Share with others: |
|
Tweet |
After reading this article, your conclusions about hyperinflation in the U.S. may have to be adjusted to better line up with the historical evidence.
"Some worried commentators are predicting a massive hyperinflation of the sort suffered by Weimar Germany in 1923, when a wheelbarrow full of paper money could barely buy a loaf of bread. An April 29 editorial in the San Francisco Examiner warned:
"'With an unprecedented deficit that’s approaching $2 trillion, [the President’s 2010] budget proposal is a surefire prescription for hyperinflation. So every senator and representative who votes for this monster $3.6 trillion budget will be endorsing a spending spree that could very well turn America into the next Weimar Republic.'"
"'The current policy mix reflects those of Germany during the period between 1919 and 1923. The Weimar government was unwilling to raise taxes to fund post-war reconstruction and war-reparations payments, and so it ran large budget deficits. It kept interest rates far below inflation, expanding money supply rapidly and raising 50% of government spending through seigniorage (printing money and living off the profits from issuing it). . . .
"'The really chilling parallel is that the United States, Britain and Japan have now taken to funding their budget deficits through seigniorage. In the United States, the Fed is buying $300 billion worth of U.S. Treasury bonds (T-bonds) over a six-month period, a rate of $600 billion per annum, 15% of federal spending of $4 trillion. In Britain, the Bank of England (BOE) is buying 75 billion pounds of gilts [the British equivalent of U.S. Treasury bonds] over three months. That’s 300 billion pounds per annum, 65% of British government spending of 454 billion pounds. Thus, while the United States is approaching Weimar German policy (50% of spending) quite rapidly, Britain has already overtaken it!'
Read the entire article, The Weimar Hyperinflation: Could it Happen Again?
Read several authors' thoughts on papal Rome's history.
This article highlights quotes from historical and Catholic sources proving the Papacy's aggressive nature.
An Italian mystic. A minister to a British king. An Augustine monk. A Swiss farmer's boy. What do these men have in common? They were used by God in powerful ways to bring about the Protestant Reformation. Enter into the lives of these ordinary people with extraordinary stories.
Inspiration for these articles comes from Gideon and Hilda Hagstoz' Heroes of the Reformation