www.russiatoday.com Obama’s administration turns on money printing machine 20 March, 2009, 14:35 The dollar’s been tumbling against the world’s major currencies after US Federal Reserve’s plan to print out extra paper money. The trillion dollars needed for the plan bring the jitters to those dealing in dollars. The Federal Reserve is once again stepping up efforts to save the US economy, announcing that it will pump an extra $1 trillion into the US financial system by purchasing treasury bonds and mortgage securities. The idea is to encourage economic activity by lowering interest rates including those on home loans. Many critics say that printing that amount of money out of thin air will bring disastrous consequences and could lead to hyper-inflation and a plunge of the US national currency. Many experts have gone on record saying that US monetary policy has passed the point of no return when it comes to printing money. So the United States may end up having a stash of cash at home, when prices on basic products will jump significantly and leave people wondering what their money is really worth. The vivid example of the severity of hyper-inflation is Germany in early 1920s. Back at that time national paper currency had lost so much value, that people were literally burning it to stay warm. Economists warn, that the problem and the severity of that situation cannot be underestimated. Read more What does the future hold for the dollar? A panel of economic experts at the …