From an interview with Marc Faber by BigGovernment’s Andrew Mellon:
However, last year Economist Gregory Mankiw articulated the position which according to Faber essentially echoes that of Fed #2 Janet Yellen and pervades much of the Fed generally, that “The problem is that people are saving money instead of spending, and we have to get the bastards spending to keep the economy going,” so the key is to inflate the money supply at something like 6% per annum.
Well that’s just brilliant — We’ll somehow create wealth by debasing wealth’s store of value.* Yellen received her PhD in economics from Yale. How can someone so smart be so stupid?
Be afraid. Be very afraid.
*The more historically literate among us already know that debasing the currency is often the last gasp of a corrupt and decadent government, in the moments before they turn everything into shit. Folks less historically literate work in Washington.