Fire or Ice? A Critical Assessment of the Underlying Views
DOI:
https://doi.org/10.6000/1929-7092.2013.02.10Keywords:
Hyperinflation, Quantitative Easing, DeflationAbstract
Abstract: A debate is raging on whether the U.S. is likely to experience hyperinflation (fire) or deflation (ice) as a result of post-crisis policies, particularly quantitative easing. Views have been put forward to suggest that the U.S. is heading towards ice, while others suggest that fire is the destination. There are also those who envisage either fire or ice, depending on how much is done to combat deflation. These views are assessed critically to reach the conclusion that, on the balance of probabilities, it seems that the U.S. is more likely heading towards fire.
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Bourque, Gary. 2012. Fire or Ice? Inflation or Deflation? Four Minute Finance, 26 September 2012.
Chapman, Bob. 2010. Quantitative Easing, Inflation, Hyperinflation and Global Deflationary Depression, Global Research, 17 October.
Duncan, Richard. 2012. The New Depression: The Breakdown of the Paper Money Economy, Wiley.
Fergusson, Adam. 2011. When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany. Scribe Publications.
Fisher, Irving. 1933. The Debt Deflation Theory of the Great Depression, Econometrica 1: 337-57.
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Fisher, W. Richard. 2010. Speeches by Richard W. Fisher, Federal Reserve Bank of Dallas. http://dallasfed.org/news/speeches/ fisher/2010/fs101108.cfm (accessed on 08/11/2012).
Fontevecchia, Agustino. 2012.QE4 Is Here: Bernanke Delivers $85B-A-Month Until Unemployment Falls Below 6.5%, Forbes, 12 December. http://www.forbes.com/sites/afontevecchia/2012/ 12/12/qe4-is-here-bernanke-delivers-85b-a-month-until-unemployment-falls-below-6-5/ (accessed on 16/12/2012)
Harvey, T. John. 2011. Money Growth Does Not Cause Inflation!, Forbes, 15 May.
Holland, Tom. 2012. Warning: Quantitative Easing Could End up Causing Deflation, South China Morning Post, 19 September.
IMF. 2012. Euro Area Policies, IMF Country Report No.12/181, July.
Klyuev, Vladimir, Phil De Imusand Krishna Srinivasan. 2009. Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies, IMF Staff Position Note, 4 November, SPN/09/27
Krugman, Paul. 2012. Not Enough Inflation, New York Times, 5 April.
Levine-Weinberg, Adam. 2012. Why I’m Not Afraid of QE3, Seeking Alpha, 13 September.
Mankiw, Gregory. 2010. QE2, Greg Mankiw’s Blog Random Observations for Students of Economics, 17 November.
McTeer, Bob. 2010. Monetary Policy, Deflation And Quantitative Easing, Forbes StreetTalk, 30 July.
Nevin, Michael. 2012. The Golden Guinea: The International Financial Crisis, 2007-2004: Causes, Consequences and Cures, Southdown Books.
O’Brien, Matthew. 2012. The Hyperinflation Hype: Why the U.S. Can Never Be Weimar, 21 March. http://www.theatlantic.com/ business/archive/2012/03/the-hyperinflation-hype-why-the-us-can-never-be-weimar/254715/ (accessed 09/11/2012). .
Ringer, Roger. 2009. Hyperinflation and the Changes it is Going to Generate, 21 May. http://www.tacticalinvestor.com/ hyperinflation1.html (accessed 28/11/2012).
Stiglitz, Joseph. 2012. Quantitative Easing Won’t Cause Inflation, But That’s Not Good News, Slate Magazine, 7 October.
The Economist. 2011. Stopping Quantitative Easing May be Harder than Starting it, 19 March.
Wade, Keith and James Bilson. 2012. Will Quantitative Easing Lead to Higher Inflation? Schroders TalkingPoint, June.http://www. schroders.com/staticfiles/Schroders/Sites/Americas/US%20Institutional%202011/pdfs/Talking-Point-QE-Inflation.pdf (accessed 01/12/2012)
Williams, John. 2012. Hyperinflation 2012, American Business Analytics and Research, Special Commentary Number 414: 25.
Wolf, Martin. 2008. ‘Helicopter Ben’ confronts the challenge of a lifetime, Financial Times, 16 December.
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Published
2013-04-29
How to Cite
Burns, K., & Moosa, I. (2013). Fire or Ice? A Critical Assessment of the Underlying Views. Journal of Reviews on Global Economics, 2, 123–130. https://doi.org/10.6000/1929-7092.2013.02.10
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