Alan Meltzer and “Inflation Nation”

May 11th, 2009 - 11:19 pm ICT by GD  

In the 11th episode of the 5th running season of the “High Stakes of Poker” that was aired earlier during the evening, saw a new line-up of players for this week’s episodes.

The line up of the new players includes, Doyle Brunson, Mike Baxter, Dario Minieri, Tom Dawn, Phil Laak, David Peat and Alan Meltzer, the professor of Economics and the economic historian at the Carnegie Mellon University.

Most recently, on 4th May,2009, to be precise, Meltzer, in “opinion edition” of the New York Times addressed his views on the “the unprecedented and aggressive moves by the Federal Reserve to stem the slide of the US economy have raised concerns about the eventual inflationary consequences of sustained monetary easing” in the article that was titled “Inflation Nation.” The views of Meltzer that was penned in the article demands consideration as there will come a time when the various monetary policies will have to confront the effects of the current policy on the long run.

In this article, Meltzer, raises the historical images of the 1970’s runaway inflation and the recession that was engineered by the Fed, that proved to be very painful for the whole nation. However, Meltzer opines that the happenings of the 1970s do not provide relevant and ample literature to cope with the present situation. He says, “History does not repeat, of course, but it suggests. And the shadow of history that we should be concerned with today is the 1930s and its depression rather than the Great Inflation of the 1970s.”

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