Writes Guido Hulsmann: “The former St Louis Fed president, William Poole, now consultant for California-based Merk Investments, made an interesting statement on the Fed policy tradition. In an interview with Germany’s # 1 daily, the Frankfurter Allgemeine Zeitung, Poole stated: “‘In historical perspective inflation is a means to diminish the stress felt by debtors. The policy of the US central bank is construed to create inflation to alleviate that stress. Its monetary policy was, is, and will be “lax” until the economic situation, and the situation of financial firms, will be improved. All in all this will entail an inflationary … Continue reading Truth From a Fed Official