The Fed doesn’t know how to fight inflation and we’re in for a bout of economic malpractice

FoxNews/Steve Forbes/3-31-2022

“Unfortunately, our central bank and all too many economists have long embraced the idea that manipulating interest rates can keep the economy running smoothly with inflation clocking in at a low rate of 2% or less. It’s hubris of the highest order to think that a handful of people in Washington can guide an economy where 300 million people a day make billions of buy and sell decisions.”

USAGOLD note: Forbes, a former presidential candidate and publisher of Forbes magazine, leaves nothing in the bag with this shot across the Fed’s bow. He says the central bank “has created a potentially catastrophic time bomb” through its reverse repo program and the money creation policy that goes along with it.