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[Hyperinflation is] not going to happen in this country, will never happen... [The Fed putting so much money into the system is] not going to create the risk of hyperinflation in the future. We have a strong independent Federal Reserve with a very strong mandate from the Congress, and they will do what's necessary to keep inflation low and stable over time.
--
This Week with George Stephanopoulos, March 29, 2009

 

Timothy Geithner

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There is a big logical jump between acknowledging the destructive nature of hyperinflation and arguing that the lower the rate of inflation, the better.

 

Ha-Joon Chang

 

Government is doing the exact opposite of what really needs to be done. George Bush and Barack Obama have pumped trillions more in counterfeit currency and credit into an economy already deathly ill from such treatment. If it goes on, we stand to suffer hyperinflation (all inflation consists of, no matter what they told you in Economics 101, is government generation of phony money) followed by another, very possibly terminal depression. Before it's over, the country — if not the whole world — will be locked down under brutal military rule, and our species likely will never again know freedom, progress, or prosperity.

 

L. Neil Smith

 

For all of us who are alive, life is the real issue. Yet so often we judge our existence by the things that happen to us—by whether things are going our way or not. Sometimes we feel strong—strong enough to dictate our future. Sometimes we feel that we can make things happen. Then there are times when we feel totally helpless. But through all the dramas and bumps, there is life. There is the very powerful, very existence of every single human being.

 

Maharaji (Prem Rawat)

 

I think the issues happen to be so important for the future of Canada. (spoken over Brian Mulroney's objections) I happen to believe that you've sold us out...once any country yields its economic levers, once a country yields its investments, once a country yields its energy, once a country yields its agriculture, once a country opens itself to a subsidy war with the United States on terms of definition, then the political ability of this country to sustain the influence of the United States, to remain as an independent nation- that is lost forever!

 

John Turner

 

The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe (monetary) contractions of 1920-1, 1929-33, and 1937-8. No other 20 year period in American history contains as many as three such severe contractions.
This evidence persuades me that at least a third of the price rise during and just after World War I is attributable to the establishment of the Federal Reserve System... and that the severity of each of the major contractions — 1920-1, 1929-33 and 1937-8 is directly attributable to acts of commission and omission by the Reserve authorities...
Any system which gives so much power and so much discretion to a few men, [so] that mistakes — excusable or not — can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic — this is the key political argument against an independent central bank...
To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers.

 

Milton Friedman