MOGAMBO GURU: Unaccountable International Bankers And Commie Idiots

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Richard Daughty, the angriest guy in economics -- World News Trust

Total Fed Credit went down by $5.4 billion last week, which was surprisingly out of character for the new Bernanke Federal Reserve Monetary Regime Of Inflationary Horror that is on record as officially actually wanting inflation, although they call it "targeting" inflation, which is sort of apt, as what they are targeting is my wallet in their crosshairs. But this is not about how the Fed and the rest of the government are all out to get me, but about how without constantly creating money (and low interest rates to entice people to borrow it), it seems that Bernanke is not just a complete moron, but an incompetent one, to boot! Hahaha!

And it is not just the Federal Reserve that is so brain-dead that it wants inflation. Paul McCulley, a heavyweight because he manages lots of bond money for PIMCO, is nonetheless a ludicrous and laughable putz who says, "For the record, I support the Fed adopting an explicit numerical range for its long-term objective for inflation. The problem with the Fed’s current implicit inflation target of 1½% to 2% is that it is both implicit and too narrow. I’d suggest 1½% to 3%, a range wide enough to warrant increased risk premiums for cyclical variability in inflation."

Three-percent inflation? My God! This halfwit numbskull actually WANTS price inflation to run at 3%? The last 6,000 years of damning historical evidence about the horrors of inflation mean nothing to him? Beyond that, he is saying is that he wants all those people who own the bonds he manages to lose lots and lots of money as interest rates rise in response to a rise in inflation? What a doofus!

But this is not about dorks who are in positions of authority, as they are so numerous that they are all over the damned place. No, what this is about is inflation, and in that regard the Federal Reserve is still trying to goose the economy, and the repo desk at the Federal Reserve did $27 billion in repo agreements one day last week, 3/9/06. In one day!

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