Hanke, Steve H.
December 2006
Forbes Asia;12/11/2006, Vol. 2 Issue 21, p72
The article focuses on the condition of the federal reserves governed by the U.S. Board of Governors of the Federal Reserve System. Federal Reserve president Richard Fisher stressed that the inflation gauge implemented in 2002 operated badly since its inception. Fisher noted that the unconstraint treatment for money supply was wrong as well as the underreporting of inflation by the board. Austrian economist Friedrich Hayek noted that changes in the market prices mattered more than general price indexes.


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