Stockman: Keynesian academics and apparatchiks have justified the lunacy of unending ZIRP and massive QE
For several years now the small coterie of Keynesian academics and apparatchiks who have seized nearly absolute financial power through the Fed’s printing presses have justified the lunacy of unending ZIRP and massive QE on the grounds that there is too little inflation.
In fact, the whole cockamamie theory was explained in an obscure book called “Inflation Targeting” issued in November 1998 by Bernanke and two other academic power grabbers:
Frederic Mishkin, who later was appointed to the Fed and became a principle proponent of the Wall Street bailouts in 2008;
and Adam Posen, an academic (well)stuffed shirt who peddled the same nonsense at the Bank of England and has been an incessant voice urging the BOJ to print more and still more money.
You can look it up. The book stands at #2,503,823 on Amazon’s sales ranking!
David Stockman, February 20, 2016
Keynes at IntCom
In fact, the whole cockamamie theory was explained in an obscure book called “Inflation Targeting” issued in November 1998 by Bernanke and two other academic power grabbers:
Frederic Mishkin, who later was appointed to the Fed and became a principle proponent of the Wall Street bailouts in 2008;
and Adam Posen, an academic (well)stuffed shirt who peddled the same nonsense at the Bank of England and has been an incessant voice urging the BOJ to print more and still more money.
You can look it up. The book stands at #2,503,823 on Amazon’s sales ranking!
David Stockman, February 20, 2016
Keynes at IntCom
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