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Federal Reserve Official Says We Are Going To Continue To Print Money Like There Is No Tomorrow For The Foreseeable Future

By Kleinheider Posted on July 20, 2009 at 1:46 pm

From Reuters:

The U.S. central bank will unwind its dramatic monetary expansion when the time is right, but that exit is not imminent even though slow growth should resume in the second half of this year, a top Federal Reserve official said on Monday.

“The Fed has a number of tools being readied to unwind the policies used to fight the recession, and it will be some time before their use is appropriate,” Dennis Lockhart, president of the Atlanta Federal Reserve Bank, said.

Lockhart, in a speech to the Rotary Club of Nashville, said the economy appears to be stabilizing and downplayed the threat of inflation as a result of the Fed’s low interest-rate policy and other measures designed to stimulate the economy.

SEE ALSO: Wall Street Journal

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Comments

3 Responses to “Federal Reserve Official Says We Are Going To Continue To Print Money Like There Is No Tomorrow For The Foreseeable Future”

  1. MattCollins writes
    July 20th, 2009 2:52 pm

    The Constitution gives the federal government (Congress) the power to coin money.

    No where does it grant the Congress the authority to grant that power to an external entity such as the Fed.

    Also it does not grant Congress the ability to create fiat money either.

  2. Tony Gottlieb writes
    July 20th, 2009 4:51 pm

    Because there is virtually no political will to cut the spending and an “economic stimulus” is arriving as bailouts to the past failures, with no political viability in raising taxes to pay entitlement debt, short of confiscating assets of the wealthy monetary inflation becomes the last remaining mechanism to de-leverage.

    Paying it off with dollars worth less than when they were borrowed. No wonder you can’t get a loan these days.

  3. TNVolunteer73 writes
    July 20th, 2009 5:15 pm

    We have got to stop this madness.

    Borrowing Trillion of dollars, and printing Trillions more…

    Can you say Weimar Republic

    print borrow, borrow print … … …

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