CHAPTER 4

Money Versus WealthWhy Inflation Is Not a Good Thing

      It isn’t the gold we have that makes us rich. It’s what we make, our know-how, our productivity. So long as this country produces more and better, the world will continue to want what we make.

—MALCOLM FORBES

IN NOVEMBER 2013, JANET YELLEN, WHO WAS SOON TO succeed Ben Bernanke as head of the Federal Reserve, testified at her Senate confirmation hearing about her views of the economy, the role of central banks, and recent Fed policies, including the gargantuan monetary expansion known as quantitative easing (QE). The job of chairman of the Fed, the leading central bank, is probably the most powerful nonelected government position in the world. Its actions have a major impact ...

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