in WWII only to have half or more of our people adopt their political beliefs a mere 65 years later?

    We have murder of innocents (abortion, government sanctioned wars on innocent populations, and euthanasia in some areas).

    We have hyper-greed on the part of not only those in power, but those who are their slaves (unions utilize the weakness of the mind in humans linked to personal greed, and are no different that the corporate thieves they “fight”).

    Greed is also evidenced by people like Gary who want the government to steal other people’s money for him to enjoy, by simply voting such people into office. He and people like him are so infantile and lacking in thought, that they cannot see the fact that in becoming dependent upon others in this way, they are simply enslaving themselves.

  • Drachma

    “When plunder becomes a way of life for a group of men in society, they create for themselves, in the course of time, the legal system that authorizes it and the moral code that justifies it.”
    Federic Bastiat, 1850

  • Uncle B

    Sadly, and regardless of what is done, the glory days of the American Empire are fading fast! The first signs, the de-industrialization of America, next the sale to Asia of quality businesses, the sharing with Japan of the Automotive prowess, the corruption in the financial scene, the over-abundance of lawyers over engineers, and sloth of the patriots, all these indicators of the base problem.Hollywood’s deferral to the flesh and sin, meal sizes that overwhelm, fat-assed children, all signs of the degradation, symptoms of the breakdown. Church attendance dropping, mother’s working, schools failing to teach, the loss of the Detroit Symphony, sports teams losing to Canadian hockey, Military back-outs, in Iraq, next Afghanistan, all signs of a greater problem, a defect in the basic structure leading to poor outcomes in many fields? Has corporatism done us wrong? Is the Capitalist model distorted by corporatism? Has democracy suffered this cancer too long? Do the lobbyists really have more influence than the voters, the patriots, the workers, the proletariat? Is America finally totally corrupt and unable to fulfill her destiny? Is our ship really sinking? Do you believe the Volt will replace the glory of the Oldsmobiles? Did we exchange Cadillacs for Teslas? Can the corporate propaganda foist this crap on the American people? Will we ever live down the EV-1 saga? Google, torrent. the movie, “Who Stole the Electric Car” for the EV-1 saga – see the mighty GM(America) in a different light!

  • Sammyone

    Keep your head screwed on straight. Read every source you can find. Then forget it and get on with life. Use what you learn but don’t let it make you crazy.

    One thing is certain. You only have to make it until you die. If you have kids you will do the human thing and make it so they can succeed.

    Beyond that, throw cold water on the idiots and she-males trying to pretend that they know more than you. They may be smooth but most of them are chicken-littles and one step away from the nut farm.

    Changes will occur. Some of them may be ugly. But this nation has stood tough times- and I mean tough times- before. Do you think our ancestors were in tall cotton in 1776 or 1863 or 1941? No. But they left us more than they received. It’s time to step up. Not run.

  • Lennie Pike

    I agree strongly with Maria and Matt because what they said is the truth.

    When it comes to inflation, don’t forget about the INFLATION AMPLIFIER which can multiply what the rate of price increases should be (according to how much new money has been created and widely distributed) drastically.

    That INFLATION AMPLIFIER is SPECULATION IN THE FUTURES MARKETS – the place where prices for commodities are set. Sometimes the prices are not set due to supply and demand as we witnessed with oil at $150 per barrel a couple of years ago when hedge funds turned the oil market into something similar to the tulip market hundreds of years ago (your money was stolen from your every time you filled up).

    Nowadays even a caveman can speculate, all you have to be able to do is punch a few keys on your computer. Prices could easily go absolutely crazy with an exodus from currencies.

    Not being able to afford to eat – all the better reason to welcome in a one world government and currency.

    Now that the dollar is becoming worthless and most currencies of the world are also, holders of those currencies will have no choice but to buy commodities futures contracts. Notice I did not say commodities? There will be no taking of delivery of course – at least until later on in the chaos when delivery (suuure) will be the only way not to get screwed out of your money. People will buy commodities futures contracts not so much for speculative reasons, but for defensive reasons. The effects on prices though will be the same.

    Rules to govern speculation are another thing that should have been resolved in the so called Financial Reform Bill but when thieves and criminal thugs run the world and nobody speaks up about it, these things happen.

    Capitalism is the only viable system but it needs rules to operate. Without rules that are enforced to ensure a fair game and it’s survival, it won’t last long – kind of like a basketball game where one team is allowed to break the traveling rule and the other team isn’t. That arrangement won’t last for very long. Somebody might even go after the referee (if the game was being played in a country other than the U.S.).

    There used to be a lot more honest people in this country and the rest of the world. What happened? – “If he doesn’t have to obey the rules, it’s going to kill me if I obey them, Mama didn’t raise no fool”. Let’s get rid of the cheating team and start obeying the old rules again.

  • http://twilightandthebes.com Thebes

    Didn’t Jefferson warn us of the dangers of fiat currency issued by private central banks?

    What did he say again? Oh yeah, that we’d wake up homeless in the nation our ancestors conquered…

    Looks like he was right. Now, how many wheel barrows of this paper for a loaf of bread?

  • Andy

    “If you don’t like it, too bad. When was the last time a U.S. president or the U.S. Congress really stood up to the Federal Reserve? It just doesn’t seem to happen.”

    That would have been Kennedy, and look where that got him.

  • tal

    If you really want to know what they’re up to, you have to learn to think like they do.

    Once we spend all our savings and have lost all our jobs there will only be a few options left:

    1) join the military (/industrial complex)

    2) get sent to debtor’s prison where you will work off your debt at a penny an hour until you drop but the remaining ‘consumers’ will still be able to buy your cheaply-produced-goods without the negative impact on our national debt

    3) starve your useless-eater ass to death

    That’s the near-term future unless more people wake-up and rise-up.

  • DC

    Another thing to remember. Unless it is fixed, inflation means everyone gets screwed by the Alternative Minimum Tax. Well, everyone but the truly rich, that is.

  • Amagi

    What this shows you is that your government and central bank has screwed this economy up so badly they are now prepared to screw every living human being on earth (including stealing your money) by betting the farm on a crack-pot theory that will most assuredly fail and cause a global depression unless they are stopped.

  • S.Shorland

    Does anyone know any Japanese television producers.They could make a big name for themselves by getting Peter Schiff on television over there.

  • mondobeyondo

    If you still think this is the America of years gone by, with Shirley Temple singing about “the Good Ship Lollipop”… sorry to tell you, but we’re on the wrong boat.

    There is a $13.5 trillion iceberg dead ahead, and it’s not getting any smaller. Eventually, we will have impact, and America is going to sink.

    If you maintain the status quo and insist that “things are great, all is well”, you will soon be sleeping with the fishes. Get your lifeboats ready (gold, silver, food, water, passport, etc.) while you still can. You know the elite already have picked theirs out.

  • http://WBDM Joe in JT

    The truth is mega banks know your saving money under the mattress. In their minds there is only one place for the cash to be right now, in their bank vaults.

  • Just Observing

    Well, their plan to get me spending is working. Cashing in a CD next week and buying gold….Krugerands, not Eagles.

  • Katydid

    The good ship Titanic has hit an iceberg, but don’t worry, “they” will fix it.
    What’s that you say? Not enough life-boats? Well, you say we have to save the “first class” passengers first, because saving them will save the rest of us? How does that work exactly?
    What? Now we’re supposed to empty our pockets to make the ship lighter so it’ll take less time to sink? Well, ok, but how come the first class..oh okay, you’re right, what was I thinking to even question..
    What’s that you say? Not enough life preservers? That’s ok I’ll cling to this little bit of wood scrap and wait for help. Damn, it’s cold out here in the water, floating in the middle of the Atlantic. Someone will come to rescue us right? Right? Hey, where did you go?

  • randy

    @Dmeyers…that was the best!!!

  • Wolfgang Engel

    Based on ever increasing external debt of the US it seems to me quite logical to re-inflame inflation for two purposes:
    To promote exports with a lower US $
    To reduce the actual value (in terms of commodities incl gold and silver) of debt.

    see no way out of this dilemma except for 2 avenues down the road:
    Declare bankrupcy
    Inflate the $ to the extent that the debts are at least cut in half

    My 2 cents worth,
    Wolf, in Canada

  • Beau

    America is screwed.

    Get used to it, you whining idiots!

  • amicusbriefs

    Don’t worry. You get to tend the rabbits.

  • theo

    All we need to do is seize the 21 odd TRILLION dollars parked in offshore accounts by the ‘elite’ scumbags. Logically ANY one with over a few million is obviously hoarding and causing great distress to the US Economy and should therefore be punished, stripped of ALL assets and sent to fight in the fake corporate ‘terror wars’ that they have been using to destroy the USA while pocketing huge profits.

  • james

    Thank Goodness. I love this article this is music to my ears. I ve been saying for 4 years WE NEED MORE INFLATION. Now its nice to see the good people at the FED agrees. Inflation is a great tool for growth economic growth.

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