“Mr. Bernanke will get to visit his ideal world of 2% price inflation, but it will only be a whistle stop. The price inflation that lies ahead will be at least as bad as what happened in the 1970s episode, when the annual inflation rate approached 15%. The money that’s already been printed so far may be enough to produce such a 1970s-size problem. Making matters worse is that the devices for paring down the amount of cash that you need for the sake of convenience—such as credit cards, ATMs and online banks—are now far more widely available and cheaper to use than they were in the 1970s.”
http://www.caseyresearch.com/cdd/answers-from-a-monetary-master
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