NYT - "Fed officials estimated that the median family was 3.2 percent poorer as of October 2008 than it was at the end of 2004"
Economist - Relevance of Fisher today: "He explained how changing velocity and prices could cause real interest rates to deviate from nominal ones. In this way, monetary forces could produce booms and busts, although they had no long-run effect on output"
VOXEU - Have social security reforms shifted too much risk to individuals? - I really think that this is an underreported issue. I remember reading a while back that the most evil thing Nixon did was to demolish the gold standard, thereby creating the inflationary paradigm. After that moment, the purchasing power of money would never be protected, and one could never save simply and hope that the value of that money would be maintained. It meant that the average, common man would now have no other choice but to become a gambler, to play risk assets in the hope that they would rise at least in line with inflation. We can see this theft engineered by the Fed even today, with Bernanke trying to hyperinflate so that people have NO OTHER CHOICE BUT TO INVEST IN RISK ASSETS! He doesnt want people to pay down debt and be conservative, and to keep money in the bank and government bonds. No, he wants to force people to take on risks. This is why the FED is evil, it forces the conservative to be risk takers. So this is bad enough, and then you read about social security reform as well, that over and above the common citizen needing to assume risk, he has the added uncertainty that his social insurance might be gone soon. Governments say 'they cant afford it". This relentless attack on ordinary citizens is breathtaking, and I cant believe how few people talk about it.
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