Who Is Lying: The Federal Reserve Or... The Federal Reserve? And Why Stalin "Lost"

"Forced by the rate peg issue to make a stand on the role
of a central bank in creating inflation, Eccles expressed the nature of a
central bank in a fiat money regime. It was not private
speculation or government deficits that caused inflation, but rather
reserves and money creation by the central bank." [The Treasury-Fed Accord: A New Narrative Account, Richmond Fed, Robert L. Hetzel and Ralph F. Leach]

http://www.zerohedge.com/news/who-lying-federal-reserve-or-federal-reserve-and-why-stalin-lost