Scott Sumner, Director of the Program on Monetary Policy at the Koch-funded Mercatus Center at George Mason University, who recently wrote that the impact that the minimum wage has was not clear to him (SEE: A Mercatus Center Economist Becomes Confused About the Impact of the Minimum Wage), has now stated that the Federal Reserve has lost credibility for not creating enough price inflation.
The world’s two largest economies are facing a similar problem, a gradual loss of credibility in monetary policy.... the Fed is not even meeting the minimal objective of market confidence that CPI inflation will run about 2.3% in the very long run...To boost PCE inflation up to the target, the Fed would have to do considerably more than the markets currently expect.
Perhaps in the end all will be well, but as of today the Fed has lost credibility on inflation.To see Koch brothers money being spent to sponsor such a pedestrian, mainstream, Keynesian perspective that you can read any day in The New York Times is simply astounding.
Do Charles and Dvaiid Koch really believe that money printing is the way to economic growth? They muscled Murray Rothbard out of their circle for this nonsense?