The United States should be experiencing abnormally high inflation – at least that is what the quantity theory of money says should be occurring, given the large amounts of money the Federal Reserve has put into the nation’s financial system during its series of “quantitative easing” programs following the Lehman Brothers collapse almost six years ago. Quantitative easing helped expand the money base at an average annual rate of 32.3 percent from November 2008 to September 2012.
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