4/20/09
In a forum in Nashville over the weekend, Paul Volcker challenged Fed Vice-Chairman Donald Kohn on the Fed’s stated objective of a 2% inflation rate. As the great Mr. Volcker put it:
“I don’t get it. (By setting a 2% inflation objective, the Fed is) telling people in a generation they’re going to lose half their purchasing power.”
Paul Volcker is the type of person who made America great, the type of person who was formerly so common but is now pitifully rare, especially in Washington and on Wall Street.
Too bad the Obama administration won’t give Mr. Volcker anything to do, preferring the counsel of such insecure trend trodders as Larry Summers, Preppy Timmy Geithner, and Obsequious Ben Bernanke.
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