Facing Up To Inflation
http://www.msnbc.msn.com/id/13391239/site/newsweek/
There are all sorts of sophisticated reasons to minimize the threat.
That's what we did in the 1960s and 1970s. The result was a disaster.
By Robert J. Samuelson
Newsweek
June 26, 2006 issue - If the Federal Reserve raises interest rates at
the end of June, as seems probable, it will likely be criticized for
making a fetish of inflation and, in the process, risking an American
or global recession. There are already signs that the U.S. economy is
slowing. Stock markets around the world have recently declined sharply.
Why should the Fed make matters worse by nudging up rates even a tad?
This is a sensible-sounding complaint. Based on what we now know, it's
also wrong.
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