I pick on the Fed because there's lots of people who pick on Congress, while most have no idea what the Fed is, or its role in the kleptocracy. Agree, Congress is where the real problem lies. The Fed enables Congress & Americans to kick the can to our kids. Avarice & irresponsibility.
The 1978 Humphrey-Hawkins Act leaves no room for interpretation of the mandate. If the Fed thinks the mandate should be changed, fair enough, but it should have laid out its case and then asked Congress to change it. Instead Bernanke did it on his own based on what New Zealand chose to do. The fact that the Fed did this atrocity with no authorization and our corrupt, despicable MSM does not call them out for it, is simply outrageous.
“Upon achievement of the 3 per centum goal specified in subsection (b) (2), each succeeding Economic Report shall have the goal of achieving by 1988 a rate of inflation of zero per centum: Provided, That policies and programs for reducing the rate of inflation shall be designed so as not to impede achievement of the goals and timetables specified in clause (1) of this subsection for the reduction of unemployment.”
That propaganda from the "Office of War Information" is unbelievable. Those seven points are all exactly the opposite of how one should rationally behave under inflation.
Great piece. Next do one on fiscal profligacy since Nixon closed the gold window. There are two parts to this story.
I pick on the Fed because there's lots of people who pick on Congress, while most have no idea what the Fed is, or its role in the kleptocracy. Agree, Congress is where the real problem lies. The Fed enables Congress & Americans to kick the can to our kids. Avarice & irresponsibility.
But tell me how you really feel
The 1978 Humphrey-Hawkins Act leaves no room for interpretation of the mandate. If the Fed thinks the mandate should be changed, fair enough, but it should have laid out its case and then asked Congress to change it. Instead Bernanke did it on his own based on what New Zealand chose to do. The fact that the Fed did this atrocity with no authorization and our corrupt, despicable MSM does not call them out for it, is simply outrageous.
“Upon achievement of the 3 per centum goal specified in subsection (b) (2), each succeeding Economic Report shall have the goal of achieving by 1988 a rate of inflation of zero per centum: Provided, That policies and programs for reducing the rate of inflation shall be designed so as not to impede achievement of the goals and timetables specified in clause (1) of this subsection for the reduction of unemployment.”
It definitely felt like he was taking a victory lap. So sad we are here.
That propaganda from the "Office of War Information" is unbelievable. Those seven points are all exactly the opposite of how one should rationally behave under inflation.