“Pursuit of price stability is the one goal that nearly everyone agrees is a central bank responsibility. Yet it is the one on which the Fed and other central banks have failed miserably. Since the Fed’s founding in 1913, consumer prices have increased by a factor of 23 times. If the U.S. can extricate itself from fiscal deficits, price stability would be an attainable goal for central banks. Otherwise, central banking is nothing but mythology.”
http://online.wsj.com/article/SB10001424127887323468604578252443925155434.html
Related posts:
The Venezuelan Crisis Is Due to Economic Ignorance
Is War With China Inevitable?
The Link Between High Tax Rates and Corruption
America’s real divide: The political class, and the rest of us
Robert P. Murphy: The Economics of Bitcoin
Has The CIA's Phoenix Program Been Resurrected In Syria?
Psychopathic Kyriarchy – Our Rulers Really Are Unempathic Predators
China's Great Inflation Helped Bring the Communists to Power
Chris Hedges: The Day That TV News Died
Great Scientist ≠ Good at Math
Wendy McElroy: America's Surveillance State
Let Him Without a Plank in His Own Eye Cast the First Stone
Ralph Nader: Stopping Barry O'Bomber's Rush to War
Bernanke "The Only Game in Town": Really?
John Hussman: Psychological Whiplash