Asset Allocator's Soapbox: Apollo's Tom McGrath

Back in 2002, when the word deflation began appearing in the business news, Ben Bernanke gave a speech about deflation. In that speech, he mentioned that the government in a ‘fiat money’ system owns the physical means of creating money. He said the US government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many US dollars as it wishes at no cost. He added that these could, in theory, be dropped by helicopter onto the people below to kick start the economy. Given the fact that growth indicators in the US are now rolling over...