By John Tamny of RealClearMarkets
The recent spike in U.S. Treasury yields has generated renewed commentary about the specter of inflation. It’s even being asked if we’re repeating the inflationary mistakes of the late ’70s that occurred on Jimmy Carter’s watch.
In some ways Treasury Secretary Geithner added gasoline to the fire with his much laughed at recent suggestion that Chinese investments in Treasuries are safe, but the inflation we’re doubtless experiencing should in no way be solely blamed on our current Treasury head. Just as the Carter administration inherited massive inflation whose origins could be traced to the Nixon administration, the admittedly hapless Obama Treasury team is presently dealing with major monetary mistakes that originated under George W. Bush.
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