No kidding?!?!?! " Mr Plosser says, “To sum up, I am optimistic that the economy and the financial system will recover,”
I could have said the same thing because it always does recover but recover to what? Will it recover to a robust growing economy or to a leg-less economy?
Their money printing presses have been burning up motors trying to print enough money to pay off whoever they've made arrangements to payoff.
Their favorite way to monetize debt is again going to raise its head. I think we have discussed the good old Carter days of inflation. I have a serious concern that if the inflation kicks in that we may wish for the Carter days.
Add to the inflation the coming Cap and Trade energy inflation generator and we will wish that things were as calm as the carter days.
By Vivien Lou Chen and Scott Lanman Image/Details May 22
(Bloomberg) -- Federal Reserve Bank of Philadelphia President Charles Plosser said prices may rise 2.5 percent in 2011, a rate well above central bankers’ preferred range, and cautioned against complacency on inflation. “The economy may be at greater risk of inflation than the conventional wisdom indicates,” Plosser said in a speech yesterday in New York. “While inflation expectations appear to remain anchored, we should not become sanguine about our credibility. It can be easily lost.”