The vice chairman of the FED, Donald Kohn, vowed recently at the Cato Institute to be vigilant in checking any drift toward deflation. Should we feel appreciative or dismayed? Truth be known, this vow is infected by the same sort of elitist thinking that justifies morally hazardous bailouts of highly leveraged financial institutions.
Welcome to the United Socialist State of America. Economic justice is now a function of centralized planning. Americans fought in two world wars and other conflicts for freedom’s sake. We fought against tyranny — Communist, Fascist, Nazi and dynastic. We struggled against injustice in which monopolistic political parties dictated right or wrong without fair regard to an informed public interest. We battled mind control, manipulation of public sensibilities, the skewing of justice, and the redistribution of rewards not in accordance to fair market desserts.