It is time to call this as the equivalent of the nonsense that came out of the Univ of Chicago during the GFC: Bullshit and trash. It is a good thing -- always a good thing -- that we never relinquished our powers to be amazed. These people probably think of the policy goal of price stability sort-of like soccer.…
It is time to call this as the equivalent of the nonsense that came out of the Univ of Chicago during the GFC: Bullshit and trash. It is a good thing -- always a good thing -- that we never relinquished our powers to be amazed. These people probably think of the policy goal of price stability sort-of like soccer. The inflation rate must sit happily around 2% for a while, just as the ball must stay firmly inside the goal, before a celebration erupts. It doesn't cross their minds that this ball can go right through the back of the goal before you get even a fleeting moment to celebrate. We'll then have an altogether different set of issues to worry about. They can't bring themselves to think even in terms of apples and gravity. If it took just 18 months or so for inflation to drop from about 9% to about 2% due to a rapid expansion of supply -- the real supply-side economics -- then how long might it take to go from 2% to zero under current configurations of supply and demand?
The Bloomberg word salad:
It is time to call this as the equivalent of the nonsense that came out of the Univ of Chicago during the GFC: Bullshit and trash. It is a good thing -- always a good thing -- that we never relinquished our powers to be amazed. These people probably think of the policy goal of price stability sort-of like soccer. The inflation rate must sit happily around 2% for a while, just as the ball must stay firmly inside the goal, before a celebration erupts. It doesn't cross their minds that this ball can go right through the back of the goal before you get even a fleeting moment to celebrate. We'll then have an altogether different set of issues to worry about. They can't bring themselves to think even in terms of apples and gravity. If it took just 18 months or so for inflation to drop from about 9% to about 2% due to a rapid expansion of supply -- the real supply-side economics -- then how long might it take to go from 2% to zero under current configurations of supply and demand?
The amazement is raining today.