By Patrick A. Heller
11-Oct (NumisMaster) — “This is the most serious financial crisis we’ve seen, at least since the 1930s, if not ever. We’re having to deal with very unusual circumstances, but to act calmly to this and to do the right thing.”

No, that isn’t me speaking with hyperbole. That is a quote last week from Sir Mervyn King, the governor of the Bank of England. He made this statement after the decision by the Bank’s Monetary Policy Committee to put £75 billion (more than U.S. $115 billion) of newly created money into the British economy. The purpose for inflating the money supply is to stave off another credit crisis and recession in that country.

…It’s one thing for hard-money advocates to shout that the sky is falling. It is entirely different when people like the governor of the Bank of England, the president of the European Commission and an advisor to the IMF state that problems are dire and that immediate action is needed to avoid disaster.

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