Fed As Inflation Fighter Is Rooted In Phillips Curve Mysticism

What the Federal Reserve does has nothing to do with inflation. The central bank is not the source of the hyperinflation that Mises disciples (this is a shame simply because Mises himself was brilliant) imagine it to be, nor is the Fed the sober inflation fighter as neo-Keynesians and supply-siders imagine. It’s just the Fed, yet another bureaucracy in search of a purpose. Read Full Article »