>>All the price measures continue to show
that inflation is well under control, with the
overall GDP price index rising at a 2.1 percent
annual pace. There is no evidence of the
inflation that prompted the Federal Reserve Board
to raise interest rates six times over the last
year and a half.
***********
Doesn't this elide [and thus allows the Fed to escape criticism of the fact that
it hoodwinks people when it talks about inflation] the issue of inflation in the
credit and capital markets? What are asset price bubbles if not inflation?
Wouldn't a richer taxonomy of price systems a la Minsky, and thus a richer
analysis of the spectrum of inflationary "pressures" help citizens to demystify
the Fed's newspeak?
Ian
