Doubts About Fed’s Ability To Control Inflation Are Growing

Fox Business reports about Plosser's comments on inflation and the Fed.

(emphasis mine) [my comment]

July 27, 2009 3:47PM
A Fed Inflation Hawk Speaks
By Elizabeth MacDonald

"I think we will probably have to begin raising rates sometime in the not-too-distant future," Federal Reserve Bank of Philadelphia President Charles Plosser told Dow Jones Newswires and the Wall Street Journal in an interview.

A renowned inflation hawk at the Federal Reserve is at it again, trying to pull more dovish Fed officials under his wingspan of influence to get them to do more to battle incipient inflation.

And the timing of Plosser's comment is interesting, notes Charles Brady, senior editor of the Fox Business Network.

The Fed is selling [on treasury's behalf] a record amount of weekly debt, $115 billion now coming up, a sum that tops the previous weekly record of $104 billion set just last month. The bond glut pushes yields higher because so many bonds means a lot of competition, which means the Treasury has to offer enticing, come-hither yields to lure investors in.

"The impending glut of supply has been pushing Treasury yields higher," says Brady. "What better way to try and keep a lid on rates ahead of this debt sale than to have a Fed official say that policy makers are likely to begin raising rates sooner rather than later."

Plosser has been notably direct in saying that inflation must be higher on the Fed's list of priorities.


For one, the US central bank's gross exposure to the bailout programs is $6.8 trillion out of the government's potential $23.7 trillion. Because it's difficult to pull monetary levers when rates are effectively at zero, the Fed under chairman Ben Bernanke has made a quantum leap in its balance sheet, and the markets fear Fed officials cannot stop this science project from exploding into inflation.

Put it into perspective. One trillion is now the new billion, analysts say. A trillion is greater than the GDP of Australia, $1 tn is enough to buy the Toronto stock exchange, it is twice the cost of FDR's New Deal, and $1 tn could buy every home foreclosed in 2007 and 2008, estimates show.

And now, the bond market is bracing for $2 tn in government debt issuances within the next 12 months to pay for the government's spending programs, the $787 bn stimulus package and the $3.6 tn budget.

"If you sell it, they will come, is the US Treasury's Field of Dreams," quips Peter Boockvar, an extremely sharp, smart Wall Street analyst with a big following at Miller Tabak, where he is a managing director and equity strategist.

Boockvar adds that most of this debt should be easy to sell as most of the bonds have maturities of five years and less. [I disagree. The return of inflation is likely to coincide with a steep selloff of short dated treasuries.]

But he adds that "if the stock market is right and the economy in the second half of the year will have a strong rebound, then interest rates are going higher due to higher inflation and the demand on the part of foreigners, who own half our debt, and others for higher yields for the enticement of buying the enormous new supply."

The Goldilocks economy of strong growth and low inflation was 1990's fiction, Boockvar says. Unless, of course, gridlock over health reform in a rampantly reckless Washington might now create the new Goldilocks economy, jokes economist Ed Yardeni.

Boockvar notes that all of this spending is starting to sting the US dollar, which is now falling to just shy of its lowest level since December 2008 versus the euro.

And listen to what Richard Bernstein, Merrill Lynch's former chief investment strategist, is now saying, that America still blowing bubbles. The US government in a post-bubble environment simply is genetically incapable of waiting for economic growth to rebound to soak up excesses, and instead reflexively acts without thinking in the face of growing voter unease over job losses.

So the US has now embarked on Japan's post-bubble strategy, which it did during the 1990s, that is, to support excess capacity by reflating the economy via gunning the mints, moves which stymie the post-bubble consolidation forces, Bernstein notes.

Easy money is like tequila, tasty, but dangerous, another inflation hawk, Dallas Fed official Richard Fisher, has warned.

Bloomberg reports that tightening credit becomes Bernanke bind in bond purchase unwind.

Tightening Credit Becomes Bernanke Bind in Bond Purchase Unwind
By Yalman Onaran

July 24 (Bloomberg) -- Now that the U.S. economy shows tentative signs of recovery,
James Bullard, president of the Federal Reserve Bank of St. Louis, wants the Fed to adopt a plan for taming the inflation he expects may follow the end of the recession. Unless the central bank puts a strategy in place and presents it to the public, inflation expectations may run rampant, Bullard says.

He's pessimistic such a plan will be forthcoming. "I think I'm an army of one on that," Bullard said in an interview after a speech in Philadelphia on June 30.

The Fed always faces a hard choice as recessions run their course (this one began in December 2007): It can keep pushing to revive growth and avoid deflation -- an extended drop in prices like the one that devastated the U.S. economy in the early 1930s -- or it can take aim at inflation and risk strangling the recovery before it takes hold.

The unprecedented steps the central bank has taken to battle the credit crunch, especially its purchases of mortgage- backed securities, pose an inflation risk that's trickier than in previous recessions, says Joseph Mason, a banking professor at Louisiana State University in Baton Rouge, Louisiana.

Don't count on the Fed to get it right, says economist Allan Meltzer of Carnegie Mellon University in Pitt sburgh. The central bank has often lacked the resolve to pursue unpopular policies to keep prices in check, says Meltzer, who's the author of two volumes chronicling the Fed from 1913 to 1986.

"The Fed throughout its history has carried out a strategy of taking care of today's problems, not looking to the future," Meltzer says.

Great Depression

So far, inflation has shown no signs of heating up -- nor has deflation reared its head. The U.S. core inflation rate, which excludes food and energy costs, fell to 1.7 percent as of June from 2.4 percent at the beginning of the recession. In the Great Depression, consumer prices fell for more than three years, at an annual pace as high as 10 percent.

Federal Reserve Chairman Ben S. Bernanke, who has published academic research on the Depression's causes, is wary. He said in June that the Fed continues to watch for deflation, and he testified to Congress this week that the economy still needs support to recover, especially in light of rising unemployment. The central bank has the tools it needs to reverse its monetary easing when it's time to fight inflation, he said.

Among the Fed governors and reserve bank presidents who oversee monetary policy, most see slow growth and deflation as a bigger risk than inflation, based on speeches they have delivered in recent months.

Fed Balance Sheet

Bullard, among the minority worrying more about inflation, says the real risk is simmering on the central bank's balance sheet. By making loans and buying securities to unfreeze the credit markets, the Fed has doubled its balance sheet assets to $2 trillion in the past year.

About half of that expansion came through short-term lending to financial institutions. The Fed is scaling back those facilities.
It's the rest of the balance sheet growth that concerns Bullard -- especially $661 billion of MBSs acquired to push down rates on home loans. The Fed has said it may buy as much as $589 billion more.

"I call those the politically toxic assets," says Benn Steil, a senior fellow at the Council on Foreign Relations in New York. Selling those bonds would boost home buyers' borrowing costs and stall the recovery of the housing market.

Lender Reserves

Traditionally, the work of a central banker has been simpler: lower your benchmark rate to counter a recession and raise it when the economy recovers to prevent inflation. The current crisis shows the limits of that approach. Even after the U.S. federal funds rate was cut to zero late last year, the economic slide worsened. U.S. gross domestic product fell at a 5.5 percent annual rate in the first quarter of 2009. Bernanke responded with the loans and the purchases of MBSs, an approach known as quantitative easing.

One way to counteract the easy credit the Fed has created might be to raise the interest rate on the reserves that lenders hold at the central bank, Bernanke says. U.S. financial institutions had $781 billion of such reserves as of this week, up from just $32 billion in September 2008.
The central bank got authority in October to pay interest on those funds. It has been paying 0.25 percent and can change the rate at any time.

Banks will withdraw this money when they feel it's safe and profitable to make loans. By paying higher interest, the Fed would make it less attractive for banks to pull that money out and pump it into the economy.


There's little precedent for managing the money supply with interest on reserves, so it may be impossible to figure out where to set the rates. "We don't know what a percentage point change in the interest rate on reserves will do to lending by banks," says Mason at Louisiana State.

Meltzer is skeptical that Fed policy makers will act, even if they figure out how.
In the 1960s and 1970s when inflation was rising, the Fed set out goals to fight it at least four times only to back down under political pressure. Paul Volcker, who became Fed chairman in 1979, was the exception. He ignored politicians and pushed the benchmark fed funds rate as high as 20 percent in the early 1980s.

Central bankers tilt toward stimulating growth, Meltzer says, partly because Depression-era deflation is imprinted on their minds, while periods of deflation prior to the 1930s that didn't wreak havoc are forgotten.

The perception that a central bank won't move against rising prices can actually contribute to inflation, says William Silber, a professor at New York University. When the public expects inflation, it's easier for retailers to raise prices and for workers to demand wage increases, he says.


Silber is writing a book about
Volcker's fight against inflation in the 1970s, when prices rose even during recessions. The public's view that there was a lack of will to fight inflation helped cause this phenomenon, known as stagflation.

This is one reason Bullard wants the Fed to actually publish a plan for tackling inflation and not just draft it for internal purposes. To contain inflation, the battle often needs to begin before it's visible -- never a politically pleasant task. Acting now promises to be especially unpalatable, with unemployment at 9.5 percent in June and home foreclosures coming at a record pace in the first half of this year.

My reaction: Instead rehashing the skepticism in the two articles above, I want to take a look at the Fed's growing financial liabilities and its deteriorating asset quality.

The Fed's growing financial liabilities

Now that the Fed has started paying interest on reserves, balances held at the Fed should be regarded ultra-short-term, variable-interest-rate US debt. These short term financial liabilities hit a new high this week of 951 Billion.

By paying higher yield than the one month Treasury despite the shorter maturity, the Fed is overpaying interest on bank reserve balances.

Look at the yield curve below. Notice that:

1) The shorter the maturity, the lower the interest rate. The exception to this is the interest paid on reserves by the fed, which has a daily maturity and pays more than one month and three months treasuries.

2) One month treasuries were trading at around 3 percent in January 2008. When inflation starts picking up, the fed will need raise interest paid on its reserve to above 3 percent to keep up with one month treasury yields. The difference between paying .25 percent and 3 percent on 951 billion dollars is huge.

The Fed's deteriorating asset quality

The screenshot of the Fed's balance sheet shown below illustrates the Fed's problem of unsellable assets. The blue circle represents assets which could be sold to shrink the money supply and loans to foreign central banks which are being repaid. The red X represent loans to insolvent financial institutions (which means loans can't be called in) collateralized by toxic 'AAA' securities (which are virtually worthless).

The Fed's deteriorating asset quality

Liberty Grotto looks at asset sales from Federal Reserve holdings in terms of the asset quality.

...I want to focus more on the last item above (#5) [Asset sales from Federal Reserve holdings] as it is not being discussed in terms of the quality of assets being held by the Fed [Agreed]. The assumption has been that the Fed will be able to drain all (or most) of the reserves it originally created [impossible]. But since the Fed is going further out on the yield curve with treasuries, it is more susceptible to interest rate risk. If the Fed were to drain reserves by selling these longer term treasury assets (which would also put upward pressure on interest rates), the price that these assets would fetch would quite likely not be enough to drain the amount of reserves originally created when it purchased them. Also as I have previously discussed, the composition of the balance sheet is getting shakier. I think that this may ultimately be the larger problem, as opposed to the sheer size [100% Agreed]. This may become a serious problem as MBSs, longer term treasuries, and other assets held by the Fed decline in value relative to their inflated purchase price (especially as the Fed commences the selling of these assets and interest rates rise). In other words, simply the Fed saying that it will execute a proper exit strategy (draining the reserves it created) is not enough with the prices of their assets falling [exactly]. Meanwhile, much more debt remains to be auctioned (both domestically and globally). There will be much competition for scarce funds globally, which will place upward pressure on interest rates [been warning about this]. Thus, the Fed will likely find itself in a position where the assets it holds are falling in price while it needs to assist the Treasury market by purchasing treasury debt ... which will add reserves to the banking system making a successful execution of the Fed exit strategy even more difficult [more like impossible]. I think that eventually, another option may surface, but will require congressional approval. I have discussed it in prior missives ... the issuance of Federal Reserve interest bearing debt (which would compete with Treasury debt). [The issuance of Federal Reserve interest bearing debt isn't a valid option because precisely this debt would compete with treasury debt.]

US Monetary Base VS Sellable/Safe Assets Held By FED

The graphic below shows the distribution by maturity of Treasury Securities held by the Fed in December 2007 and July 2009. It is clear that the average maturity of treasuries on the Fed's balance sheet has changed drastically.

Conclusion: The Fed has no workable exit strategy. The US is about to enter a period of stag(hyper)inflation worst then anything experienced in over a hundred years.

This entry was posted in Currency_Collapse, Federal_Reserve, Market_Skepticism, News_Developments. Bookmark the permalink.

21 Responses to Doubts About Fed’s Ability To Control Inflation Are Growing

  1. Anonymous says:

    So we are stuck between a rock and a hard place, eh?

    By trying to curb deflation the Fed threw money into the system to try and create mild inflation.

    But now that with so much money into the system there is risk of true inflation.

    So the option will become, when inflation hits, to increase government spending and increase the money supply, while also decreasing taxes.

    Hmm, sounds like a vicious cycle that could last a while... say like a decade?

    Japan anyone?

    With all this talk of the demise of the dollar and that the Fed has lost its ability to to control things...

    How come no one here ever looks at a true example of currency on the brink of collapse, but never did: the yen?

    For those willing to become educated about another possibility that could occur with the dollar, besides a total collapse, please read:

    Thinking About the Liquidity Trap by Paul Krugman

    After reading that Numonic, tell me, does 1+1 always equal 2?

  2. James says:

    There is too much complexity for the Fed to control, and they will ultimately fail. If Bernanke is worried about deflation, then anyone in their right mind should be concerned about inflation. Some quotes of Bernanke's that still make me laugh are: 2005 July - "I think home prices will slow and maybe stabilize", 2006 November - "Motor vehicles sector may already be showing signs of strengthening", and 2007 February "There's not much indication at this point that subprime mortgage issues have spread into the broader mortgage market, which still seems to be healthy"!!!!! How is that for comedy? 1 point inflationists, -1 points for having Bernanke on the deflationist side.

  3. Eric:
    If you say, "The US is about to enter a period of stag(hyper)inflation...", then do you have an estimate of when this period will begin?

  4. Anonymous says:


    I'm betting some time in October.

  5. Numonic says:

    Anonymous, what the Fed is doing is not the cause for the rise in yields in Treasuries. The yields in treasuries are rising in spite of what the Fed is doing and would be allot higher had the Fed never started buying Treasuries. The Fed can't print fast/large enough to keep treasury yields down. We are looking at massive defaults unless Zimbabwe size bills begin being printed and thrown at the Treasury and all this other debt. In order to keep yields down more Fed Notes have to be printed but the printing presses are running at full capacity so the only option is to create larger bills. To assume that this depression will last a decade is to assume that the govt.'s printing presses will keep up with the massive defaults(which are the cause for rising yields/inflation) for 10 years. That will not happen, proof is in the economy today, tangible money does not move as fast as electronic and forget what you heard the bailouts are tangible not electronic. The debt is electronic the bailouts are physical. There is not a shortage of people who can type numbers in to a computer(which would be a need for an electronic bailout), there is a shortage of physical base money which is what the Fed is giving to the Treasury and to all the banks and companies in this bailout. So if we don't see news of the Fed creating the $1 million bill soon, prepare to see massive defaults(perhaps a bank holiday). Prepare to not be able to get any dollars out of your bank account. Prepare for more IOUs(which will not be accepted by the banks or anyone). Prepare for the stock market to crash to new lows. Prepare to see the massive debt veiled commodities rally as debt is destroyed revealing the true value of the commodities.

  6. Dread says:

    Detailed analysis of the "failing pragmatics" of the Fed are all well and good. However, the "symptoms" we are now witnessing, can be summed in one pertinent paragraph:

    "The Federal Reserve Bank" and "fractional reserve lending," are simply in direct violation of Article I, Section VIII, and Section X. Founding fathers, like Roger Sherman, are shouting from their graves, "I TOLD you so, but YOU wouldn't listen!"

    Glenn Beck today, had Yaron Brook of the Any Rand Institute on this show today. He had a "whiteboard," with written at the top INCOME TAX. Right below that, he has 1913. The same year of the Federal Reserve Act. To the right of that, he has 1% (common) to 7% (rich), noting that the Fed promised not to let taxes go above 10%. Then he shows in 1917 (WWI) that the tax bracket for the "rich" was at 77%!!!

    Now you know why the mess that we are in. Flat out. THEY LIED!!!

    Back to Sherman. "I TOLD you so!"

    But, WE did NOT listen...

    If it is not too late, END THE FED!

    I'm not sure we deserve it (just yet)...

  7. nmatthews says:

    Great post!!
    Thanks for sharing.

    Interested in business!
    Find business opportunities at Business consultants.

  8. Anonymous says:

    To Numonic.

    I have been following your posts and regarding your reasoning that the FED is printing "tangible" money; actual paper. I haven't come across any info that said that the demand for actual paper has been on the rise. I agree that bailout are quite tangible but that doesn't translate to increased demand for paper or supply since you mention that that is what FED is giving to Treasury,.... What am I missing here?

  9. Numonic says:

    Anonymous, you obviously haven't been following my posts because I've explained more than once how the shortage of physical cash came to be and I am getting tired of repeating myself so here is a past response to someone in another blog questioning what the bailouts are.

    In the "*****California's Rapid Descent Into The Abyss***** " blog I said...

    "i ask you what is the point of a bailout? Why is credit contracting? The point of a bailout is to stop a default. A default is an inability to give out promised money. And what would cause a default? The answer is an inability to give out physical cash. One can't default on digital money because all that is needed to give out digital money is to type the number in to the computer and the only way there can be a failure to do that is if the banks couldn't find someone that was capable of using a keyboard. The banks are not short of people who are capable of using a keyboard they are short of physical cash. I know physical cash is only used in a minor part of daily transactions but because credit expanded so much, that 1% of 100 people that use cash turned in to 1% of 1,000,000,000 people and greater. So even though the percentage of daily transactions stayed the same, the number of those transactions grew stretching the dollar thin. Maybe I'm just not a big spender but i use physical cash allot, allot more than credit/debit.

    But it makes no sense to say some of the bailouts are deigital/electronic. How can you even explain that? Does someone from the Fed come in to the commercial bank and press the 0 key a few times to add to the banks balance? First of all why can't someone at the bank just do that and second how does adding money digitally to banks account make the bank go from insolvency to solvency? What was the bank insolvent of? people who can use a keyboard? No the banks are insolvent of physical cash and that's what the bailouts are physical cash."

  10. The Fed won't be able to issue/sell it's own debt because the underlying collateral to back it up is toxic crap and unmarketable. It amounts to putting lipstick on a pig. Toxic unmarketable assets are just that. No matter how you package them! Although they can always print money to pay back the bondholders...hmmm inflation anyone?

  11. Bowtie says:

    there is a special place reserved in hell for Paul Krugman.

  12. Anonymous says:

    Talk about a bunch of negative-Nancies, no wonder they call you doomsters.

    For real, all you guys are hoping and paying that the American economy will fail because you have a vested interest in it.

    Be it gold/silver/real-estate, whatever.

    Ya'll need to wake up, put down the crack pipe and look around.

    Things are not as bad as they seem.

  13. Numonic says:

    Anonymous, I'm not a doom and gloomer, a global credit collapse = global prosperity. I'm partying. Your socialist world is ending, too bad for you. You must be a masochist. To bad the world won't choose to starve like you want to, but you can do it yourself. Starve if you want to, i doubt you'll be able to find people to do the same with you. Too bad, you want to be Jim Jones but the world won't go along with you to drink the kool aid/commit suicide. Too bad for you.

  14. Anonymous says:


    "...a global credit collapse = global prosperity."

    That is what you claim, but history does prove you wrong.

    "Your socialist world is ending..."

    The world has never seen socialism, and if you think it has I can see why you're so irrational - you believe in things that never existed.

    " won't choose to starve like you want to..."

    The world will not choose what you or I would want, this you can mark my words on.

    You think you have all the pieces of the puzzle in place...

    but you forgot that you're putting that puzzle together on top of a thousand storied building, on top of a table to small for the puzzle to fit, with raging wind all around...

    and even though many of pieces of the puzzle have already blown away...

    you think you are close to finishing it...

    I cannot wait to see the horror on your eyes when you see that puzzle you put together is nothing like you thought it would be.

    Muahaha! /me gives an evil look

  15. Jeff Burton says:

    Anonymous - are you the dollar rally guy? Hard to tell you anonymouses apart. If so, tough day, for you. My condolences.

  16. Anonymous says:

    just a reflection
    just a glimpse
    just a little reminder
    of all the what abouts
    and all the might have
    could have beens

    another day
    some other way
    but not another reason to continue
    and now you're one of us
    the wretched

    the hopes and prays
    the better days
    the far aways
    forget it

    it didn't turn out the way you wanted it to
    it didn't turn out the way you wanted it to, did it?
    it didn't turn out the way you wanted it to
    it didn't turn out the way you wanted it to, did it?

    now you know
    this is what it feels like
    now you know
    this is what it feels like

    the clouds will part and the sky cracks open
    and god himself will reach his fucking arm through
    just to push you down
    just to hold you down

    stuck in this hole with the shit and the piss
    and it's hard to believe it could come down to this
    back at the beginning

    and in the end
    we still pretend
    the time we spend
    not knowing when
    you're finally free
    and you could be

    but it didn't turn out the way you wanted it to
    it didn't turn out quite the way that you wanted it

    now you know
    this is what it feels like
    now you know
    this is what it feels like

    you can try to stop it but it keeps on coming
    you can try to stop it but it keeps on coming

    Nine Inch Nails: The Wretched

  17. Anonymous says:

    @Jeff Burton

    So what the dollar hit a lull today, it will be back up.

    Even this entry of Eric's supports the fact that the dollar will rise again, how long it will stay there - know one knows.

    But it will rise again... like a king riding in from the horizon after wining a war.

  18. Jeff Burton says:

    Anonymous - I got a name for you - King Dollar - it would be easier for me to rib you when the dx falls and you can call me out when it rises.

  19. Anonymous says:

    @Jeff Burton

    Don't you worry, for you will know me...

    and I will seek you out...

    /me looks over at Jeff in his dreams

  20. SPH says:

    In my Tract The Age of Turbulence: Plea for a New World Economic Order, I explain the nature and causes of economic depressions.

    A new, bigger Crash will come causing a real depression.

    Preparing for the Crash, The Age of Turbulence. Proposes a way to profit from The Crash.

    Using the yield curve as a predictor that strategy covers Treasuries, Corporate Bonds, Minerals (Oil, Precious Metals and Base Metals.) and Stocks.

    Its aim is to profit from both the Asset Price Bubble and Irrational Exuberance and The Crash and Economic Depression that will ensue.

    A turbulence in fluid dynamic is a chaotic state of a liquid or a gas. It Owns Most of the Proprieties of The Liquidity Trap, Origin of The Crash.

    It tries to accomplish Alan Greenspan Mission Impossible:

    "That is mission impossible. Indeed, the international financial community has made numerous efforts in recent years to establish such oversight, but none prevented or ameliorated the crisis that began last summer.

    Much as we might wish otherwise, policy makers cannot reliably anticipate financial or economic shocks or the consequences of economic imbalances.

    Financial crises are characterised by discontinuous breaks in market pricing the timing of which by definition must be unanticipated - if people see them coming, then the markets arbitrage them away."


    The clear evidence of underpricing of risk did not prod private sector risk management to tighten the reins.

    In retrospect, it appears that the most market-savvy managers, although conscious that they were taking extraordinary risks, succumbed to the concern that unless they continued to "get up and dance", as ex-Citigroup CEO Chuck Prince memorably put it, they would irretrievably lose market share.

    Instead, they gambled that they could keep adding to their risky positions and still sell them out before the deluge. Most were wrong."

    Alan Greenspan
    The Age of Turbulence: Adventures in a New World [Economic Order?].

    I propose a plausible alternative solution to the depression: I designed a System to get out of Credit Based Free Market Economy and transfer to Credit Free, Free Market Economy:

    Ą€$ Enter Your €5 in The Cra$h R€gi$t€r.

    "People of the same trade seldom meet together, even for merriment and diversion,
    but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.

    It is impossible indeed to prevent such meetings, by any law which either could be executed,
    or would be consistent with liberty and justice.

    But though the law cannot hinder people of the same trade from sometimes assembling together,
    it ought to do nothing to facilitate such assemblies; much less to render them necessary.

    A regulation which obliges all those of the same trade in a particular town to enter their names and places of abode in a public register, facilitates such assemblies. It connects individuals who might never otherwise be known to one another, and gives every man of the trade a direction where to find every other man of it.

    A regulation which enables those of the same trade to tax themselves in order to provide for their poor,
    their sick, their widows and orphans, by giving them a common interest to manage,
    renders such assemblies necessary."

    Adam Smith
    June 5th, 1723 – July 17tn, 1790
    An Inquiry Into the Nature and Causes of the Wealth of Nations.
    Inequalities Occasioned by the Policy of Europe.
    March 9th, 1776

    Buy Now The Tract That Will Be Published September 17th, 2009.

Leave a Reply

Your email address will not be published. Required fields are marked *


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>