In case you never saw this, St. Louis Fed President James Bullard, who has been at the Fed since 1990, made these insane comments in January 2020.
Bullard explains how the Fed was experimenting on 330 million Americans with "average inflation targeting," which is total nonsense.
The Fed has no "2% inflation" mandate. They pulled that out of the same place the TARP amount came. Their legal mandate is “stable prices.”
Imagine him making this video in a supermarket or bar.
Even though I believe (and have shown) that CPI is an understated mess, we’ve still suffered through inflation that has been above even Bullard’s made-up “2% target” for two full years.
The evil of aristocracy is not that it necessarily leads to the infliction of bad things or the suffering of sad ones; the evil of aristocracy is that it places everything in the hands of a class of people who can always inflict what they can never suffer.
- G.K. Chesterton