8.11.2010

Pimco's Anthony Crescenzi agrees with Varones

Bloomberg:
The Federal Reserve’s decision to buy Treasuries and keep interest rates low will support “risk assets” without bringing down unemployment, said Anthony Crescenzi at Pacific Investment Management Co.

Where have we heard that before?
Does Bernanke know that he's totally screwed, that he has the power to create asset and commodity inflation but not to match it with wage inflation?

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Quotations from Chairman Varones

 Inflation is progressive utopians encountering resource constraints for the first time.