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The Fed has been pumping billions of dollars of reserves into the banking system over the past few years. This hasn’t created any inflationary pressure yet, but monetary hawks worry that it will if the Fed waits too long to unwind its balance sheet. “You cannot afford to get behind the curve on reining in this extraordinary amount of liquidity because that will create an enormous inflation down the road,” said Alan Greenspan a couple of years ago.

Karl Smith agrees that this is an issue that needs to be taken seriously. At the same time, it’s also an issue that Ben Bernanke has the tools to address. “The Fed has complete power to slow the expansion of lending and hence the emergence of hyper-inflation,” says Karl, “and it doesn’t have to remove its reserve injections to make it happen.”

Click the link for the full explanation. It’s a little long, but very friendly. Basically, the Fed’s authority to pay interest on reserves is the hero of the story. But the bottom line is simple: hyperinflation just isn’t something to worry about, no matter how many gold bugs tell you otherwise.

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Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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