Memo To Fed: Asset Bubbles Are The New Inflation

The sight of Janet Yellen and her posse of Keynesian apparatchiks at the Fed (along with their camp-followers on Wall Street) down on their statistical hands and knees searching diligently for signs of rising inflation (to the second decimal point ) is a farcical sight to behold. They just can't seem to find what they have spent years trying to generate, as our monetary school marm averred in this week's testimony on Capitol Hill...