No Signs of Hyperinflation — Yet

Newly minted Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell think the government can spend its way out of any crisis. It’s not a new idea, of course. Throughout history, many regimes have assumed that a well-stocked treasury can solve any problem. And if that hoard is in danger of running dry, policymakers can stretch things out by manipulating their power to create money. Perhaps the best-known modern example of this occurred in Germany’s Weimar Republic of the 1920s.