The View From 1776

Why The Fed Is Unlikely To Prevent Inflation

      http://www.thomasbrewton.com/index.php/weblog/why_the_fed_is_unlikely_to_prevent_inflation/

Tom Emerson emailed this op-ed article by his Carnegie Mellon colleague, Professor Allan H. Meltzer:

The Fed’s Anti-Inflation Exit Strategy Will Fail: Sooner or later the pressure to lend out excess bank reserves will be unstoppable.