“Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost…A money-financed tax cut is essentially equivalent to Milton Friedman’s famous “helicopter drop” of money.” – incoming Federal Reserve Chairman Ben S. Bernanke, Deflation: Making Sure ‘It’ Doesn’t Happen Here (Remarks to the National Economists’ Club, Washington, DC, Nov 21, 2002)
Jim’s Quote of the Day:
