Hey I know QE III is coming and that technically is not a raw printing- or hyper-inflationary pressure- but how really will anyone know with so much unemployment and about 359k a week of new unemployed- will anyone really get it and begin to raise prices? No one can really other than food and oil and other commodity brokers raise prices- because without full employment or about 5 and 1/2 or 6 percent employment- I don't see hyperinflation happening

The BIG Print will be trumpeted and lauded:

http://en.wikipedia.org/wiki/Works_Progr....

Quote:

The Works Progress Administration (renamed during 1939 as the Works Project Administration; WPA) was the largest and most ambitious New Deal agency, employing millions of unskilled workers to carry out public works projects,[1] including the construction of public buildings and roads, and operated large arts, drama, media, and literacy projects.[1]

It fed children and redistributed food, clothing, and housing. Almost every community in the United States had a park, bridge or school constructed by the agency, which especially benefited rural and Western areas.[citation needed] The WPA's initial appropriation in 1935 was for $4.9 billion (about 6.7 percent of the 1935 GDP), and in total it spent $13.4 billion.[2]

At its peak in 1938 it provided paid jobs for three million unemployed men (and some women), as well as youth in a separate division, the National Youth Administration. Headed by Harry Hopkins, the WPA provided jobs and income to the unemployed during the Great Depression in the United States. Between 1935 and 1943, the WPA provided almost eight million jobs.[3] Full employment, which emerged as a national goal around 1944, was not the WPA goal. It tried to provide one paid job for all families where the breadwinner suffered long-term unemployment.[4]

The WPA was a national program that operated its own projects in cooperation with state and local governments, which provided 10%-30% of the costs. WPA sometimes took over state and local relief programs that had originated in the Reconstruction Finance Corporation (RFC) or Federal Emergency Relief Administration (FERA) programs.[5]

Liquidated on June 30, 1943 as a result of low unemployment due to the worker shortage of World War II, the WPA provided millions of Americans with jobs for 8 years.[6] Most people who needed a job were eligible for at least some of its positions.[7] Hourly wages were typically set to the prevailing wages in each area.[8] However workers could not be paid more than 30 hours a week. Before 1940, there was very little training to teach new skills, to meet the objections of the labor unions.

I keep track of the following three charts. Total checking deposits, total savings deposits and total currency in circulation. These three are important because the money they measure is directly spendable into the economy. In aggregate they are increasing at around 8% per year.

http://research.stlouisfed.org/fred2/ser....

http://research.stlouisfed.org/fred2/ser....

http://research.stlouisfed.org/fred2/ser....

Thanks Teddy- that is a good way to track it
since the deficit is growimg faster than 8 percent per year- and without the deficit spending the econony is actually shrinking- then it is actually raw printing now isn't it