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Wall Street Journal/Kevin Warsh/12-12-2021
USAGOLD note: Former Fed governor Kevin Warsh says inflation is a choice and it is the road the Fed has taken in this hard-hitting Wall Street Journal editorial. He says to disregard the rationalizations offered by the Biden administration and the Fed to explain the sources of the inflation and concentrate 
instead on the main culprit – the Fed itself. In this context, it is important to remember, in our view, that raising rates, though it might have a temporary market effect, will not slow down the rate of inflation – something that can occur only when interest rates are pushed higher than the inflation rate. “The authorities have expressed little concern about financial excesses, bubbles or financial imbalances,” writes Warsh. “Hope they’re right. I expect tension between the Fed’s goals of price stability and financial stability to be in sharper relief in the new year.”
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