Fed rebel hoping he's wrong about coming inflation

Rick Moran
Interesting story in the New York Times about a dissenter who is a consistent "no" vote on the bank's policy making committee, opposing Chairman Bernanke's loose money program. Jeffrey M. Lacker, the Federal Reserve's most persistent internal critic, does not much resemble a firebrand. He is personally cheerful, professionally inclined to see both sides of an issue and quick to acknowledge he may not be right. He says he would rather be wrong. But for the last several years, Mr. Lacker, president of the Federal Reserve Bank of Richmond, has warned repeatedly that the central bank's extraordinary efforts to stimulate growth are ineffective and inappropriate and, worst of all, that the Fed is undermining its hard-won ability to control inflation. Last year, Mr. Lacker cast the sole dissenting vote at each of the eight meetings of the Fed's policy-making committee, only the third time in history a Fed official dissented so regularly. "We're at the limits of our...(Read Full Post)

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