Don’t Fear the Taper…or the Reaper
All our times have come,
Here but now they’re gone.
Seasons don’t fear the reaper,
Nor do the wind, the sun, or the rain…
We can be like they are.
Come on, baby… don’t fear the reaper.
Baby, take my hand… don’t fear the reaper.
We’ll be able to fly… don’t fear the reaper.
Baby, I’m your man…
BLUE OYSTER CULT Released 1976
Go to your parties this weekend and tell your friends that your guy, that’s me, said the FED is not printing money and send them to this blog.
Berk: as Scott Grannis here, here and here has been saying for a couple years now, the Fed is not printing money. So please, please ignore the doomsday commercials about hyper-inflation in the United States and imminent financial collapse because of the Federal Reserve.
I am not, I repeat, I am not endorsing the Fed policy. I believe that the Federal Reserve ought to make policy based on rules that are predictable and that reduce the volatility of our purchasing power in dollars. That’s another way of saying reduce the volatility of the dollar relative to other currencies. This is the pro-growth Federal Reserve policy.
I will — as I have always done — rail against the futility of a board of governors trying to control the economy of 330 million people interacting every day with their own specific knowledge of their own transactions and what creates value. It is simply impossible for any group of elite intellectuals to meet at a far away capital and set interest rates… And that’s all folks.
But, we invest with the government we have, and we might as well make the best of it and not get all Armageddon.