Top Economist Warns: Prices Could Double Over the Next Year

 George Reisman

In a series of tweets, George Reisman, Professor Emeritus of Economics at Pepperdine University who was also part of Murray Rothbard's Circle Bastiat, is warning that people should "not be surprised if, a year from now, prices are 20 percent or more higher than they are today and that tens of millions of elderly people on fixed incomes suffer greatly as a result."

"The recently enacted 'stimulus' legislation costing $6.2 trillion can be paid for only by the printing of new and additional money, Reisman continued.

"With today’s mentality of bottomless economic ignorance and reckless irresponsibility, the plight of the elderly will likely be met by still more 'stimulus.' We are in process of destroying the dollar, " he went on to tweet.

It is not clear to me that all of the $6.2 trillion will be monetized but I do agree with Prof. Reisman that accelerating price inflation is in the cards.

For now, in the EPJ Daily Alert, my conservative forecast is that price inflation will hit 5% plus. Though if it is significantly higher it wouldn't surprise me.

-RW