Wednesday, May 13, 2009
All this mess has simply been swept under the carpet. Not Long until the stench becomes too much.
CNBC: Former US Official Slams Fed for Inflation Risk
A sharp critic of the Federal Reserve and prominent authority on monetary policy on Tuesday slammed the U.S. central bank for risking inflation and warned that government action had "caused, prolonged and worsened" the country's financial crisis.
John Taylor, a former undersecretary of the Treasury for international affairs and author of the widely cited Taylor Rule of central banking, ran his own numbers for the U.S. economy and said the Fed's monetary stance was way too loose.
Posted by flintster1994 @ 04:14 PM (312 views) Add Comment
2 Comments
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1. 51ck-6-51x said...
This guy really does understand the theory and understands how to apply it. He also understands that the Fed are now in a catch-22. Why did he not (get to?) speak up before the bust?
2. Chris said...
'A sharp critic of the Federal Reserve and prominent authority on monetary policy on Tuesday slammed the U.S. central bank for risking inflation and warned that government action had "caused, prolonged and worsened" the country's financial crisis.'
This would indeed be consistent with the beliefs of many people who suspect that the crisis has been deliberately engineered in the first place. If any idiot could see that the low interest rate policies of the Fed and BoE were creating a massive asset bubble waiting to pop how could they not see it? Of course they could see it, it was done deliberately. Years ago people like David Icke were warning that there was going to be a financial crisis out of which there would appear a One World Currency and low and behold we appear to be there as the Fed inflates the Dollar away to nothing and the Chinese see their US dollars depreciate and call for the IMF to issue a global currency.