Ruling Without a Believable Rationale

10/06/2010 Mises Wire Jeffrey A. Tucker

The head of the Chicago Fed calls for inflation (“much more accommodation than we’ve put in place” so that “that the amount of excess savings that is taking place relative to investment is lowered”). One hundred percent (so far as I can tell) of the 175 comments at the WSJ’s report blast him for fallacious and dangerous thinking. Are Fed officials the only people who don’t get it?

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