"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
Fed 2.0
Submitted by Michael Kleen on Fri, 2010-11-05 02:00
The New Fed tears through constraint and custom, emboldened by the latest econometric theories. Whereas Fed Chairman William McChesney Martin warned the Senate in 1957 that “there is no validity whatever in the idea that any inflation, once accepted can be confined to moderate proportion,” Bernanke today defines price stability as hitting inflation targets no matter what it takes.
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