PBS Interview with James Grant

Here.

GRANT: Well, the interest rate that people tend to watch of course is the rate that the Fed Reserve sets or fixes to use a less delicate word and that's the Federal funds rate, the overnight lending rate in the banking system and the Fed in its august, Solomonic wisdom has fixed a rate very near zero. And I keep on -- I keep on waiting for an outraged cry from the constituency of American savers. Maybe there's not enough of them to form a quorum. But the Fed has now really promised us it will keep that particular rate close to zero for a long time, which leads me to think that we're going at some point -- inconvenient (ph) point without the ringing of a bell, we're going to have an inflation problem.