Those who do not learn the lessons of the past ...

The late, great Milton Friedman in his classic book prophetically revealed how Obama's reckless monetary policies will cause hyperinflation and destroy our nation. Everything Barack Obama, the Federal Reserve, and Congress are doing was predicted in startling detail almost two decades ago by a famous Nobel Prize-winning economist...,Milton Friedman.Though he passed away in 2006, in his prophetic book, Friedman showed how, facing massive deficits, the U.S. government would dramatically increase the money supply; why foreign countries would stop buying our debt; how the Fed would start buying our Treasury bills; and why this would call cause massive inflation.He even predicted that our officials would claim inflation was no problem at all.Amazingly all of this is coming to pass!Make no mistake about it — the Obama administration is embracing massive inflationary deficit spending.In just 100 days, Barrack Obama has more than doubled the U.S. money supply . . . committed the government to at least $7 trillion in new spending . . . and warned the American people to expect trillion-dollar deficits for the foreseeable future.
While the media has been falling over itself to praise Obama's "bold initiatives," the question no one has been asking is, "Where is all of this money coming from?"Decades ago, Milton Friedman answered these questions clearly and precisely in his insightful — and very topical book, Money Mischief: Episodes in Monetary History.In Money Mischief Friedman even warned that the coming inflation could "destroy" our country.Here's what he wrote: "Inflation is a disease, a dangerous and sometimes fatal disease that, if not checked in time, can destroy a society." You see the end result of that process in countries like Zimbabwe today, where prices double every day, and it now takes a $10 billion Zimbabwe note to buy a single loaf of bread - assuming you can find one. We've all heard of the Weimar Republic where it took a wheelbarrow full of currency to buy groceries. It led directly to social upheaval and the rise of Hitler.Could America suffer the same fate? Friedman wrote ominously, "The Fate of a Country Is Inseparable From the Fate of Its Currency."Even Warren Buffett recently admitted on CNBC that the only way for the U.S. to solve it's woes was to inflate the currency.There is little doubt that Obama's massive deficit spending will doom the dollar and our economy.
A letter to Investors Business Daily on 3/24/09 reminded of more history:
Let no one forget the Franklin Roosevelt's Treasury Secretary, Henry Morgenthau, was frustrated at the persistence of double-digit unemployment throughout the 1930s. In May 1939, with joblessness at 20%, he exploded at the failed New Deal programs: "We have tried spending money. We are spending more than we have ever spent before, and it does not work...We have never made good on our promises...I say after eight years of this administration we have just as much unemployment as when we started...and an enormous debt to boot."