As recovery starts to stall in the US and Europe with echoes of mid-1931, bond experts are once again dusting off a speech by Ben Bernanke given eight years ago as a freshman governor at the Federal Reserve.
Entitled " Deflation: Making Sure It Doesnt Happen Here ", it is a warfare manual for defeating economic slumps by use of extreme monetary stimulus once interest rates have dropped to zero, and implicitly once governments have spent themselves to near bankruptcy.
The speech is best known for its irreverent one-liner: "The US government has a technology, called a printing press, that allows it to produce as many US dollars as it wishes at essentially no cost."
http://uk.finance.yahoo.com/news/rbs-tells-clients-to-prepare-for-monster-money-printing-by-the-federal-reserve-tele-87be228747ec.html?x=0
