From Bruce Krasting:
I listened to Big Ben yesterday and what I heard is guy who is on the defensive. He spent most of is talk describing in some detail why the Federal Reserve and its cheap money policies of ZIRP and QE have not added to the inflation picture.
[In my humble opinion] Ben should have stepped up to the plate and said to the world that in fact his policies have contributed to inflation. He should have confirmed, what we already know, the objective of current monetary policy is to stimulate inflation. After all, the idea that zero interest rates do not contribute to inflation is, well, a dumb idea that has no basis in fact.
While Ben was doing his best to convince the suckers that believe in his drivel, the NY Fed was publishing a blog that concluded quite the opposite...
Read full article...
More on inflation:
"Stealth QE3" is already here
QE3: Why more Fed money-printing is now guaranteed
Richard Russell: "All-out" inflation is guaranteed this fall