The fact is that education, intelligence, wealth, are a security against certain faults of conduct, not against errors of policy. - Lord Acton
Central bankers, being human, are as prone to fads, manias and faulty logic as the rest of us, and so we observed during the early 1990s as “inflation targeting” became the go-to monetary policy option in, among other places, Europe (where the idea of it was “codified in the Maastricht Treaty” which created the EU) and here in the United States, where the Federal Reserve announced its 2% inflation target in January 2012.
