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A Closer Look at Fed Propaganda: Even It Admits That It’s Clueless

A Closer Look at Fed Propaganda: Even It Admits That It’s Clueless

“It [the FOMC] felt that “resource slack” would prevent most companies from passing on cost increases. But it also admitted to not having a grip on the mechanisms of price increase! “In any case, the factors affecting the ability of businesses to pass through higher prices to consumers were viewed as complex and hard to monitor in real time.” Can you believe that? This institution has had nearly 100 years to figure out how to carry out what for it is Job One — namely to keep inflation low — and here it is admitting that it doesn’t have a clue what it is doing. The excuse that it can’t monitor price change in real time is bull. I guess it never heard of Massachusetts Institute of Technology, which publishes the Billion Prices Project. Bernanke, after all, is a Princeton boy.”

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