thought you might like these comments from Jim Willie, on financialsense.com today
"This is a tragedy. The USFed in my view operates as the Dept of Inflation, accountable to nobody, certainly not their employer, the US Congress, which uses them as contactor. The USFed attempts the unattainable, to control inflation when they unleash it, or permit it. Their task is akin to herding cats. They in no way regulate credit growth, since they encourage it actively. The inflation directive is an absolute heresy, since inflation is the USFed’s raison d’être, their reason for being. Maybe minimized perceived price inflation, or officially stated price inflation, those are their purposes. They manage the inflation machinery, an unmanageable task. They unleash the monster, and apologize periodically for failure to control that monster. They mop up their own messes, but are regarded as saviors. They are looked upon to save the system, after they contributed principally to the destruction of the system. As for employment, the tragic outcome of inflation is lost jobs on a massive scale. Chronic inflation lifted US wages to an uncompetitive level. Failed banking systems and lending apparatus is killing jobs by the millions. The entire US Federal Reserve is a failed institution. It seeks greater powers after ruining the national financial structure!!!" |
