Control federal spending

The Gazette Opinion Staff
Published: February 6 2013 | 11:50 am - Updated: 28 March 2014 | 11:03 am in
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We are in dire danger of severe inflation in our nation, which is caused by the Federal Reserve funding or buying trillions of dollars of U.S. Treasury bonds and securities including more than $2.5 trillion in the past four years and currently at a rate of $85 billion a month. The fed finances this by printing money and creating bank credits, which will eventually cause inflation.

In his book, “Money Mischief,” Nobel Prize-winning economist Milton Friedman documents that national governments are the real basic cause of inflation when they fund their debts by creating paper money.

History shows that Germany and Russia created hyperinflation after World War I to fund their debts by printing money until it became practically worthless, which resulted in socialism, Nazi tyranny and communist dictatorships, causing eventual disaster and devastation.

If we do not get our rampant debt and reckless federal spending under control and stop printing paper money to fuel the impending disaster, we are in a very ominous, vulnerable situation that threatens our freedom and our free-enterprise American way of life.

John Kittleson

Postville

 

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