Using logic that can only be described as "asinine", one of the most influential economists in the country, and a member of the Federal Reserve, has just declared that the solution to dangerously high commodity prices is to flood the market with more paper currency...
"If [the rising price of oil] plays through to the broad economy in a way that portends a recession, I would take a position we would respond with more accommodation," Lockhart said at the conference.
Very interesting Mr. Lockhart. So you believe that in a deflationary environment, the proper response is quantitative easing... and you also believe that in a inflationary environment, the proper response is, yet more, quantitative easing... certainly, no one can accuse of you overly-complex thinking.
It is good that educational institutions no longer teach such quaint ideas as the direct positive correlation between money supply and commodity prices. Otherwise, the Federal Reserve would be leading us down the exact opposite of the correct path. It is good...
Maybe after they are violently removed from office by the impoverished lynching mob of lower/middle class, the surviving members of the Federal Reserve could find second careers in carpentry.
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