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In a 2010 Bloomberg Television interview, Alan Greenspan said, “The general notion the Fed was propagator of the bubble by monetary policy does not hold up to the evidence. ... Everybody missed it — academia, the Federal Reserve, all regulators.” Everybody missed it?
Anyone reading the regular Federal Open Market Committee press releases can easily envision Chairman Yellen and the Federal Reserve team at the economic controls, carefully adjusting the economy’s price level and employment numbers.
The “monetary cranks” and “ignorant zealots” of old are back preaching salvation if only we had more inflation.
The fear of deflation serves as the theoretical justification of every inflationary action taken by the Federal Reserve and central banks around the world.
