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James Turk: Fed vastly understates money supply
8:05p ET Monday, March 1, 2010
Dear Friend of GATA and Gold:
GoldMoney founder James Turk, editor of the Free Gold Money Report and consultant to GATA, reports tonight that the Federal Reserve is vastly understating the growth of the U.S. money supply. Turk writes:
"When deposit currency created by the Federal Reserve is added to the traditional definition of M1, M1 after adjustment is actually 170 percent higher at $2,918 billion. Its annual growth increases to 29.5 percent, nearly three times the rate reported by the Fed and, more importantly, an annual rate of growth in the quantity of dollar currency that is approaching hyperinflationary levels."
Turk's commentary is headlined "U.S. Dollar Money Supply Is Underreported" and you can find it at the Free Gold Money Report Internet site here:
http://www.fgmr.com/us-dollar-money-supply-is-underreported.html
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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