Ex-Dallas Fed President is a Fellow Inflation Skeptic
From Bob McTeer (former Dallas Fed president):
"What am I missing? I keep hearing people on financial TV say things like “The Fed keeps pumping out the dollars,” “The Fed keeps monetizing the debt.”
Then I go look up money-growth charts. I can’t find all this excessive money creation that is monetizing the debt and is about to create a breakout in inflation. Not M1; not M2. Where is all this money we keep hearing about?"
MP: This is actually a point that I have been making for awhile now, see CD posts here, here and here. Along with Bob, I too remain an "inflation skeptic," and the chart above (data here) provides empirical evidence to suggest that money growth is very low and there is just no convincing evidence to suggest that there is any inflationary pressure building in the economy.