in 17 year, but the Fed has decided that what we really need is more inflation. The Fed has cut the Federal Funds Rate to 3 1/2 percent -- here's their announcement and explanation. It's clear at this point that the Fed has no idea what it is doing -- dropping rates to near zero, then jacking them up again, now dropping them once again below the equilibrium rate. This is economic malpractice on an enormous scale -- and the intellectual travesty behind it makes the fraud of "intelligent design" theory look like Newtonian mechanics. The befuddled economists sponsoring such policy chaos need to be called on this. These folks don't know what they are doing, and it's a grand dishonesty for the Fed and its economic enablers to pretend otherwise.
Those seeking some understanding of how the Fed has managed to create the current boom and bust cycle -- and why most economic discussions of the cycle can be counted as the scientific equivalent of creation science -- let me recommend these interviews and articles by Auburn economist Roger Garrison. If you'd like to start at the "easy" level look here, here, and here. Bonus classic: Friedrich Hayek, "Can We Still Avoid Inflation?"
UPDATE: It's Helicopter Ben to the rescue!
Those seeking some understanding of how the Fed has managed to create the current boom and bust cycle -- and why most economic discussions of the cycle can be counted as the scientific equivalent of creation science -- let me recommend these interviews and articles by Auburn economist Roger Garrison. If you'd like to start at the "easy" level look here, here, and here. Bonus classic: Friedrich Hayek, "Can We Still Avoid Inflation?"
UPDATE: It's Helicopter Ben to the rescue!
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