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Coming Next Year: Obama's Inflation

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lelgt60 Donating Member (417 posts) Send PM | Profile | Ignore Wed Mar-11-09 06:58 PM
Original message
Coming Next Year: Obama's Inflation
This is the headline of an article on the front page of dickmorris.com.

"In the last five months, according to the Federal Reserve Board, the money supply in the United States has increased by 271 percent. It has almost tripled."

But, this is the scary thing. I looked for the referenced Federal Reserve report. I couldn't find it. Yet, this story by Morris has gone viral and is now being repeated as "fact" on thousands of web sites.

Does anyone know what the real facts are?
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villager Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-11-09 07:02 PM
Response to Original message
1. Obama was President five months ago?
I must've missed something...
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lelgt60 Donating Member (417 posts) Send PM | Profile | Ignore Wed Mar-11-09 07:03 PM
Response to Reply #1
3. There is that...
but go google this - it's all over the web
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Kdillard Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-11-09 07:04 PM
Response to Reply #1
4. Obama owns everything now even if he had nothing to do with it.
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CJCRANE Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-11-09 07:15 PM
Response to Reply #4
6. One man can breathe a sigh of relief...
at least everything isn't Clinton's fault anymore.
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Zynx Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-11-09 07:03 PM
Response to Original message
2. That's not true at all. Morris is making shit up.
http://www.federalreserve.gov/releases/h6/Current/

M2 has grown at a 16% annual rate, but it should be growing faster. We need it.
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zeos3 Donating Member (912 posts) Send PM | Profile | Ignore Thu Mar-12-09 01:39 AM
Response to Reply #2
10. I thought I read, a while back
that the Fed stopped publishing the numbers for M(?). I thought that figure was the total money supply. Can you explain please? I'm not clear on this.
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Zynx Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-12-09 02:30 PM
Response to Reply #10
15. M3 was a broader measure, but a lot of what it included was beyond the ability of the Fed
to truly control. Even if you include that stuff though it only is a few trillion bigger than M2. The numbers would not be drastically different.
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zeos3 Donating Member (912 posts) Send PM | Profile | Ignore Thu Mar-12-09 11:58 PM
Response to Reply #15
16. Thanks for the info
I don't know if I should chuckle or shudder at the "it's only a few trillion bigger" comment.

:toast:
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enough Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-11-09 07:11 PM
Response to Original message
5. Like a lot of other pundits, Morris has a simplistic notion of inflation.
What's amazing to me is that apparently anyone willing to open his mouth in public gets listened to.
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orwell Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-12-09 01:06 AM
Response to Original message
7. Somebody's dreaming...
...maybe the toe-sucker needs to study up on deflation.

Inflation with 8+% unemployment and collapsing capacity utilization?

I don't think so.

Get a brain Moran...
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asphalt.jungle Donating Member (792 posts) Send PM | Profile | Ignore Thu Mar-12-09 01:11 AM
Response to Original message
8. take comfort in the fact that he's always wrong
if dick morris is predicting massive inflation, then you should be worried about massive deflation.

oh and did the word "dick" become a pejorative before it became the nickname for people name richard or did it become a pejorative because so many people with the nickname dick have been so contemptible?
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GreenTea Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-12-09 01:38 AM
Response to Original message
9. And Clinton raising taxes on the rich would bring 20% interest rates, same old republican lies &
Edited on Thu Mar-12-09 01:42 AM by GreenTea
fear mongering.

And we'll be hearing this bullshit about Obama again & again by the republican talking heads hoping it will stick....Remember, they want Obama to fail.
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Odin2005 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-12-09 08:12 AM
Response to Original message
11. Libertarian nitwits are always predicting government-caused hyperinflation that never comes.
They are like the Marxists that think The Revolution is just around the corner, Freeper idiots that think we are about to take their guns and put them into concentration camps and DUers saying that an attack on Iran was immanent constantly.

The fact is that we need a bit of inflation to counteract the deflationary forces that are now upon us and we know how to do that, print money. That is why Bernanke talked about dumping money out of helicopters, deflation needs to be avioded.
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Median Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-12-09 11:28 AM
Response to Original message
12. Inflation? This Economic Crisis Was Caused By A Collapse In Asset Prices - Deflation
Edited on Thu Mar-12-09 11:28 AM by Median Democrat
This is why monetary policy has not been very effective. Heck, interest rates are near zero, but no one is running out and buying stuff. Also, manufacturers can raise prices at their peril now, because who is going to buy it?

Housing prices going up would cause inflation, but housing prices are not going up. Heck, it would almost be great if we had some moderate inflation, particularly in housing prices, because this could help address the mortgage crisis, since cash strapped homeowners could then sell their homes without being underwater.
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WI_DEM Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-12-09 11:35 AM
Response to Original message
13. That is how they will try to label it.
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dionysus Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-12-09 11:40 AM
Response to Original message
14. it's dick morris, therefore the opposite will happen.
that guy needs to go hire some more toe-sucking hookers and STFU
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