Federal Reserve officials on Thursday met, ahead of the Jackson Hole central banker summit, with the Campaign for Popular Democracy’s Fed Up Campaign.
According to The Wall Street Journal, the left-leaning group has set as its goal to convince Fed officials to keep short-term interest rates low.
San Francisco Federal Reserve Bank President John Williams told the group, “We’re going to run [the economy] hot, get the unemployment rate down lower," meaning what I have suspected all along and have been warning about in the EPJ Daily Alert. The Fed is going to ignore its 2% inflation "target." They won't get concerned about price inflation until it hits at least 3%. And even at that point, their "fight" to tame the inflation will be weak.
But more disconcerting is
this new focus by the left on the Fed. It provides once again evidence that the battle for sound economics and sound monetary policy is a deep intellectual battle, Sloganeering before the proper intellectual foundation is established is going to result in the slogans being swiped by interventionists for their confused unhealthy economic proposals.
The bizarre meeting even took on absurd social justice overtones.
According to the Journal, Fed Up activists also challenged Fed representatives on diversity. The group doubled down on its earlier criticism of the Federal Reserve’s leadership as overly male, almost entirely white and drawn too frequently from the banking community.
Got that? The Fed is running a money printing scam and these lefties are concerned with the lack of diversity among the scamsters!
Fed presidents played along with the absurd focus, New York Fed President William Dudley told the meeting that the Fed’s record on diversity has been “pretty lousy.” His counterpart from the Minneapolis Fed, Neel Kashkari, said that “we have made progress and can make more progress.”
What does any of this have to do with Fed monetary policy? Should Bernie Madoff have gotten a lighter sentence if he had run a more diverse criminal shop---and ripped off more gentiles rather than mostly his fellow Jews?
These people really don't have a clue. We must continue to pound them by exposing their failure to properly understand the dangerous nature of the Fed. Most won't get it but every once and awhile one will. Those that eventually get it will be the bright ones and the future leaders.
These are the ones we need to reach. It's an intellectual battle. It's not about sloganeering. Slogans will be co-opted by the evil and confused. We need to create more intellectual warriors that will bash untruth and confusion.