There is a gasp-inducing commentary on Fed policy by Tim Duy on Bloomberg today that discusses policy options when reaching full employment. It might be that once it was placed on the website, it was realized just how bad discussing the need to cause a recession in order to bring unemployment from 3.9% up to the Fed’s estimate of 4.6% that indicates full employment to avoid bumping up against the natural rate really sounds because now, when I go to look for the article to link it for reference, it has disappeared, shoved under the rug so we can all pretend it wasn’t said. [UPDATE] Thanks to Benjamin for finding the article and posting the link in the comments section. Though when I thought it had been taken down, there was reason to hope that the facade of the tyranny of the present might be developing some cracks, perhaps the beginning of the end – but then I woke up. []

No matter. I saw it. It did the job of appalling me and that is what counts. As I read through every sentence, my mind experienced the exclamation of “WHY?? Why would anyone do such a thing based on an arbitrary guess??” There are no inflationary pressures in sight, and it is really troubling that these are the things that are said by elites behind closed doors – that we simply have to push unemployment up by seven-tenths of a percent or breach that mightily elusive and arbitrary 2% inflation ceiling as if the nameless and faceless people who will be randomly elected to take one for the team and experience the unemployment are nothing but dots on a graph.

 

Who the hell do these people think they are??

 

My suggestion is that if employment is such a problem in their eyes, they should lead by example and be the first to take one for the team. It isn’t hard to cash out your savings, toss the $100 bills into a pile in the street, light ‘em ablaze and then start all over again from square one after your career has been ruined – all in the name of that damned ceiling.  Oh and when they lose their homes, don’t worry, I won’t be such a jackass as to blame the recession on their irresponsibility. I will honestly be appreciative that they were willing to put their money where their mouth is and save everyone else from the tragedy and heartache of sudden job loss when there is nothing else to go to for survival.

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