The Federal Reserve long ago lost control of inflation, now ravaging several sectors of our economy.
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In any event, the Bank's remit is the control of inflation for the economy as a whole.
So there is no reason to think that setting a low interest rate for remuneration of reserves (or indeed a zero rate) will lead to the Fed losing control of inflation.
Formally, it is true, the control of inflation is now in the charge of the Bank of England, which since being made independent in May has raised interest rates by a percentage point.
With inflationary expectations now well anchored just below 2% and the core rate of inflation at 1.6%, there seems little danger of inflation surging out of control.
Gold bugs see reckless monetary and fiscal policy leading to plummeting currency values and out of control global inflation.
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One is that inflation spurts out of control, prompting a return to the Brazilian habit of automatically adjusting prices and wages against past inflation.
Out-of-control inflation is disorientating, and can hurt your pocket.
The bill for payroll and pensions has risen far faster than inflation in recent years, with the task of keeping inflation under control left entirely to monetary policy.
After a burst of price gains in the 1970s, as inflation spun out of control, commodities turned cold.
Instead of seeking to control inflation indirectly, central banks aim expressly at price stability.
The experiment in "monetarism" - using the control of the money supply to control inflation - was quite quickly abandoned.
The worry that euro-zone countries such as Spain may suffer prolonged slumps because they lost control of unit wage costs lends the inflation test some weight, though not much.
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When Mark Carney, the new governor of the Bank of England, takes over from Sir Mervyn King in July, he will face the difficult task of keeping inflation under control while also stimulating the faltering UK economy.
Current measures to control inflation are too mild and thus may actually fan the fires of inflation.
So they're trying to focus on that piece of inflation that they can control by raising or lowering interest rates.
You have got to remember that the worst thing that could happen to savers is inflation got out of control and savings were eroded.
This decline has been primarily due to lower sales in China where efforts of the Chinese government to control inflation by maintaining high interest rates has impacted growth in the high-end construction market.
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Finally, the Fed is laying the groundwork for the next financial crisis, with out of control monetary policies creating a ticking inflation time bomb, and the resulting contractionary monetary tightening when the Fed decides the inflation is getting out of hand.
Then, the Fed, if it is to get control of the situation, will have to put rates up above the real rate of inflation.
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And on the other, the exchange rate has been one of the prime reasons why British inflation has stayed so low since the committee was given control of interest rates in 1997.
Once people sense inflation is slipping out of control, changes in expectations can quickly become self-fulfilling.
So far, his soft measures have kept the economy growing at double-digit rates while keeping inflation from getting out of control.
But what the Fed is trying to do is say, what's the core rate of inflation that we can actually control with interest rates?
Stocks could be hit by widely expected interest rate rises in the US, the UK and Europe, as central banks try to control the risk of a flare-up of inflation.
The Open Markets Committee will have to make a horrific choice: fight inflation by tightening policy into a weakening economy, or fight recession by allowing inflation to burn out of control.
On inflation, the Fed chairman said that while high energy prices continue to be a source of risk, ongoing productivity gains in the labor market should keep wage increases--still the biggest driver of overall inflation--under control.
By increasing the size of the monetary base (which the Fed controls to the penny), the Fed can increase NGDP, although it cannot control how much of the nominal growth occurs as inflation, and how much shows up as real output.
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Is it beyond their self-control to simply keep spending at only the rate of inflation?
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