THE BECKSTER VIRUS IS SPREADING!!!

(h/t Atrios)

Glenda Beck has warned his listeners and viewers many times that the U.S. may have a financial collapse similar to the one that afflicted the Weimar Republic and David Leonhardt relates that even a Fed Governor, Thomas M. Hoenig, has been spreading this nonsense.  From a speech he gave on 2/16/2010:

German hyperinflation is one classic and often-cited example, and with good reason. When I was named president of the Federal Reserve Bank of Kansas City in 1991, my 85-year old neighbor gave me a 500,000 Mark German note. He had been in Germany during its hyperinflation and told me that in 1921, the note would have bought a house. In 1923, it would not even buy a loaf of bread. He said, “I want you to have this note as a reminder. Your duty is to protect the value of the currency.” That note is framed and hanging in my office.

Someone recently wrote that I evoked “hyperinflation” for effect. Many say it could never happen here in the U.S. To them I ask, “Would anyone have believed three years ago that the Federal Reserve would have $1¼ trillion in mortgage back securities on its books today?” Not likely. So I ask your indulgence in reminding all that the unthinkable becomes possible when the economy is under severe stress.