Reuters on Federal Reserve bank president Eric Rosengren:
Rosengren, in remarks at Washington and Lee University devoted to the potential costs of inflation that remains stuck below the Fed's two percent target, said the Fed's own credibility was at stake. Failure to get inflation to target, he said, raised the risk that investors and consumers would slip into deflationary thinking...I really hope that The Fed focuses on raising food prices. Right now, I'm paying close to $5 for a loaf of bread, and that's just unacceptable.
"The Federal Reserve must respond as vigorously to inflation that is too low as we have, historically, when inflation has been too high," he said.
Lunchmeat? Anything under $10/lb is now a bargain. But that's unacceptable too. I want to pay more! Let's take a pound of salami up to $20/lb. Until then, I'm not satisfied.
Come to think of it, why stop at food?
My gas and electric bills are always climbing. Why not give them both a real shot in the arm?
Every year when I renew service (A) or service (B), or this insurance, or that insurance, the same thing...higher...higher...higher.
Let's give them all a real jolt. Spike those suckers!
Here's a better idea for this bizarro system that we're all stuck in: Set Money Free.
Chris Rossini is author of Set Money Free: What Every American Needs To Know About The Federal Reserve. Follow @chrisrossini on Twitter.
Well done Mr. Rossini. Satire is very difficult in a world filled with more irony than a Hugo novel. You cap off a list of harms that will result from the FEDs success with the title to your book: "Set Money Free." Which in one sense is exactly what the FED has done by freeing money from competitive restraints and in another sense is exactly what the FED has not done by restricting money to its own brand.
ReplyDeleteSee Chris, the trouble is, with deflation your money would buy more and more lunch meat over time, and when you realized this, you and everyone else would stop eating and the stock market would crash.
ReplyDeletehaha! This is what we're up against.
ReplyDelete