Pat Buchanan vs. Ben Bernanke

Noting that "the Fed chair appears far more fearful of deflation" than of "debauch[ing] the currency," Patrick J. Buchanan reminds us that "hyper-inflation... has destroyed more nations than deflation or even depression" — The Weimar Solution.

He quotes Ernest Hemingway: "The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists."

Mr. Buchanan suggests that "the dollar is being abandoned in a frantic Fed effort to stop the recession" and reminds us that "inflation is theft," as "[i]t makes liars and cheats of governments." He writes, "By eroding the value of a currency, inflation punishes savers and creditors and rewards debtors."

Mr. Buchanan's chilling conclusion: "Rather than endure the pain and accept the sacrifices to cure us of our addiction, we are going back to the heroin. And this time, with Dr. Bernanke handling the needle, we may just overdose."