The 30-page report does not accuse Paulson and Bernanke of lying about the “credit crisis.” But it does say that “It is startling that many of Chairman Bernanke’s and Secretary Paulson’s remarks are not supported or are flatly contradicted by the data provided by the very organizations they lead.”

The Celent study says that statements from Paulson and Bernanke about a “credit crisis” affecting businesses, real estate, banks, and state and local governments were just not true.

The report says the money supply “has recently increased at a pace never seen before in US history” and could signal a pending bout of hyperinflation. It says the increase is “a staggering 74% in only 84 days” and explains, “Previously, this kind of jump would be seen over the course of a decade or more.”

It then concludes by suggesting that the real danger to the U.S. is not a great depression like that of 1929 but a hyperinflationary period comparable to the Weimar Republic in 1922.