Episode Details

Thomas Hoenig has been worried about the Fed's easy money policies and inflation since the 1970s, the last time rising prices seriously ate into Americans' earnings before now. The former president of the Federal Reserve Bank of Kansas City, Hoenig was known for his lone dissenting votes against Ben Bernanke's money-printing policies in 2010. Price inflation -- what you pay for groceries or gasoline -- was not Hoenig's sole concern. All along he has cautioned against fueling asset bubbles -- real estate, stock, houses -- by pumping too much money into the economy in the name of fighting unemployment and increasing demand. Now, as inflation spikes, Hoenig explains how to escape the inflationary disaster.