Tuesday, April 12, 2011

Quote of the Day

It is a shame that people like Malcolm Bryan, 
a former president of the Atlanta Fed, 
aren't still around. 

As quoted from a 1957 speech 
in the latest issue of Grant's Interest Rate Observer
he described the net effect of "premeditated inflation" 
(his term for a little bit of Fed-induced inflation) on 
the average money-saving citizen as follows: 

"Hold still, little fish. All we intend to do is gut you."