Inflation is an evil thing, despite what any Central Banker will tell you. Inflation will also eat at everything that people use to survive, not through a lack of supply but through a lack of ability to afford what you need. Additionally, the tool of the monetarist and the friend of the politician, printing money (or in the modern parlance tacking on some zeros to the money supply) is the easiest way to decrease the debt burden, maintain Ponzi-schemes of social programs, stealthily steal wealth, and increase nominal tax receipts to the government.
Yet, if you listen to those in charge of the money supply in this country (Federal Reserve Board), they think that technological progress will always outpace the price increases caused by monetary inflation. Of course, as those who interacted with the encased and protected cartel leaders demonstrate, you simply can't "
eat an iPad." The citizens on Main Street (self included) realize that technical innovations are nice and nifty, but unless they put more money in our pockets to keep up with the ever increasing cost of gas, food and clothing, we have no hopes of purchasing the fun toys that are things like iPads (or preferably the ever increasing cost of things like ammo).
What is the Richmond Fed Bank's answer? Oh, that's simple! They have decided to create a "
community council" to advise them on the "real impact upon the common men and women found in low to moderate income areas."
Excuse me while I wail with laughter over in that -----> corner! Men and women who dawn the Banker's uniform (read expensive suits) and control the knobs and levers that they think "improve" our economy and our standard of living want to interact directly with the people most affect by their misguided "solutions" to our recovery? Here's a solution. Be the independent voice that your charter was supposed to make you, and tell the politicians that we aren't bailing out the banking industry, the auto industry, or the Treasury market which allows the failed zombie institutions to remain that of the walking dead.
Oh, that, and take your community council crap back to your marble buildings and compound money creating computers, and shove all your 75/25 cotton/linen material up your collective whoo-ha's!
Monetarists are all the same Keynesian, yet just by another name. Neither understand John Maynard's true economic principles of government should save money in the good years, to be able to inject the savings in a downturn to take up the slack of spending by the private sector in a non-money fueled inflation like the one that Mr. Beckworth advocates for.
The mere fact that Mr. Beckworth would consider making the Fed's mandate to litterally manipulate the already manipulated GDP number, goes beyond anything that is liberty minded, and down and outright imposing of tyrannical control of the money supply. Carte blanche to actually cajole the money supply into a permanent "mark to fantasy" of the entire economy would enslave the entire country into a debt prostitute lifestyle. Strong words, I am aware, but nessecary when combating idiot wonks who think the right people and right policy will fix our problem.
Errrrnt, wrong! Sorry, no policy will work until the actual free market wins out, debt defaults happen, credit write-offs and write-downs occur, and we can actual figure out the non-manipulated price of goods, services, and commodities. Besides, with every expansion in the monetary base by the Federal Reserve, we have ALWAYS seen a dramatic rise in the price of oil, accompanied shortly thereafter by a prolonged recession / stagnation. Meaning, even the Fed can't fight the Austro-Hungarian economic cycle.
Meddlers work in Washington, because they only know how to meddle. Wonks work for meddlers because the wonks have the brains the meddlers wish they could have to provide the logistics to implement their ends. Of course, the means are one in the same, the people.