Authored by George Ford Smith via Mises Institute,
The Federal Reserve's inflation machine not only disrupts our lives now, but it also is making life even for difficult for those facing an uncertain future...
My grandson is 21, pursuing a degree in college and active in sports and social life. His future looks bright. But he and others of his generation will enter that future with a handicap imposed on them by people they have never met: Policymakers at the Federal Reserve. They claim to be "firmly committed to fulfilling its statutory mandate from Congress of promoting maximum employment, stable prices, and moderate long-term interest rates."
What's wrong with that? In Fed parlance "stable prices" mean prices that remain roughly the same. As a government-created central bank that manages the nation's monetary system, the Fed calls 2 percent inflation over the longer run "price stability." But 2 percent inflation does not mean stable prices, it means prices approximately double over 35 years.
And, since the Fed rarely if ever hits the 2 percent target, CPI calculations based on government historical data show prices increasing at a much higher rate. More importantly for a government so attracted to war, the Fed will always shelve its 2 percent target to feed government's hawkish appetite.
Yes, Fed monetary managers are fallible, one could argue. They're well-educated and experienced, but they still err. Aren't
