“Bernanke argued before the House Financial Services Committee [Tuesday] that the Fed’s actions helped prevent a global economic calamity, and he promised an exit strategy to head off fears of inflation. His comments came as other government officials were also sharply criticized for their handling of the financial rescue.” (Washington Post, Wednesday)
Translation: The Fed currently has no plan to deal with inflation.
FEE Timely Classic
“Inflation” by Ludwig von Mises