Commentary

CAMBRIDGE – During the past four years, the United States Federal Reserve has added enormous liquidity to the US commercial banking system, and thus to the American economy. Many observers worry that this liquidity will lead in the future to a rapid increase in the volume of bank credit, causing a brisk rise in the money supply – and of the subsequent rate of inflation.

NEW YORK – A week ago, I submitted an affidavit to support an important lawsuit brought by reporter Chris Hedges and others, including Daniel Ellsberg and Noam Chomsky, against US President Barack Obama and his defense secretary, Leon Panetta.