Do you agree w/ Prescott Bush that "supressing interest rates" is "the most inflationary thing you can do"?

Question

Does this mean that he's blaming his grandson (Bush) for inflation, high prices, and the bad economy?

Because that what Prescott Bush said as senator (you can forward to about 6:00)!

http://www.youtube.com/watch?v=c8pFS0P8i38&NR=1

Answer 1

Suppressing interest rates makes money cheap, which  encourages financially imprudent behavior which leads to rampant inflaction.  

Answer 2

not really a relevant comparison since our federal banking structure was much different than it is right now.   We were currently on the gold standards which really limited the volatility of our exchange rate and hence interest rates.