So after that fella in Mesquite raised the specter of Hitler, Federal Reserve of Dallas president Richard Fisher made his own reference to German history, when he warned of the possibility of an America where we’ll buy a loaf of bread with a wheelbarrow full of dollars, during a speech to the Waco Business League yesterday.
Bemoaning the economic risks of large government deficits, Fisher said attempts to print money to finance spending always prove disastrous.
“We know from history that when fiscal authorities turn to the monetary authority to monetize their debts, the result is inevitably inflation and financial ruin,” Fisher told the Waco Business League.
“That is the lesson learned from Ancient Rome, from Weimar Germany, from Nationalist Argentina and, in its most egregious present form, from modern Zimbabwe.”
A friend of mine is moving all his money into Krugerrands. Should I invest in a wheelbarrow?
