Thursday, April 28, 2011

Galtian Overlord Fail

A 1 percent inflation target is, well, nuts. I don't know if this is what Bernanke wants or if it's the only way he can keep the lunatics who fear zombie unicorns at bay, but a 1% inflation target essentially neuters the Fed, making any traditional expansionary monetary policy extremely difficult.

Slow growth, low inflation, high unemployment. Heckuva job Galtian Overlords.