Economists Say Food Crisis Prediction From Beck's Inflation 'Expert' Is "crazy"

[Turborama]

Economists tell Media Matters that they've "never heard" of the organization Glenn Beck has cited to fearmonger over a coming "food crisis," and mocked the group's conclusion that massive inflation in food prices is imminent.

Last week, Beck repeatedly used his Fox News show to hype predictions from the "credible people" at the National Inflation Association (NIA) of a coming "food crisis." Beck cited NIA's forecast of huge increases in the cost of food staples, which Beck has said is a result of both the Federal Reserve's efforts at quantitative easing, and George Soros' supposed sinister plot to devalue the dollar for his own personal gain.

Dean Baker, the co-director of the Center for Economic and Policy Research, said he's "never heard" of NIA, but told Media Matters their conclusions are ridiculous on their face: "Inflation is falling, not rising, this is crazy." Josh Bivens of the Economic Policy Institute agreed, saying that he's "definitely never heard of them," but that based on their forecast, "no one would say they're a group you'd look to for serious analysis." Likewise, Mark Thoma, professor of economics at the University of Oregon, who blogs at http://mediamatters.org/rd?to=http%3A%2F%2Feconomistsview.typepad.com%2F">Economist's View, said, "I have never heard of this association and would not give it any credibility." He added that "credible economists concerned about inflation do not believe we will get anywhere near to hyperinflation."

According to http://mediamatters.org/rd?to=http%3A%2F%2Finflation.us%2Fabout.html">its website, the NIA "is an organization that is dedicated to preparing Americans for hyperinflation and helping Americans not only survive, but prosper in the upcoming hyperinflationary crisis." The group is headed by http://mediamatters.org/rd?to=http%3A%2F%2Fwww.gerardadams.com%2F">Gerard Adams, who is also president of http://mediamatters.org/rd?to=http%3A%2F%2Fwww.wallstreetgrand.com%2Faboutus.html">Wall Street Grand, a website that makes penny stock picks. NIA also http://mediamatters.org/rd?to=http%3A%2F%2Finflation.us%2Fstocks.html">makes stock picks.

Continues: http://mediamatters.org/blog/201011170013

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