About the Fed buying U.S. Treasury Debt

After criticism for engaging in a $600 billion "quantitative easing" program, in which the Federal Reserve will buy U.S. Treasury debt, Fed Chairman Ben Bernanke has invoked the name of Milton Friedman to defend his actions.

The legendary Noble prize-winning economist is not alive to defend himself from Bernanke's claims, but his seminal book on inflation is!

More than 20 years ago, Milton Friedman penned his classic, easy-to-read book on inflation called "Money Mischief."

Today, this book reads like a prophetic warning about Obama and Bernanke policies — ones that undoubtedly will lead to massive inflation ahead and a devaluation of one's dollar-denominated investments.

Contrary to Bernanke’s assertions, Friedman argues in "Money Mischief" that the Fed’s direct purchases of U.S. Treasurys is nothing more than "pure inflation."

Friedman also explains that inflationary policies of the Fed have a "lag effect," but when they do hit, they do tremendous harm to the stock market and the overall economy.

"Money Mischief" is a must read for any investor who wants to understand how current economic policies will affect their portfolios and wealth.

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