Federal Reserve Chairman Jerome Powell yesterday urged both the Congress and the Fed to “stay with it” in providing stimulus to the collapsed U.S. economy — i.e., both monetary and fiscal bailouts of the sort indicated in the Jackson Hole “monetary regime change” strategy. “We need to stay with it.... The recovery will go faster if there is support coming both from Congress and the Fed,” Powell stated.
Other Fed officials are also on the case of bailing out the bankrupt banks. Reuters reports that Fed Vice Chair Richard Clarida told Bloomberg TV that “Rates will be at the current level, which is basically zero, until actual observed PCE [personal consumption expenditure] inflation has reached 2%. That’s ‘at least.’ We could actually keep rates at this level beyond that.… But we are not even going to begin thinking about lifting off, we expect, until we actually get observed inflation ... equal to 2%.”
