With his current timid, weak, and prevaricating position on price inflation, Powell is positioning himself as the new Arthur Burns, who did nothing to end 1970s inflation.
Governments never have respected rights of free speech. Today, they restrict freedom of speech and of the press and promote falsehoods in the name of "protecting truth."
Real deflation—both monetary inflation and price inflation—is necessary, and that can only be accomplished if the Fed can resist the temptation to keep doing what it's been doing since 2008
The Federal Reserve was supposed to prevent recessions that people blamed on the lack of central banking. Not surprisingly, the post-Fed recessions have been worse.
The Federal Reserve is raising interest rates and we know what follows, given there has been more than a decade of malinvestments building up: severe recession.
Ben Bernanke once claimed that a monetary gold standard caused economic instability. He failed to mention that his fiat money standard causes the boom-and-bust cycles.
